Owners and Executives will admit that accounting and bookkeeping are not the most exciting activities in a business, but…
Without a strong outsourced accounting department, the business will fail.
It sounds grim. It sounds tough. But, it’s the truth.
And if you want to make accurate, growth-oriented decisions for your company, then getting an outsourced accounting department is on that list.
I’m your local, expert outsourced accounting department for a third of the cost.
With more than 15 years of experience, I deliver spot-on, accurate reports weekly, monthly, quarterly, or whenever you’d like so you know exactly where your business stands.
This is where Local Accounting Services can help you a ton with your accounts payable system and processes.
An Outsourced Accounting Department can help you make informed, accurate decisions for the health and growth of your operation. Simply put: no accounting team? No success. Here are the major decisions you must make in order to work ON your business instead of IN it.
5 Important Business Accounting Decisions
These are five common accounting decisions every business must make, no matter their revenue level.
Without these decisions made, the company is on the fast track to failure.
And if you want to grow your operation, then having these pieces in place through your outsourced accounting department are imperative:
#1. Track Income & Expenses
It sounds simple. It sounds common sense. But you’d be surprised at how many companies, large and small, do not accurately (or efficiently) track their income or expenses. They “wing it” and hope it all works out. If they bring in more than they spend, all is well, right? Wrong! Income & expenses are only two factors in your business. Cash flow, debt, assets and more all play a roll in how your business fails or succeeds.
With an outsourced accounting department, you’re able to track income and expenses so you can grow your company.
#2. Track Assets, Liabilities, & Capital
Balance sheets are one of your few best friends in business. They tell the truth, the whole truth, and nothing but the truth. Unless you’re not properly tracking and reconciling accounts. The balance sheet keeps your assets, liabilities, and capital “in sight” so you always know their status.
An outsourced accounting department will help you create automated financial reports so you can see your company at a bird’s eye view.
#3. Set a Budget
If you want to grow your business, a budget is must have. Whether you’re a startup or established operation, a budget keeps your financials in order and on track. You’re able to identify goals, put them on paper, and orient the business toward achieving them. This is how a budget helps. A budget is more than “tracking cashflow.” A budget is the bridge between where you are now and where you want to be in the future.
#4. Choose Your Accounting Method
Every business must choose an accounting method. Depending on what they choose, the reporting and statements will be affected. Most companies go with accrual based accounting. While cash based accounting is considered easier to implement and manage, accrual based accounting is used in companies who are actively growing. Because the accrual approach is more focused on predicted expenses and revenue down the line. Accrual accounting asks the question, “How can we make tomorrow’s revenue larger than today’s?”
The prior four decisions all help put the foundation in place to grow your business. But, who is going to manage your books and reconcile your accounts each and every week? Surely, as an owner or executive you won’t be doing this. This is why hiring an outsourced accounting department for a third of the cost of an internal accounting team is your fifth and final decision. The name of the ownership game is to delegate. And delegating to an outsourced accounting department makes it so you can work ON your business, not IN it.
Put your business in a position to grow, win, and succeed.
How Do I Hire Virtual, Outsourced Bookkeeping & Local Accounting Services?
Hire me, your Local, Master Outsourced Bookkeeper & Expert Virtual Accountant, today.
I bring your books current the very first time. Bringing back months and years!
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.