Finding yourself wondering whether online accounting services may be the right fit for your business? Clients seek out services such as ours for all kinds of reasons but some themes tend to stand out from the rest as common pain points for business owners. From late taxes and filing extensions year after year to wondering what your in house bookkeeper is really doing every day, if you’re experiencing any of the following, you just might need online accounting services.
1. You can’t remember the last time your taxes were filed on time.
Many business owners fall prey to filing extensions and simply come to accept it as a way of life. Even worse, the books passed from bookkeeper to accountant aren’t nearly as correct or complete as you would hope. Business owners in this situation tend to have one of two perspectives. Some resign themselves to accept it as one of the many pitfalls of business ownership. The others consider online accounting services to bring a higher level of accountability and transparency to their bookkeeping.
2. You do not know your gross profit, profit margins or cash flow.
So, we’re not going to make you admit it aloud—but we know from experience that a vast majority of business owners do not have a clear picture of the most vital figures reflecting business performance. So why does this mean online accounting services might be for them? Combining cloud-based applications with dashboards and third party professional services is exactly how you go from being in the dark about these items to being on the top of your game.
3. Your expense management policies resemble a black hole.
Receipts, right? What is the big deal? Yet, you’ve had items in suspense since 2013, your T&E reports include your son’s little league uniform and your employees have no idea if the company has any restrictions on what they can spend and why. In fact, you don’t even know who has a company card and what they’re using it for. Online accounting services remove the responsibility from your company and move the oversight away from potential abuse or mismanagement. Plus, they will streamline processes and help put procedures in place to make sure employees keep in line with expense reporting and rules.
4. The amount of time you spend on accounting is growing exponentially.
Maybe a few years ago you managed the books in your free time—or had an administrative employee working on it. But now accounting is taking up a greater percentage of time and growing at an alarming pace. Finding yourself reviewing invoices on Sunday night? Online accounting services take the burden off you—and then scale with your needs. Instead of hiring additional internal staff that ultimately still need to be managed and trained, scaling growing accounting needs with an online service is a seamless process.