Why Outsource Accounting?

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Accounting is a core business function. Without it, a business is sure to fail. With it, a business might survive. With proper accounting, managed by a Profit Center Expert, a business is certain to succeed.

You’re probably already familiar with the bleak forecast for new small2_proadvisor_online businesses. While failure rates have decreased considerably in the last few years, recent studies from the Small Business Administration (SBA) indicate that one third of new employer establishments fail within the first two years, and 56% fail within four years.

Poor financial management is often cited as the reason for most small business failures. Often the business owner or a member of the business team manages this crucial function because they want to maintain complete control of their business, or they’re afraid that outsourcing the accounting/bookkeeping would be too expensive, or perhaps a combination of the two. What they don’t realize is that outsourcing is a useful management strategy that can save a business both time and money while preventing potential failure. And when you outsource to the right accountant, it can be the difference between base survival and profitable success.

The Benefits

There are countless benefits you’ll enjoy when outsourcing your accounting. Here are just a few:

Save Yourself Time

You’re in business because you’re good at what you do. Your expertise involves the product and/or service you offer. And we’re guessing your expertise is not accounting. So if you, or anyone on your team, spend time managing your business’s finances, that’s time that could be better spent building your business.

In order to be competitive you must constantly be looking for ways to improve and expand your products and/or services, better market your business, and stay ahead of your competition. When you and your team focus time and attention on the accounting, that’s time not spent on these crucial tasks. When you outsource the to a trusted professional, you can use that time to make your business the best it can be.

Save Yourself Money

We all know time is money. The average small business owner spends over 10 hours personally, each month, working on the books for the business. If your average billing rate is $50 per hour, you may be spending more than five hundred dollars’ worth of your time! Chances are you can easily pay for a good accountant and then some with all that money.

Gain Access to Valuable Accounting Expertise, Equipment, and Technology

Reputable accountants have the expertise to not only save you money, but to make your business more profitable. In addition to that, they have access to equipment and technology that most small businesses can’t afford. They will use their resources to your advantage and save you the time and headache of doing it yourself.

Gain Access to Profit-Building Information

A truly valuable accountant is also a Profit Center Expert. They analyze financial data in order to assist you in making profitable decisions for your business. A Profit Center Expert can inform you which products and/or services to expand, which to eliminate, whether your marketing attempts are successful, where you’re losing money, and where to cut back in order to save and redirect funds in order to become more profitable.

Call me for a free, no-obligation consultation

I can customize a package of services that is competitively priced and designed to save you time, energy and headaches. I offer the following services:

Accounts Payable

  • Input vendor invoices to payable system
  • Classify invoices to the proper general ledger account
  • Request and maintain vendor W-9 information
  • Maintain vendor master files
  • Respond to vendor inquiries about payment status
  • Retrieve copies of payments as necessary
  • Prepare and file required 1099 forms
  • Process requests for stop payments when necessary
  • Cut checks to vendors based on due dates or client instruction
  • Reconcile vendor statements to accounts payable ledger
  • Reporting to organization on detailed aged payables and cash requirements

Accounts Receivable

  • Prepare and mail billings as needed (all billings provided to client for approval prior to mailing)
  • Record and account for revenue
  • Input receivable transactions into the system
  • Prepare and deliver periodic statements
  • Issue client-approved credit memos and refund checks
  • Maintain subsidiary receivables ledger
  • Process client-approved adjustments
  • Apply cash received to customer accounts and resolve “short pays”
  • Perform low-level phone collections as needed by client

Cash management

  • Process daily sales and deposit reports
  • Verify daily deposits and report variances
  • Reconcile and verify credit card deposits
  • Reconcile monthly bank statements

Account reconciliations

  • Reconcile all bank and credit card statements with your books to guarantee that you have a completely accurate picture of your company’s financial standing

Payroll

  • Time cards, after approval, will be scanned and uploaded prior to payday
  • Complete payroll while client prints, signs and distributes paychecks
  • Prepare employee earnings statements complete with current pay period and year-to-date wages, taxes, and adjustments
  • Prepare department summaries of month-to-date payroll data in addition to customized reports specific to client
  • Prepares timely and accurate notifications of tax liabilities and deposits
  • Completes year-end W-2 forms
  • Respond to requests for employee verifications
  • Process and submit garnishment payments
  • Respond to employee payroll inquiries
  • Prepare and file new hire reporting to state
  • Prepare, file, and pay all federal, state, and local payroll taxes
  • Reconcile health insurance payments and make payroll deductions when required
  • Prepare necessary HR reports such as turnover
  • Allocate payroll expenses for multi-store employees
  • Prepare and process payroll accruals when necessary

Monthly Closing

Monthly Financial Analysis and Reports

Yearly Business Assessments

 

Don’t wait another day to partner with a Profit Center Expert and make your business more successful. Do what you love to do more; let your Expert take care of the rest.

Call 310-921-2979 now for a free, no-obligation consultation.

Bookkeeper/ Bookkeeping /Accountant / Accounting / Payroll / QuickBooks / Excel

Serving the South Bay, West LA & Long Beach areas