Owning a small business does come with rewards, but it also involves a lot of hard work. Every penny that comes in must be used to best advantage. One way to ensure the most benefit is derived from those earnings is to outsource most of the accounting to a reliable firm. Here are a few examples of what the right firm can provide to the small business owner.
Keeping Track of Collected Revenue
The amount of time and effort needed to record and post payments received from customers can be significant. The postings must be done in accordance with generally accepted accounting principles, something that not everyone understands readily. By setting up a lock box with a Chicago Small Business Accounting firm, those payments can be posted accurately and in a timely manner. The firm can also make sure the payments are deposited into the operating account for the client that same day. This ensures the funds can be used for whatever business related purpose the owner has in mind.
Preparing Aging Reports
A firm like The ACT Group can also use the customer data to prepare aging reports that show which invoices are still outstanding. This is helpful in terms of sending reminders to clients who may have invoices that are over the standard terms of payment. The ability to generate these reports means collection efforts are not delayed and customers who may have mislaid the original invoice can be presented with a copy and remit the payment without any further delay.
Taking Care of Vendors and Suppliers
The work of the firm is not focused solely on the money that is coming into the business. Tracking due dates on payments that must be remitted to vendors and suppliers is also part of the overall support. The professionals at The A.C.T. Group can present the client with a listing of debts that need to be paid in the next week or other specified period. Once they are authorized for payment, the team can ensure the checks are cut and sent to the creditors on time. The result is that the business owner never has to worry about incurring late fees again.
Managing the Payroll
Even with just a few employees, managing the payroll does take time. Along with calculating hourly wages, there is the need to withhold the right amount for taxes. Instead of trying to manage the payroll in house, placing the task in the hands of the team at The ACT Group Ltd will mean payroll is completed on time every week. The taxes will also be on the way to the right agency without fail.
Anyone who owns a small business should consider the benefits of outsourcing closely. Doing so means access to professionals who get the job done and save the company a lot of money.