Do You Have Good Accounting Practices in Place?
Have you struggled with gathering business records for taxes or inventory? Have you gotten to the end of the month and not had resources for the next week’s payroll or accounts payable? Messy, inaccurate bookkeeping leads to a lack of necessary documentation, errors in financial statements, and costly fines and penalties for missed tax deadlines or payroll compliance issues.
Accurate Financial Statements
Accurate, timely financial statements benefit your business in many ways. You’ll be able to compare your business’s profitability against a planned budget or prior benchmark and the company’s business goals. Monthly financial statements provide a solid reference on which to make business decisions and understand profitability while monitoring sales and expenses. Financial statements are required by lenders when you need to borrow money to make a large purchase or expand business operations.
Do-It-Yourself Is Not Always Best
Many business owners think they are saving money doing their own accounting and financial reporting – that’s rarely the case. When income, expenses, loans, and fixed assets, are not correctly identified and allocated, any tax benefits will be lost, not to mention the business owners time trying to figure out where everything goes. A qualified accountant with the proper education and experience can help with the accounting and financial reporting or can provide oversight for business owners that insist on doing it themselves. Outsourcing your accounting is a great option to get the excellent, ongoing accounting that helps you grow your business and avoid problems.
Do you have questions about outsourcing accounting or need specific accounting support? Simplicity Consulting can help you streamline your accounting services and provide outsourcing options that support your business success.