In the months or years since you became a business owner, how many times have you said that you need accounting services? If you're like most business owners, the answer is probably a lot. From the moment you opened your doors and began your first invoicing, well-intentioned advisors, partners, and other associates undoubtedly weighed in and suggested an accounting service to help keep your company's books and finances on track.
If you've ignored this advice so far, it may be a good time to start doing your research, because an accounting service does more than just record accounts payable and receivable, it guarantees the security, power, and success of your business.
What does a bookkeeping service do
A bookkeeping service offers a three-level approach to developing and maintaining your company's overall financial processes and management. The first pillar created by the accounting specialist is the use of an appropriate system (software), whether a system in the accounting office or in the company itself. It creates your accounting data file to be adapted to the specific needs of your company, which will guarantee you access to the software and reports you need.
Next come the basic duties of an accountant: bookkeeping, tax, keeping track of accounts payable and receivable, and keeping all of your company's financial transactions documented. It sounds simple enough, but there's a lot more to this job than meets the eye.
An accountant can also manage payroll, handle deposits, create and maintain financial reports, manage the ever-changing world of sales taxes, as well as quarterly taxes and withholding. Accountants also reconcile bank statements with internal accounts and even help during an audit or tax office.
If you want to get a business loan, report to an auditor, or simply design next year's budget and business plan, you need the help of an accountant. They help ensure that each of these tasks is completed correctly, in a timely manner, and that they are accurate enough to be truly useful.
You'll start creating a set of checks and balances in your company. The individual expenditures of the departments will be recorded and analyzed by the accountant, accounts receivable and accounts payable reviewed and fulfilled by him, and the company's expenses will be compared with your budget for review and analysis, helping to identify inefficiencies and create more accurate future budgets.
And this is where the third tip of the accounting service comes in: the controller. The controller increases the company's overall financial responsibility, verifies and balances. A controller analyzes the accountant's accounting for accuracy, in addition to maintaining the integrity of the accounting data file in the future, so that adjustments cannot be made without approval. Finally, a controller issues monthly financial reports highlighting any critical issues that you need to understand and possibly address.
How an Accounting Service Benefits Your Business
While all the tasks of an accounting service are vital to the financial health of your business, it's the underlying structure they apply that really makes the difference. Accounting services implement - and maintain - a consistent financial process that strengthens the health of your business and helps create and encourage uniformity in tracking, payment, and reporting. The value of this is immeasurable, as it protects your business from costly and dangerous risks.
Part of the benefit of the process comes into play when the accountant coordinates with management members from other departments to approve purchases and gather expense reports. Not only does the activity require extreme organizational, managerial, and mathematical skills, but an accountant must also have personal skills to make it work.
The team also works to reduce your overhead expenses. Not only does it ensure that books are properly maintained to avoid errors, fees, and costly penalties, but they can also help alert you to the waste and mismanagement of supplies and inventory. All of this while saving you time, as you will no longer have to carry out these tasks alone.
There's no doubt that a bookkeeping service saves your company time and money, but the processes and consistency introduced can increase the longevity and efficiency of your business, making it more profitable for decades to come.
Hiring a bookkeeping service
Hiring an accounting service is more than just finding someone who can use a calculator and understand bookkeeping. You need a complete team that has professional experience, training, and expertise to truly benefit your company. People whose expertise you can trust. Ideally, you need to focus on those who have certification, national and international structure, additional professional certifications in specific accounting software, or those that employ accountants registered with the CRC — Regional Accounting Council.
One of the easiest ways to ensure an experienced and certified professional accounting service is to use an accounting service provider. In fact, you can hire an entire accounting team—including an accounting software specialist, accountant, and full billing controller—all through a virtual service without having to create an internal department. And after using their services, you discover that your company can't afford not to have your expertise.
No matter where your business is located, an accounting team can provide all the advantages you need to remain growing and profitable for many years to come.
You give so much to your company to grow and succeed. You dedicate your time, knowledge, and ideas, market your products and services and hire qualified employees, design benefit packages, and have a dedicated space. Now it's time to take your business to the next level and ensure your future success by implementing an accounting team. Allow them to offer the advantage of maximized efficiency of their business income and expenses, keeping their employees accountable and minimizing exposure to various financial and auditing risks. If you're concerned about the future of your company, hire an accounting service today.
Contact TATICCA — ALLINIAL GLOBAL, which provides integrated auditing, accounting, tax, corporate finance, financial advisory, risk advisory, technology, business consulting and training services, for more information, at www.taticca.com.br or e-mail taticca@taticca.com.br and learn more. Our company has professionals with extensive experience in the market and has certified methodologies for carrying out activities.
