If you've found issues with your bookkeeping, you’ll want to correct those issues as quickly as possible. After all, the livelihood of your business could be at stake if these issues go ignored. Fortunately, there are preventative measures you can take, both to correct mistakes in your bookkeeping and to make sure these issues do not reoccur.
TECHNOLOGY. Sometimes early-stage small businesses track and manage their finances using tools like Excel. However, Excel is an antiquated tool that won't be useful for long, especially once your business starts to pick up. You need to employ the use of a more advanced and robust system. Accounting software that provides regular, automatic updates, such as QuickBooks, is a much better solution. QuickBooks operates and saves your data on the cloud, making it easily available wherever and whenever you need it.
AUTOMATION. Embrace tools that make your work simpler. Automation can make completing jobs easier and, in some cases, even completely eliminate unnecessary work. For example, if your bookkeeper is overwhelmed and overworked because of data entry requirements, you can take some of the burden away by allowing your bank or another third party financial institution to automatically feed entries into your accounting or operations system.
TRAINING. All businesses are subject to change, and if you're not careful you can fall behind or lose your business because your accounting team has failed to keep your financials up-to-date. Ensure that your team is able to perform their jobs to the best of their ability by keeping them abreast of changes and giving new training whenever it is needed. There are a few methods to keep training up to date:
- Instructional Videos. Make use of training available online for bookkeepers. Quickbooks has free training courses available that can even lead to a certification.
- Engage a Trainer or Mentor. When significant changes to tax laws occur, or when a new state payroll regulation is passed, bring in an expert. Let them give a seminar to get your team up-to-date. Consider establishing a mentor program to help junior staff become more adept bookkeepers as future managers.
- Formal Education. Furthering education formally can greatly improve the abilities of your employees. Your company can sponsor the continuing education of employees in the accounting field with programs like tuition reimbursement and pay incentives for advanced degrees.
OUTSOURCING. Outsourcing is an excellent way to tap into the high-level experience and skill of a professional. With outsourcing, you get the services of a knowledgeable and experienced professional to assist with your company's financials at your convenience, while avoiding the high price of hiring a full-time CFO.
Business & Accounting Solutions provides quality outsourced CFO services. You don't have to address the shortcomings of your bookkeeping alone. Let Business & Accounting Solutions assist you. Founder Don Lewis has over 37 years of accounting and business experience. By hiring outsourced CFO services through Business & Accounting Solutions, those years of expertise become available to you whenever you need it. Evolve with the everchanging market with the help of Business & Accounting Solutions today.
Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.