Accounting Best Practices For Your Business
- Is Accounting Outsourcing the Right Choice For Your Growing Business?
- Questions to Ask Before Choosing Accounting Outsourcing Services
- Three Ways Outsourced Accounting Reduce Corporate Fraud
- Financial Statement Analysis Can Help Prevent Employee Theft
- Four More Ways to Prevent Employee Theft
Is Accounting Outsourcing the Right Choice For Your Growing Business?
As your business grows, the things you used to do yourself—or hire one part-time person to do—now require a whole department. Accounting and bookkeeping is a prime example of this. Expanding your accounting department to include a full-time bookkeeper and a financial controller means additional overhead. You need to find office space for the new employees. If your office is already bursting at the seams, it might even mean leasing a larger building. Then there's full-time salaries, unemployment taxes, benefits, etc. Not to mention the time that goes into hiring and training new employees.
But there's a less expensive way to do it: accounting outsourcing. When you outsource your accounting services, you'll have someone to:
When you choose AccountingDepartment.com, you'll also get a financial controller who provides checks and balances for the bookkeeper, ensures the bookkeeper follows GAAP regulations, and meets with you for a monthly consultation to help you interpret your company's financial data.
If you need a full-time bookkeeper and controller but don't want to expand your physical company just yet, contact AccountingDepartment.com today to learn more about accounting outsourcing.
Questions to Ask Before Choosing Accounting Outsourcing Services
Outsourcing accounting services can be a scary step to take in your business. After all, you don't know the person you're hiring and probably won't get a chance to meet them face-to-face. But in today's virtual world, it's becoming common practice—and there are a lot of benefits.
Finding the best accounting firm for outsourcing is a combination of finding the right company and making sure that firm chooses the best bookkeeper for your needs.
Here are a few questions you should ask before selecting accounting outsourcing services:
Also be sure to find out:
Three Ways Outsourced Accounting Reduce Corporate Fraud
U.S. organizations lose 7 % of their annual revenues to fraud, according to a survey by the Association of Certified Fraud Examiners, reported at BusinessInsider.com.
While corporate fraud inside and outside your company may not be completely avoidable, there are certain measures you can take to help prevent it.
In short, the best security to prevent corporate fraud involves storing your financial records in the cloud, minimizing the paper trail of bookkeeping, and using a bookkeeper with no personal stake in your company or its employees.
Financial Statement Analysis Can Help Prevent Employee Theft
Many business owners—small and large—are victims of employee theft for years before they realize it. After all, when was the last time you actually took a careful look at your corporate balance sheets or took the time to understand that Financial Statement Analysis your financial controller dropped on your desk? Maybe it was your financial controller or your bookkeeper who was stealing from you.
This article in the Philadelphia Business Journal about bookkeepers who commit employee theft is harsh—but it's true. And it doesn't just happen to small business owners. The bigger your business, the more likely you are to lose track of your finances and be a victim of employee theft. What can you do to prevent it?
Spot Employee Theft with Financial Statement Analysis
If you're concerned about employee theft, another way to prevent it is by using a virtual accounting firm. At AccountingDepartment.com, we have a vigorous hiring process so you know your bookkeeper is trustworthy.
Four More Ways to Prevent Employee Theft
Concerned about employee theft? You have a right to be. Businesses lost nearly $100 billion in 2008 as a result of corporate fraud and employee theft, according to a survey conducted by the Association of Certified Fraud Examiners and reported at BusinessInsider.com.
Keeping a close eye on your financial statement analysis is one way to spot employee theft before it gets out of hand. Here are a few more ways.