Your business has a focus and chances are it is not bookkeeping. You can try to manage your accounting needs in-house, assign some tasks to an office manager and take others on yourself, but think about a day where you didn’t have to do any accounting work. Your office manager could focus on customer service and you could focus on running and growing your business. In addition to making better use of your time, scalability, cost and expertise are other reasons why outsourcing your accounting operations makes good business sense.
If you pay your employees every other week but your income is recognized monthly, your revenue will not be matched to the expenses that helped earn it. On your income statement (P&L), expenses would be understated some months and overstated others.
One of the benefits of hiring an accounting/bookkeeping expert is the ability to meet with them after month-end close, to have them explain your financial statements to you and to help draw your attention to important aspects of the financial data. A monthly financial review meeting is a good starting point to ensuring your business is staying on track. Here is what we recommend you review:
Intuit has aligned with a bank called Green Dot to provide QuickBooks Online users with an integrated checking account. This account, called “QuickBooks Cash and Envelopes,” is designed to house funds received from your QuickBooks Payments merchant services. Per Intuit, it “combines a checking account, savings envelopes, merchant service payments, and a cash flow planner all in one integrated interface.” Here is a quick look at Intuit’s selling points:
Whether you operate a small business or large enterprise, you will have to account for payroll. Properly posting and reporting payroll will be a recurring task. If you follow best practices, you will journalize your payroll and use a payroll clearing account.
Our very own Kathy Dise is an alumna of St. Ursula Academy, a Catholic, all girls high school in Toledo, Ohio. Through their alumni network, they offer a professional development program entitled "Draw Your Bow". Every month they feature
different topics that their accomplished alums speak on. In February, Kathy participated in one of these sessions as an expert. The topic was Tips and Guidance on Filing Your Taxes.
