More of today's small business owners are successfully moving
past the start-up phase.There is a wealth of information and training to
assist start-up companies with everything from creating the right
product or service to attracting all the clients you need.
The many resources on the market today equip business owners to generate sales that soar. But even with the success of product development, marketing strategies and sales one area that continues to be a snag in small business is maintaining accurate accounting.
Here are three questions that will help you to determine if your accounting systems are serving you well:
Are you falling behind in financial paperwork?
When accounting is efficient business owners and managers are able to consistently manage the daily financial tasks. For example, the systems should allow you to invoice customers, receive payments and manage outstanding customer balances with ease. Evaluate the flow of information in your company to see how you can improve processing and consistency in financial reporting.
Are you able to answer important questions about financial performance?
Financial reports provide the data that you will need to make good decisions about your business. But have you ever sought answers to financial questions that your accounting system could not provide? If so, it could mean that you are missing key information or that the accounting system and reports are not meeting your specific needs. Think about the questions that you frequently ask about your business. Jot them down so that you are able to address them the next time you meet with your accountant.
Are you able to locate critical financial information?
If you maintain an organized system for record-keeping then you will reap the benefit of savings in time and money. To illustrate, consider the last time that you were unable to locate an important document. Perhaps it was an invoice to a customer to discuss the history of payments that they have made on their account. If your accounts are not accurate then you may lose many hours bringing them up to date. List the steps in your accounting process. Where are the bottlenecks?
And now that you've considered how well your accounting process works for you,What steps can you add to ensure access to timely, accurate, and reliable information? To learn more about small business accounting systems, visit http://www.tbsusa.com and sign up for my free monthly newsletter.
http://ezinearticles.com/?Dont-Let-Poor-Accounting-Information-Systems-Sink-Your-Business&id=5595189The many resources on the market today equip business owners to generate sales that soar. But even with the success of product development, marketing strategies and sales one area that continues to be a snag in small business is maintaining accurate accounting.
Here are three questions that will help you to determine if your accounting systems are serving you well:
Are you falling behind in financial paperwork?
When accounting is efficient business owners and managers are able to consistently manage the daily financial tasks. For example, the systems should allow you to invoice customers, receive payments and manage outstanding customer balances with ease. Evaluate the flow of information in your company to see how you can improve processing and consistency in financial reporting.
Are you able to answer important questions about financial performance?
Financial reports provide the data that you will need to make good decisions about your business. But have you ever sought answers to financial questions that your accounting system could not provide? If so, it could mean that you are missing key information or that the accounting system and reports are not meeting your specific needs. Think about the questions that you frequently ask about your business. Jot them down so that you are able to address them the next time you meet with your accountant.
Are you able to locate critical financial information?
If you maintain an organized system for record-keeping then you will reap the benefit of savings in time and money. To illustrate, consider the last time that you were unable to locate an important document. Perhaps it was an invoice to a customer to discuss the history of payments that they have made on their account. If your accounts are not accurate then you may lose many hours bringing them up to date. List the steps in your accounting process. Where are the bottlenecks?
And now that you've considered how well your accounting process works for you,What steps can you add to ensure access to timely, accurate, and reliable information? To learn more about small business accounting systems, visit http://www.tbsusa.com and sign up for my free monthly newsletter.
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