Small Business Accounting & Bookkeeping Services
Small Business Accounting Services – Bi-Outsource
It is generally observed that in start-ups and small businesses where the whole business is run by the one-man army, Accounting & Bookkeeping is not given due importance. For small business owners accounting task is just like Broccoli. Even though you know the benefit of eating broccoli, you avoid eating it. Irrespective of the size of your business, maintaining proper accounts depicts you a correct and reliable picture of your business’s health, showing you in which area you are doing good and bad in a particular period. Although cumbersome, maintaining correct accounts can contribute in leading small businesses to medium and medium businesses to large.
Business owners with some interest and knowledge of bookkeeping, try to handle all accounting related tasks at their own such as maintaining proper accounting records, invoicing your clients, keeping an eye on cash flow, preparing taxes and paying it, preparing financial statements in adherence to accounting principles and standard accounting practices. This leaves them very little time to focus on other important business activities.
Our Accounting Services for Small Business helps startup and small business owners to save time and cost. Our personalized Accounting services for Small businesses range from bookkeeping services for small business, payroll services, management reporting, tax preparation, business analysis, account receivables & payable management, and virtual CFO services.
We do understand that it is not feasible for small businesses or start-ups to invest a lot of money in non-revenue generating activities such as accounting and compliances. Therefore, we follow the cost-value approach in small business accounting services which can be explained as follows;
Our process flow of Accounting Services for Small Business
First of all, we undertake brief business analysis which include
- Understanding current business processes & organization structure
- Brief Industry analysis & determining standard industry practices
- Understanding current business activity progress reporting system
- Standardizing appropriate changes in business data flow and activity progress reporting
- Standardizing data collection form for various activities
- Determining number of management reports which is essential for management for decision making and various compliances
Based on the business analysis, we determine which is the best cost-effective accounting package along with third party apps/tools which are available in the market which
- Satisfies all the reporting and analysis requirements of the management,
- Compliment standard industry practices
- Compliant with the regulatory requirements
We also help management in preparing brief business process flow (e.g. RASCI Matrix) which is basic version of Standard Operating Procedure (SOP). This helps management in
- Knowing the frequency and initiating point for any business process
- Understanding the chart of processes, i.e. predecessor processes and subsequent processes which helps in better planning and time management
- Responsibility identification and allocation
- Defining job description
- Preparing critical Event Calendar
Finally, we give training and guidance to our client’s staff and business owner for smooth implementation of our suggested business processes, standard documents for recording business process activities and getting best results out of the system.
Thus, our Small Business Accounting Services helps small businesses and start-ups in overcoming challenges they face in doing business such as;
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Knowing actual cash flow rather than confusing it with profit
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Wrong categorization of expenses and other accounting items
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Improper reconciliation of books of accounts with third party statements (e.g. Bank book with Bank Statements)
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Failing to keep track of all the transactions
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Lack of planning and budgeting
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Inadequate records for tax computation and compliances
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Segregation of responsibilities among available resources (e.g. staff and contractors)