Good Accounting Practices is the Key to Your Companys Survival
By Ben Needles
Running a business involves attention to a wide variety of company functions. Whether you are a one-person business run out of a spare bedroom or a large organization with hundreds of employees one thing is true: if you dont know where your money is then you are doomed to fail.
Studies Show Good Accounting is Good Business:
According to The Small Business Book, the frequency and quality of a companys internal accounting services directly correlates to the organizations survival rate.
-Monthly Accounting: 79.9% Company Survival Rate
-Quarterly Accounting: 71.5% Company Survival Rate
-Half Yearly: 49.9% Company Survival Rate
-Annually: 36% Company Survival Rate
Even if a company does manage their accounting services regularly the quality of accounting services can also impact a company survival rate.
Quality of Accounting Records:
-Excellent or Good: 63% Company Survival Rate
-Average: 49.8% Company Survival Rate
-Inadequate: 20.1% Company Survival Rate
-Poor or Non Existent: 2.5% Company Survival Rate
Without proper accounting services in place, it is impossible to plan for the future. When situations arise such as a sudden increase in purchasing costs, you may not see the problem until it reaches a critical juncture.
When you file your taxes, good accounting records make the process a lot easier. In the event of an audit your bookkeeping services can directly decide your companys future.
But I Cant Afford to Hire an Accountant:
The obvious and flip response to that is, You cant afford not to hire an accountant. Saving money by offloading bookkeeping services on someone inexperienced is a false economy. If your company fails, that saved money wont do you any good.
To be fair, it really isnt feasible for some companies to have an accountant on staff. Small organizations may not have enough work to keep a full-time accountant busy, requiring the person to waste time with other work to fill out a 40-hour week. Often accounting services fall to the shoulders of the owner who may be flying blind and who certainly has better things to do building the business.
There is a solution for all businesses large and small: outsourced accounting services.
Let the Experts Do the Job:
By hiring an outside accounting firm to take care of your books, you have qualified and experienced professionals handling the problem. These are people who do nothing but accounting all day and have the background to get your companys financial records in order.
This doesnt mean you give up control of your books. Today almost all accounting organizations use online bookkeeping services that give you full access to your records at any time of day, even after hours. You are never out of the loop or surprised by developments as long as you make a point of checking your financial reports now and then.
Although your data is easily accessible, that doesnt mean it is insecure. Access is limited by the latest in web encryption technology. You get the benefit of services such as regular data backup and network security, services that your company may not be able to provide.
Give your business the competitive edge by updating your accounting services before its too late.
Running a business involves attention to a wide variety of company functions. Whether you are a one-person occupation run out of a spare bedroom or a large organization with hundreds of employees one thing is true: if you dont know where your money is then you are unlucky to fail.
Studies Show Good Accounting is Good Business:
According to The Small Business Book, the frequency and quality of a companys internal accounting services at once correlates to the organizations survival rate.
-Monthly Accounting: 79.9% Company Survival Rate
-Quarterly Accounting: 71.5% Company Survival Rate
-Half Yearly: 49.9% Company Survival Rate
-Annually: 36% fellowship Survival Rate
Even if a company does cope their accounting services regularly the quality of accounting services can also impact a ship’s company survival rate.
Quality of account Records:
-Excellent or Good: 63% troupe natural selection Rate
-Average: 49.8% Company Survival Rate
-Inadequate: 20.1% Company natural selection Rate
-Poor or Non Existent: 2.5% Company Survival Rate
Without proper accounting system services in place, it is impossible to plan for the future. When situations arise such as a sudden increase in purchasing costs, you may not see the problem until it reaches a critical juncture.
When you file your taxes, good accountancy records make the process a lot easier. In the event of an audit your bookkeeping services can instantly decide your companys future.
But I Cant Afford to Hire an Accountant:
The obvious and flip response to that is, You cant afford not to hire an accountant. Saving money by offloading bookkeeping services on someone naive is a false economy. If your troupe fails, that saved money wont do you any good.
To be fair, it very isnt practicable for some companies to have an accountant on staff. Small organizations may not have enough work to keep a full-time accountant busy, requiring the someone to waste time with other work to fill out a 40-hour week. Often accounting services fall to the shoulders of the owner who may be flying blind and who certainly has better things to do building the business.
There is a solution for all businesses large and small: outsourced accounting services.
Let the Experts Do the Job:
By hiring an outside accounting firm to take care of your books, you have moderated and experienced professionals handling the problem. These are people who do nothing but method of accounting all day and have the background to get your companys financial records in order.
This doesnt mean you give up curb of your books. Today almost all accounting organizations use online bookkeeping services that give you full access to your records at any time of day, even after hours. You are never out of the loop or surprised by developments as long as you make a point of checking your financial reports now and then.
Although your data is easily accessible, that doesnt mean it is insecure. Access is limited by the latest in web encryption technology. You get the benefit of services such as regular data backup man and mesh security, services that your fellowship may not be able to provide.
Give your job the competitive edge by updating your accounting services before its too late.
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About the Author (text)
Author is a freelance copywriter. For more additional information on Controller Services, visit http://www.OSIBusinessServices.com
