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Accounting in many small businesses is becoming a ‘forgotten’ function.
One of the main reasons for this is the cost. The accounting role is often lumped with the CEO, COO or CFO. These small business executives then spend their valuable time performing accounting functions within the business rather than focussing on the broader strategic direction of the business.
This results in the business and its owners being worse off financially in the longer-term.
Risks of not adopting a proper accounting framework (like UFirst Bookkeepers services):
- your business ‘accounting’ function slowly becomes characterised by hours of ‘data entry’
- financial trends and risks are not identified until a critical event occurs (such as a ‘credit crunch’)
- business and strategic decisions tend to be made on unverified (and incorrect) financial data)
- small business owners are at a loss when trying to interpret their accounting software reports
UFirst Bookkeepers recognises that the accountant’s role is integral and indispensable to your businesses achieving sustainable growth. If you already have your bookkeeping functions under control, UFirst Bookkeeping ensures that the accountant’s role is properly utilised within your business, whether you’re a sole operator or a company with over 15 employees.
For businesses that currently perform bookkeeping functions internally, UFirst Bookkeepers can review the integrity of the transaction data. This gives you the confidence to make significant financial decisions regarding your business: whether to take that next step to expand or how to adapt to unexpected changes within your industry.
When you outsource this important role to UFirst Bookkeepers, we are capable of performing the role of accountant, certified advisor or professional advisor.
UFirst Bookkeepers advises on the appropriate software for your business
Choosing the right accounting software is as crucial as choosing the right staff.
UFirst Bookkeepers services include managing your:
- procedures for accounting systems and processes
- debtor, payables and cash flow management
- ability to meet financial results on a timely basis
- compliance of payroll process and issues (so you avoid incurring penalties)
- business activity statements, verifying them for accuracy