By Lisa Purichia
Partner, Director of Accounting Services & Retirement Plan Services
Email Lisa
With tax filing deadlines rearing their heads and more than a month of the new year’s business transactions behind you, now is a good time to step back and evaluate your accounting department’s performance. As the business owner, are you getting the accurate data you need on a timely, regular basis? Consistency of practice is crucial. Even daily “Flash Reports” of critical operating data are common in today’s business world.
Is your accounting department meeting these demands? Failure to manage cash flow or to take advantage of early pay discounts, paying invoices late and incurring late fees, or not delivering accurate, comprehensive reports can severely harm your company’s reputation and result in decreased credit worthiness, issues with your suppliers, etc. Lack of consistency, planning, transparency and oversight can also quickly lead to untimely financial reporting and poor management information systems. The risk of fraud is also increased in an undisciplined accounting environment.
When evaluating your accounting department, also consider the size of your business. Are you outgrowing your bookkeeper but not big enough to fund a full-time Controller/CFO position? Whether this or poor accounting performance is this case, you may want to consider outsourcing accounting functions to a firm like Sponsel CPA Group. Now would be a good time to make this change, as you continue to find your footing upon stepping into the new year.
Delegating accounting tasks to financial experts like us allows business owners to focus on sales, marketing and strategies for building your reputation and revenue. It relieves managers of the responsibility to supervise one more department and meet the deadlines within it. Outsourcing also cuts the costs of in-house hiring, training and infrastructure.
Here are some of the many ways in which our CPA firm can help:
- Monthly, quarterly, bi-annual and annual financial reporting
- Controller-on-loan services to cover any gaps on a permanent or interim basis
- Family Office Services (personal bill paying, personal financial reporting, and investment tracking)
- Bookkeeping and payroll services
- QuickBooks ProAdvisor installation, maintenance, training and support
- Outsourcing solutions customized to meet your specific internal accounting needs
- Human Resource services
If you’re experiencing accounting issues in your company, it’s time to step back and determine the source of the problem. Is it your people? Is it your systems or lack thereof? Or do you simply not know? If you need a fresh set of eyes on your accounting function, Sponsel CPA Group can help! Whether you’re seeking consultation or thinking about outsourcing your accounting and finance needs, we can offer support and counsel to make your business better!
If we can assist you further with your business or personal affairs, please call us at (317) 608-6699 or email Lisa.