There is an old saying, “You don’t know what you don’t know”. As an entrepreneur, what do you need to know about your accounting needs? What is it that you need to know, but don’t? There are some basics that every business needs, whether you have a non-profit entity or for-profit business.
Keeping accurate records – It is important to have accurate accounting records. Believe it or not, a lot of businesses try to re-create everything at year end. They don’t mean to get behind, but life happens and before you know it you are trying to remember what that expense on your bank statement was for. An accountant can help with this.
Documented accounting process – Most business owners have no idea what an accounting process is much less how to document it. Simply put, it is the steps and approvals when processing any transaction. Internal controls are vital for all businesses. These controls need to be documented; this is a process your accountant can help with.
Off-site backup – Every business needs an off-site backup. There is nothing worse than spending the time, money and energy making sure your records are accurate, only to have a computer crash and loose everything. Our firm uses QuickBooks Online (QBO). The great thing is, QBO is cloud based and has a backup.
Investing too little in the accounting function – Most businesses undervalue the accounting functions needed for their business. There are many benefits to having a competent and experienced accountant.
- Free up valuable time.
- Give you access to expert advice.
- Meeting compliance guidelines.
- Reduce business costs.
We understand every dollar is important to your business. That’s why we offer a fixed pricing model to our clients. No surprises with all the benefits of a professional accountant.