What are key benefits of engaging a quality Bookkeeping provider?

As a CPA and former financial statement auditor, I'm biased toward accurate financial information. That said, as a business owner, what are a few of the key benefits for you and your business in engaging with a certified public accountant to maintain your books and records throughout the year?

• Accurate financial information to evaluate the health of your business - Often times, new business owners gauge the health of their business by the amount of cash in the bank account. While having money in the bank is very important, that's only party of the story. Accurate financials can help you evaluate your business using key performance indicators (KPIs) like margin, expense ratio, accounts receivable turnover ratios, comparison to budgets, etc. True evaluation of any business requires accurate financials.

• Cash flow availability - Maximizing the money in your bank account is a balance of receiving customer payments and managing timeline of payroll, credit card payments, vendor payments and owner distributions. With a clear plan, guided by a budget, and cash needs projection, we help provide business owners with an understanding of where their money is coming from, where it is going, and how much is available for capital improvements, expansions, distributions, or other needs. It's your money, keeping track of it allows you to make the most of it.

• Full set of Financial Statements when needed - As a business grows, there are an increasing number of reasons you may be asked for your latest financial statements. If you don't know what this means and don't have the statements readily available, you may miss out on an opportunity. The most common reason a small business needs financial statements is to obtain financing. A banker's first request when evaluating a business for any kind of financing is the last two years of financial statements. A good bookkeeper maintains these statements on a monthly basis, with the help of a software program, so you are ready to provide the necessary information with a few clicks of the computer mouse.

• Preparation for tax season - None of us business owners enjoy sending federal taxes, state taxes, payroll taxes, real estate taxes, etc. to the various governmental entities in our lives. But what makes it even worse is if our financial records do not provide a clear picture of our business and we end up overpaying. Accurate financial records allow for greater preparedness at year-end by allowing for accurate tax planning throughout the year.

We work with all of our clients to minimize their involvement in the day to day transactional accounting and allow them to review periodic, accurate financial information in a format and in a timeline that meets their needs. For some of our client's, that means a weekly report out, for others it is monthly or even quarterly. Our customized approach allows us to provide you exactly what is most beneficial for you, which may adapt over time.

Contact us today to explore a customized service offering and pricing that fits your budget.

Joe Gregor

joe@gregoracct.com

407-408-5688