Provide improvements and recommendations to transaction processing as part of a smoothly run operation with separation of approval and disbursements.
Having a good accounting system is beneficial when there is an interest in the accuracy of financial reports to review the results of operations. This will help provide an understanding your business and becoming a cog in the flow of the business. When not reviewing results, cash balances, accounts payable and receivables you might want to look at the big picture and a one to three year business plan.
Smaller business interested in accounting primarily for tax purposes can provide us with the bank statements and information to complete the information ourselves with their help. They perceive their business primarily on a cash basis and by how much revenue is being generated.
A company that can help provide continual improvements can provide advice that will help clear the path for revenue growth and business success.
Get better financial and sales reports
While a manual accounting systems are possible they are not very detailed and take a long time to prepare. The day and age of the computer has long been arrived for accounting and QuickBooks is the biggest name on the block for small to medium business. Having clear financial reports requires that you to have a solid chart of accounts. Also the accuracy of the financial data is a concern.
Work with your invoice system to better identify and list products and services being offered by your business. Make sure to understand income streams and popular items in your business. Provide reports A-Z from estimate to Sales by Customer and Item variance from estimated profit. This system is used often for construction business yet there are reports such as Sales by Product or Service in summary form by time period which can tell you about the quantity and amount of your sales mix.
There is much to be said for having smoothly run accounting systems
• Lower annualized costs
• Simplify employee training and processes
• Easy access to reports
• Fewer complaints about double entry of accounting systems.
• Quick preparation and turnaround of your income tax returns.
• Verifiable data and record keeping
• Advice on your records archive and storing data
Write up, Audit and review services
Clients will enjoy the assistance with your write up and also be able to provide review services to you in either Connecticut or New York. It’s helpful when the review helps you identify weakness in internal controls and makes recommendations. So whether you need a review for your investors, bankers or not for profit requirements and board of directors please contact us to discuss our services.
Gain confidence in your computerized system or upgrade
As your company grows you are likely to have employees who need access to the computer to enter transactions or print reports. With multi user access comes the need for some sort of network where computers share information with each other. In general we recommend wired 1000 GB Ethernet cable in your network. Using a wireless network increases potential downtime and slow connections.
From work groups we can help our accounting clients set up workstations and consult on the wiring and connections and help set up a Cisco or CheckPoint router. Problems printing your documents are made easier using network printers and properly installing the drivers. All this plus access to the Symantec Anti-Virus, with a three year license at no additional cost.
Some networks go beyond these set ups and establish an advanced business network called a Domain Network. This type of network creates specific users and security protocols using a managed server called a domain controller. Not only making the log on process better but access to network resources, such as email and company files. This type of set up is recommended for a medium to large business. This is because of the barriers to entry include items such as backup, power supply, storage networks and advanced switching equipment.
Having knowledge in accounting and computerization will help make things run smoothly when it comes to communication and access to reports for top management. If you are changing to QuickBooks, Salesforce or any other accounting upgrade or trying to fix the system you are currently using we can help make the transition as smoothly as possible.
We also have experience in installing and customizing your Point of Sale terminals and setting up network chef printers and the menu layout. Also recording communication of daily cash receipts to accounting software, either automatically or manually.
Financial plans and cash budgets
When it’s difficult to understand the presentation or accuracy of historical information business planning becomes stalled. A business plan for a new business is not burdened with this since there is no historical information at the time.
Thus having a good system in place is the foundation of your planning strategy and understanding your gross margin, expenses and net income margin. Also the quality of accounts receivable could be a consideration.
Your clientele can be your key to business success. However, cash is king when it comes to planning and creating a budget to manage this asset based on operations, investment in equipment and real estate and financing activities. For this reason there is a specific report called the cash flow report which details the changes and ending cash balance.
While the primary financial reports also include the income statement and balance sheet and so cash flow is usually prepared last. Recently in QuickBooks you can simply print out your cash flow reports. We can help you prepare and better understand your business for success.
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