As a business owner, there are many tasks that you need to complete throughout the day in order to grow your business. All of which are designed to help you save time, make money, and invest in the long-term future of your company. This includes your accounting and bookkeeping. Here at Barta Business Group, a small business bookkeeping and accounting firm in Denver, we have identified 5 accounting tasks worth outsourcing so you can save time, make more money, and grow your business effectively.
The 5 Accounting Tasks Worth Outsourcing Include:
1. Accounting and Bookkeeping
For every business, accurate and timely financial records are not just necessary; they are mandatory if the company wants to grow and expand. By knowing expenditures, analyzing cash flow, and optimizing the numbers of transactions, an organization can save substantial sums over short and long periods of time. Virtual accountants can prepare monthly, quarterly and other periodicals financial, cash flow, consolidated financial reports, specific management reports, arrange archived books from earlier periods, estimate and calculate CIT (corporate income tax) as well as other related services.
2. Payroll Services
Managing and carrying out payroll on schedule can be stressful if there is a shortage of resources in the accounting department. Data has to be filled, reports, generated, taxes calculated, and proper sums allocated. These combined processes require people regularly on the job continuous monitoring. A much cheaper and less stressful way to handle these operations for a company is to simply outsource payroll services. Quality payroll services can file local, state, and federal payroll taxes in all 50 states. Most payroll services offer automated onboarding services to have new employees complete all of the necessary forms, all in the cloud.
3. Accounting CRM and Software Integration
Integrating your CRM and other financial software to your accounting software is one of the areas a business can save time and money. Too many companies have an assortment of software which on their own may perform well, but the inefficiency occurs when that valuable information is not shared across platforms. Automated integration cuts down on human error and the extra time it takes personnel to perform these duties. Using AUI in some accounting functions will further reduce the time it takes to aggregate and categorize data.
4. Cashflow Management & Business Growth Strategy
“Cash is King” in business. Knowing when you have cash peaks and valleys, and learning how to anticipate these fluctuations is highly valuable. Whether analyzed through spreadsheets or integrated cash flow software, getting a better understanding of the cash flow future of the business can help you make better business decisions. Having a clear comprehension of the cash flow can help a business strategize more effectively for future growth opportunities. Demonstrating solid cash flow history makes a business more appealing for bank lending opportunities.
5. Business Succession Planning or Exit Strategy
Business succession planning or strategizing an exit strategy are essential decisions in making a business more valuable. Whether a business is ready to sell or not, focusing on the processes, people, product, patrons, proprietary, and profit are necessary components to identifying a business’ value in the marketplace. Once these components are identified and improved upon, it can also have a positive impact on how management operates the business going forward.
Ready to Outsource Your Accounting & Bookkeeping Services?
With Barta Business Group, we understand the peace of mind that comes from knowing your financial information is done right, every time. We value being able to support businesses in turning financial data into actionable insights, so you may plot a course for your company’s future with confidence.