As an Owner or Executive, bringing accounting in-house and implementing a manual process may seem like a great way to save money and have more control.
While this can save you some money in the short term, the cost to you, your business, and your success can be ruined over the long term.
Your accounting is only as accurate as the numbers fed into it. Without the guidance and know-how of an Expert, you increase your risk of errors on your taxes, cash flow, and more. All of this can negatively affect the financial health of your business.
If these issues are allowed to stick around for long enough, you could eventually sink your business simply because you wanted to save a dime.
Let me rescue your books and bring them current–the very first time-even if they are years’ behind!
I deliver spot-on, accurate reports weekly, monthly, quarterly, or whenever you’d like so you know exactly where your business stands.
Here are the three biggest accounting mistakes that can sink your business quicker than a cinder block thrown into a lake.
#1. Mismanaged Accounting Software (or lack thereof)
While accounting software may seem like a saving grace when it comes to managing your books in-house, it doesn’t stop a human from entering incorrect information or misunderstanding the information output. Accounting software used correctly can be a boon for your business. But, if it’s used incorrectly, it can lead your business astray or even sink it.
Accounting software cannot replace an actual accountant. This is why it’s so important to trust an Expert Outsourced Accounting Department for a third of the cost.
#2. Cash Expenses Unrecorded
A simple yet catastrophic mistake businesses make is not recording cash expenses at the time of transaction. Tax returns turn into a mess when these cash expenses slip through the cracks. Cash flow reports reflect what’s recorded without accounting for what’s actually been transacted.
An Expert Local Outsourced Accounting Department helps you put systems in place that record cash expenses as they happen, not wait until tax season rolls around. This will save you a huge headache in the long run!
#3. Delayed Accounts Receivable Recording
If you delay your accounts receivable, it puts your statements behind, which means you’re making financial decisions with inaccurate information. Overlooking unpaid invoices means you’re doing free work! Unreconciled payments make it nearly impossible to have an accurate, spot-on view of your business financials.
A Master Virtual Accounting Department can help you reconcile your accounts, get invoices paid, and deliver spot-on, accurate reports daily, weekly, quarterly – or whenever you like them.
How Do I Hire Virtual, Outsourced Bookkeeping & Accounting Services?
Hire me, your Local, Master Outsourced Bookkeeper & Expert Virtual Accountant, today.
I bring your books current the very first time.
I deliver accurate, spot-on reports weekly, monthly, quarterly, or whenever you like without fail.
And, I help you forecast your financial future so you can know exactly where your business stands financially.
Don’t let behind books and inaccurate accounting get in the way of growing your business.