Why Outsource your accounting?
Accounting is a core business function. Without accounting, a business is sure to fail. With accounting, a business might survive. With accounting managed by a qualified bookkeeping/accounting expert, a business is certain to succeed.
You’re probably already familiar with the bleak forecast for new small businesses. While failure rates have decreased considerably in the last few years, recent studies from the Small Business Administration (SBA) indicate that one third of new employer establishments fail within the first two years, and 56% fail within four years.
Poor financial management is often cited as the reason for most small business failures. Often the business owner or a member of the business team manages this crucial function because they want to maintain complete control of their business, they’re afraid that outsourcing the accounting would be too expensive, or a combination of the two. What they don’t realize is that outsourcing is a useful management tool that can save a business both time and money while preventing potential failure. And when you outsource to the right accounting or bookkeeping provider, it can be the difference between base survival and profitable success.
The Benefits
There are countless benefits you enjoy when outsourcing your accounting. Here are just a few:
Save Yourself Time. You’re in business because you’re good at what you do. Your expertise involves the product and/or service you offer. And I’m guessing your expertise is not accounting. So if you, or anyone on your team, spend time managing your business’s finances, that’s time that could be better spent building your business.
In order to be competitive you must constantly be looking for ways to improve and expand your products and/or services, better market your business, and stay ahead of your competition. When you and your team focus time and attention on the accounting, that’s time not spent on these crucial tasks. When you outsource the accounting to a trusted professional, you can use that time to make your business the best it can be.
Save Yourself Money. We all know time is money. The average small business owner spends over 10 hours personally, each month, accounting for the business. If your average billing rate is $50 per hour, you may be spending more than five hundred dollars’ worth of your time! No doubt, you can easily pay one third to one half of that amount to hire a good bookkeeping/accounting person while saving the rest of the money to use toward your business as you desire.
Gain Access to Valuable Accounting Expertise and Technology. Reputable accounting and bookkeeping personell have the expertise to not only save you money, but to make your business more profitable. In addition to that, they have access to additonal resources that most small businesses do not have the time to scope out. They will use their resources to your advantage and save you the time and headache of doing it yourself.
Gain Access to Profit-Building Information. I will analyze financial data in order to assist you in making profitable decisions for your business. I can inform you which products and/or services to expand, which to eliminate, whether your marketing attempts are successful, where you’re loosing money, and where to cut back in order to save and redirect funds in order to become more profitable.
I can also customize a package of services that is competitively priced and designed to save you time, energy, and headache. This company offers the following within the scope of its services:
Accounts Payable
- Input vendor invoices to payable system
- Classify invoices to the proper G/L account
- Maintain vendor master files
- Reconcile vendor statements to accounts payable ledger
- Reporting to organization on detailed aged payables
- Prepare, file and process required 1099 forms
Accounts Receivable
- Record and account for revenue
- Input receivable transactions into the accounting system
- Prepare and deliver periodic statements
- Maintain subsidiary receivables ledger
- Process client-approved adjustments
- Apply cash received to customer accounts
Cash management
- Process daily sales and deposit reports
- Verify daily deposits and report variances
- Reconcile and verify credit card deposits
- Reconcile monthly bank statements
Journal entry and general ledger
Account reconciliations
Fixed assets accounting & depreciation
Monthly financial analysis and reports
Yearly Business Assessments
Do what you love to do more; let me take care of the accounting/bookkeeping functions.
