When it comes to accounting, surprises rarely bring glad tidings. Records, updates, calculations, and account reconciliations, should be happening on a daily basis so that you know the health and wealth of your business. A disturbing number of businesses leave accounting on the back burner, thinking that they can, “Tackle that beast tomorrow.” The truth is that businesses often fail because of faulty or inconsistent bookkeeping practices.
That’s why we’re here. It’s the pure and simple truth that business owners who are operating small businesses have a lot on their plates and need someone to come alongside and help out. Accounting is a great area to outsource as an accounting company can provide the work, reports, and information that you need to be sure that your business is financially sound and stable. The following are seven key areas that must be attended to daily – and we can partner with you to keep tabs on all of these areas.
1. Accounts Payable
Keeping track of the amount of money owed out to other vendors is a crucial aspect of accounting. If accounting is simply taking too much time and you’re not able to keep up-to-date records of your accounts payable information, then consider having an accounting service do it for you, relieving the hassle and making a report available to you whenever you need it.
2. Accounts Receivable
Accurate and up-to-date records of accounts receivable greatly impact your ability to monitor cash flow. Understandably, it’s imperative to keep tabs on this aspect of your business’ accounting because unpaid accounts receivable can be a huge problem, resulting in bad debt expenses and other financial problems. If you simply don’t have enough hours in the day, consider hiring out to an accounting company that can take that workload off of your shoulders.
Payroll is often viewed in the eyes of business owners and managers as a routine nuisance. Yes, of course it must be done, but couldn’t someone else do it? Yes, in fact, we would be happy to do that for you.
Do you know what goods you have on hand? Do you know how much of those goods you have available? These are crucial questions for a growing business to know the answers to on a daily basis. An accounting firm can help you manage those day-to-day questions and reports, allowing you to focus on what’s really important – expanding your business and reaping the financial benefits.
5. Cash Management
What does your cash flow procedures look like? Organized? Hap-hazard? Sporadic? Cash management is one of the biggest financial responsibilities of a business, and it really shouldn’t be taken lightly. Is your cash being managed well? We can take over this task and hand the results to you at the end of the day. Just like that.
6. Bank and Credit Card Reconciliations
The menial accounting tasks are often the most important. Having an accurate assessment of how your finances are doing on a consistent basis is a key aspect of understanding the overall health of your business. Make sure you know what’s up, and make certain that your business is on the up and up.
7. Cost of Goods
Cost of goods provides you with an assessment of your profit margin. Shockingly, many businesses operate without a clear picture of what their profit margin really is on an ongoing basis. Yes, they may make a single calculation at one point, but once isn’t enough. Instead, you need to keep accurate and updated records of the costs of the goods that you purchase in order to clearly see cost trends and respond accordingly.
On a daily basis, it’s necessary to keep strict records of your business’ finances, and the services of an accounting company can be the tool that allows you to do so. Contact us with any questions that you might have or to learn more about our services. We would be more than willing to look at how a partnership with us could enhance your business’ productivity and free you from the stress and hassle of day-to-day accounting responsibilities.