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Why Your Company Needs a Bookkeeping Procedure Manual

If your company doesn’t already have in place a set of strict rules and accounting processes, now may be the best time to hire a third party business accounting service. Whether you’re a multi-million dollar corporation or a mom and pop shop operating out of a basement, having established procedures for your daily financial reporting can mean all the difference in the world for your company’s financial well-being, as well as your company’s standing in the eyes of the IRS. But those aren’t the only reasons.

 

Having explicitly defined policies and procedures isn’t just about making the IRS happy. It’s also about creating the kind of consistency that eliminates stupid mistakes and ensures full accountability by everyone involved, from the employee who has the responsibility of turning in all petty cash receipts in a timely manner, to the bookkeeper who’s charged with noting and organizing every transaction. Without that aforementioned procedure manual, you run the risk of everyone following a different set of rules – a big no-no when it comes to large or small business accounting.

 

If you’re not thrilled with the prospect of developing your own procedure manual, you can outsource your bookkeeping needs to a third party business accounting service who already has the manual written, bound, and memorized. A third party accounting service can alsoconnect you with qualified auditors who will double check all work and ensure everything’s on the up-and-up.

 

By hiring a business accounting service to handle your books, you’re not only turning the work over to people who have established guidelines, you’re also putting a very critical component of your business in the hands of experts with a proven track record of delivering accurate and timely financial statements. That’s a lot more than most companies can say about their internal accounting departments. If you’re nodding your head in agreement, it’s probably time for you to look into outsourcing your accounting.

 
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