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Book-keeping is one of the most integral components of any business. It is an effective and efficient way to record and maintain accurate financial accounts. Not only it helps you to keep track of your financial records but portrays the financial position of your business as well.
Moreover, bookkeeping is something that is required by law as well.
Despite its importance; many businesses couldn’t implement an effective bookkeeping system within their organization. The outcome of bad accounting is poor financial management. Without proper financial accounting and book-keeping, it actually means darting arrows blindly in the air!
In simple words, a below-par ‘Accounting/book-keeping’ is one of the leading reasons why businesses especially small businesses collapses!
But why do businesses, especially the small ones fail to imply a successful and effective bookkeeping system? Furthermore, how does book-keeping contributes to the growth and success of a business? And is there a solution to overcome this financial management hazard?
If you are looking for answers to such questions, then you have landed on the right page! By the end of this article, you would be able to learn about the major aspects of bookkeeping, as well as the ultimate solution to integrate a successful accounting system within your organization!
Why Do Small Businesses fail To Record Proper Accounts?
When it comes to small businesses, the business owners prefer to handle the accounts on their own. The main reason behind this decision is that professional accountants and bookkeepers charge a higher monthly consultation fee. And for small businesses, it gets difficult to manage such expenses out of their revenue.
Though small business owners have basic knowledge of bookkeeping, they fail to keep track of their financial transactions. As bookkeeping is far beyond the payrolls! In order to make informed financing, operating and investing decisions, even small businesses require regular recording of their day-to-day transactions.
Therefore, small business owners and entrepreneurs should opt for a solution that is both economical and efficient!
The Solution To Your Accounting Problems:
The ultimate solution to save yourself from all the financial frustration and stress is to get external bookkeeping services for small business. Be its tax returns, payroll processing, accounts payable/receivable management, bank reconciliations, preparation of financial statements or any other accounting needs; all of these are covered under such services. In other words, it is actually an investment for the business!
Here is why small business accounting services (external) are more of an investment rather than expense:
1. Expert Opinion:
Though business owners are well-informed regarding their business, they are not experts in accounting. Moreover, general bookkeeping and industry-specific bookkeeping are two different things.
Not only every business have a different financial requirement, but tax laws also vary from industry to industry. Therefore it is important to get bookkeeping services specific to your business.
The small business bookkeeping providers understand its importance. Which is when a business bids a quote for their services, they provide services according to the industry type. And as a result, the business gets the expert opinion on its financial matters.
2. More Focused Information:
Another advantage of having external accounting services is focused on financial information. The external accounting service providers use both inside and outside financial factors and information to prepare reports.
By doing so, they help the businesses to focus on what’s important for their growth and progress. Furthermore, it also highlights the areas that require improvements.
3. Tax Return Filing:
One of the strongest benefits of external accounting services is the convenience of tax return preparation and its filing. Unlike the general bookkeeping services, the industry-specific bookkeeping services help the business save tax costs.
It is because they are experienced and have the knowledge of all the tax relieves and rebates. It is not wrong to say that external accounting service providers are the best tax preparers.
4. Unbiased Analysis and Opinion:
External service providers not only helps the business in financial statement preparations but also provides analysis of financial performance and financial position. The external accounting and bookkeeping services providers are impartial consultants.
They don’t conceal any financial facts of your business; Whether those facets are in the favor or disapproval of the business. It is a great way to learn the shortcomings as well as the challenges for the business.
5. Controlled Turnover:
Usually, when a business hires internal accountants or bookkeepers, it results in a higher turnover ratio. The major reason why internal bookkeepers leave small businesses is a better opportunity.
Though no harm comes for the bookkeeper, this vacancy creates trouble for the business. It disturbs the regular and consistent recording of your financial transactions.that is when external accounting and bookkeeping services come handy.
With external financial management services, businesses can easily tackle the turnover problem and enjoy uninterrupted financial records.
6. Organized Financial Information:
Account preparation is not a simple task. There’s a lot of information that you have to process in order to prepare a complete, properly and fairly presented financial statements, in compliance with the international accounting standards. Which is why every business even the small ones needs external accounting services.
The external accounting service providers keep an organized record of all the business transactions so that they don’t miss anything while preparing financial statements of the business.
Pricing and Cost Estimates:
If you think that bookkeeping and accounting services are an expensive option for your business, then you need to rethink it. When it comes to bookkeeping services for small business, its costs and pricing estimates vary. There are a wide price and cost range depending on multiple factors of the business.
How much would it cost for your business depends on the following factors:
- Location of the business.
- Size of the business.
- Type of Accounting services.
- Experience of an accountant.
- Accounting systems, policies and procedures.
- Full-time services or part-time services.
The analysis of the accounting industry shows that the average cost of having external accounting and bookkeeping providers (outsourcing) could vary from $500 to $2500 per month. This cost is almost nothing in comparison to full-time, internal accountants and bookkeepers; who charge a flat rate per month. The average cost of having a full-time internal accountant could vary from $3000 to $4500 per month.
Make Bookkeeping Your Peace of Mind:
Though the double-entry bookkeeping seems an easy task, that you may think you could handle on your own, there are multiple complexities to consider as well. The advanced accounting and tax systems, policies, and procedures are challenging and difficult for general bookkeepers and tax agents, let alone the business owners.
Therefore if any business wishes to comply with the current & advanced accounting requirements, and promote its growth and success; having external accounting and bookkeeping services is essential!
The procedure to quote for external accounting service is quite simple and easy. All you have to do is fill out a simple form in which you have to select your franchise category, investment and type of accounting service you required. So Yeah that’s all!