Every company owner shares the same goals of wanting to grow their business and increase revenue. Unfortunately, some business owners can spend countless hours analyzing accounting transactions rather than focusing on what is most important: running your business. One potential solution to this problem is to outsource your company’s accounting function.
Outsourcing your accounting department can provide various benefits, including cost savings by not needing to hire and develop staff, reduced risk of turnover, timely and accurate financials, higher level of expertise to avoid costly mistakes, advice on areas that may need improvement, and perhaps most importantly, saving time to focus on why you started your company in the first place. After all, you didn’t get into your business to do accounting.
The time spent on maintaining financials varies depending on the size and complexity of your business. Whether you are already earning millions in revenue per year or are still in the start-up phase, it is equally important to have access to up-to-date financials that you can confidently rely on when it comes time to make big decisions.
Important tasks that should be tackled on a daily or weekly basis include:
- Categorizing transactions
- Matching expenses to receipts
- Keeping track of bills
- Entering invoices
- Tracking payments received
- Posting payroll journal entries
Other tasks that should be addressed on a monthly or quarterly basis include:
- Reconciling bank and loan accounts
- Maintaining schedules for prepaid and accrued expenses
- Reviewing recent transactions
- Reviewing old accounts receivable
- Reviewing outstanding checks
- Tracking W9s for 1099s vendors
- Preparing and reviewing financial statements and KPIs
This is a long list of things to focus on to ensure your financials stay in good shape, not to mention a huge time commitment. It’s not an area of your business that you can afford to overlook, but thankfully, there is an option to outsource these tasks. By sharing the responsibility with a team of accounting professionals, you’ll have the time and energy to refocus on your company’s growth.
Understanding where your money is going is a big part of ensuring your business is headed in the right direction. Not only does an outsourced accounting service provide regular bookkeeping and in-depth reviews by trained professionals, but it also provides significant peace of mind when considering the future of your business. Managing a business means you are great at something else, whether it’s creating an app, developing rental properties, energy consulting, or managing a vineyard. It’s never too late to regain control of your time and let the accountants handle the financials.
If you have any questions about outsourced accounting services or would like to discuss the potential benefits for your business, please reach out to Kelly Kunz, Senior Accountant, Outsourced Accounting Services at Email or contact any member of our Outsourced Accounting Services Group.
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