Scenario: You are the owner of a business, and you hate spending money on accounting! You aren’t interested in hiring any more help for that specific department.
Posit: Are you perhaps part of the reason that your accounting is so challenging and your financials never get done promptly?
As a business owner, you believe that you know best. You understand how to grow your business. You have to adapt and deal with business changes as they come along. No one on your staff knows how to do that as well as you. However, do your decisions slow down your accounting department from producing timely and accurate financials?
6 essential questions to ask yourself to evaluate your accounting best practices
- Do you pay your personal expenses out of your business?
- Do you give advances to your employees?
- Do you not turn in your receipts for company credit card purchases?
- Do you not enforce that all employees turn in their receipts for company credit card purchases?
- Do you offer different compensation/commission plans to each employee? Are they complicated to figure out and calculate?
- Do you assist your accounting staff when they need help collecting from a problem client?
This is by no means intended to be a bitch session directed at business owners themselves. We are simply hoping to open your eyes to some real facts that may be hard to face. Your accounting team can’t close books, post expenses to the right accounts, and produce accurate financials without set guidelines in place. You as the business owner are the one who should be putting those best practices in place, and you as the business owner are the one who should be supporting your staff without hesitation.
So, if you want to spend less on accounting, we suggest that you take the time to create standardized programs, don’t let your personal business mix into the books, and make everyone in your organization accountable — including yourself.
By doing these simple things that don’t cost you any money, just elbow grease on your part as the business owner, we promise that you will spend less money on accounting and get your financials faster.
If you are looking for a trusted partner for your outsourced accounting needs, look no further. We at MGA offer a wide variety of outsourced services, and we are here to make your complex needs simple. Reach out to us today. We would be happy to chat with you and assess your current accounting needs.
Pauline Sullinger, Director of T.A.S.C.