seeing affects your company. Accounting consultants help with a number of tasks related to accounting
- Financial Forecasting
- Analyzing Financial Statements
- Determining The Profitability Of Your Business
- Analyzing Accounts Payable To See Where Your Business Might Be Able To Save Money
- Determining What Accounting Services You Need
- Setting Up Consistent Accounting Practices
An accounting consultant will implement a bookkeeping schedule, so you receive the reports you need,
when you need them, on demand as well as on predetermined deadlines. And then, of course, your
accounting consultant will meet with you to help you understand the significance of these reports
Every penny counts when you work by yourself or manage a smaller business. That means you need to
be able to know what money is coming out, what money is coming in, and what expenses you need to
be ready for in the future. This is a lot of work for a business owner to take on by themselves and, in
most cases, creating an in-house accounting department just isn’t fiscally feasible for smaller businesses.
Ensure you get the accounting assistance you need by working with our firm. We handle the numbers
for you so that you can go back to focusing on providing your clients with the best products and services
you have to offer.
Why is Accounting Important?
Obviously, accounting is important because you want to know if your business is making a profit. Also, the small business owner wants to be able to look at sources of income and expenses and make decisions based on that information. Using accounting software, the business owner can generate reports on “profit and loss”, “cashflow”, the “balance sheet” and dozens of other reports that can help him/her get an overall picture of how the business is doing now or in the past.
Also, many Federal and State forms require tracking of money for sales taxes, payroll and income tax purposes. In fact, a good accounting system can make the filing of these government forms much easier and less time consuming.
How do I Setup My First Accounting System?
If you are not financially-inclined, we sometimes recommend you speak to an accountant or bookkeeper, especially when initially setting up your accounting system. This way, they can help your setup your accounting system properly the first time so you don’t make mistakes that will need to be corrected later in the year when filing taxes or other government forms.
Pick an Accounting Method
- The Cash Method
- The Accrual Method
Setup Your “Chart of Accounts”
- Open a business banking account
- Learning and Maintaining Your Accounting System
- Set up a system to collect payments
- Create a payment collection process
- Select a payroll provider