If you’re a business owner with annual revenue from $5 to $50 million, you know some of the challenges involved with accounting services: finding competent bookkeepers and certified public accountants, managing your accounting department, and going deeper than bookkeeping processes to actually extract valuable, actionable information from your financial statements.
The best accounting services have time-tested strategies in place to deliver the results business owners need every time. We’ve kept these accounting services under our hats as secrets of our trade, but we’re sharing them with you to help you in your search to find an accountant you can trust.
1. Timely bookkeeping is the cornerstone of business success.
This one is simple. If your bookkeeping is not up to date, it’s worthless to you as a tool for financial forecasting, or even to find out if you’re going to bounce a check on a day-to-day basis. From cash flow statements to balance sheets, bookkeeping should be kept up-to-date at whatever frequency you and your accounting department decide, based on the volume of your business.
2. Accuracy is king.
Not only must your financial data be up to date, but it also has to be accurate. Otherwise, any conclusions drawn from financial forecasting will be wrong. In the computer programming world, they call this GIGO (“Garbage In, Garbage Out”). Your accounting services provider should have a financial controller/CPA who oversees the work of every full-charge bookkeeper to ensure accuracy.
3. Timeliness and accuracy are ensured through the right processes and procedures.
Many in-house accounting departments strive for timeliness and accuracy. They know it’s the bookkeeping ideal, but they don’t know how to achieve it. By establishing the right bookkeeping processes and procedures, customized to each client’s preferences, but based on our decades of experience at AccountingDepartment.com, we promise and deliver financial data that is up-to-date, accurate and available 24/7/365 to our clients.
4. Establishing controls helps protect businesses from employee theft and fraud as well as from innocent bookkeeping errors.
No one is perfect. We acknowledge that. That’s why financial controllers oversee our bookkeepers to ensure the accuracy of your financial records. When the books are closed at the end of each month in the presence of the business owner, bookkeeper and financial controller, they are “locked” so no one can change them. This is just one of the many internal controls in place to help eliminate fraud and ensure accuracy in your accounting services.
5. To maximize their success, business owners need accounting services with the knowledge to implement the right strategies.
It’s good to know exactly what goes into successful accounting services. But it’s another thing to know how to execute the right accounting strategies in your business to increase your odds of financial growth and success. AccountingDepartment.com has the extensive experience and knowledge necessary to execute successful, time-tested accounting services to take your business to the next level.
