Accounting and Bookkeeping Service for Small and Mid-size Businesses
Quality financial management can help ensure the ongoing health of a business. In any company, the accounting department will always have a huge responsibility in managing business finances. Incoming and outgoing cash, financial statements, all managed by the department.
The early stages are the time when you need to establish the structure that will support your company finances, and help define your financial strategy, as you grow. External users include banks, taxing authorities, lenders, etc. These users are anyone accountant and auditor who requires financial information from the company but does not actually work for the company. Detailed financial records maintained by the accounting department will help a company to report accurate numbers to the various external users.
With in-depth experience working for a broad client base, such as non-profits, web designers, a wellness center, a property developer, a law firm, and a social media consultant, Kris has become knowledgeable in many accounting applications. Kris has more than 30 years of accounting experience, primarily in service industries — for both publicly and privately held companies. She is a CPA with an MBA from the University of Baltimore. Jodie holds a Bachelor of Sciences degree in Accounting and Business Management with a focus on business organization, internal systems, and forensic and investigative accounting. Having overseen the administrative operations of the global logistics industry and accounting needs of an engineering firm field for more than 15 years, Katie has gained in-depth knowledge in cutting-edge community-minded industries.
Also, your account should seamlessly integrate https://accounting-services.net/who-we/ with your accounting software. 1.
An important function of the accounting department is calculating the wages and salaries, called gross wages or gross earnings, payable to the employees. The department is tasked to make sure that all employees receive a fair pay, including bonuses, commissions, and benefits. They monitor and update workers’ https://accounting-services.net/ off days, vacations and sick leave. The accounting department has access to information contained in personnel files. Based on this information, they have to calculate the amount of income tax, social security tax, union fees and other cuts from gross earnings to arrive at the wages payable to each employee.
You can expect timely and complete accounting services from us. Accounting shows its experience by assisting you with all types of tax, including business, personal, offshore and trusts. TAT Accounting explores the complex challenges of financial management decision-making processes including debtors, cash-flow and financial statements. Hiring an accounting firm with an experienced, qualified & dedicated account manager assigned to your account will ensure that your business complies with the laws and regulations, especially in terms of accounting, tax & other compulsory statutory business requirements.
Therefore, ask all your staff to submit their invoices or claims for reimbursement at a designed time so that the finance staff can process it all at the same time. Jeff Wraley is a Senior Consultant on our Advisory team at The Fahrenheit Group.
Our outsourcing/off-shoring offerings include IT Outsourcing Services, Call Center Outsourcing Services, Finance and Accounting (F&A) Outsourcing Services, Back Office BPO Services, End-to-End eCommerce Support Services, Healthcare BPO Services, Corporate Training, Digital Marketing Services and more. Our services and solutions enable businesses to accelerate their operations, slash costs and drive growth. The accounts and finance department does not function in isolation and they often depend on other divisions for their data. Find ways in which the data can be submitted on time. If there is friction between various departments and the finance team, find ways to solve these issues.
Be mindful of tax obligations. Speaking of taxes…make sure that you start thinking about taxes before you start earning revenue. This starts at the very beginning when you select the best bookkeeping and accounting legal entity for your company. You’ll also want to do your due diligence to understand all of your federal, state, and city tax obligations, including regional fees and registration.
It pays the government taxes as well as union dues and other withholding from an employee’s paycheck. The department reimburses employees for expenses and makes payments to vendors. Before My Accounting Team, we couldn’t rely on the accuracy of our financial statements 100 percent. They came in and reviewed our accounting processes and made changes that fit our business and improved our GAAP practices and procedures. With MAT managing and overseeing everything for us, we can quickly generate the reports we need, drill down to the details, and have the confidence that the information is correct.
- Again, financial controls are used here.
- We oftentimes experience that in-house accounting team’s capabilities stop at the controller level, leaving a gap in financial strategy.
- Accrual accounting is useful in informing the company how much expenses it is incurring each month and how much profit it is generating.
6. Communicate well with your team.
You can take advantage of this activity to identify any inefficiencies or redundancies, as well as to gain a better handle on your team’s workflow. By doing so, you can also find any gaps in skills and learning that should be addressed by training.
The areas of analysis may change on a regular basis, so that management can view different aspects of the business, with an emphasis on improving financial results. TAT Accountant will provide your business with reliable accounting & tax services, at a cost that fits your budget.
Communicate with Team
At the same time, companies are also asking this department to invest in technology and cut down on their staff. Businesses these days believe in running lean. So how can the finance department meet these competing demands and still run at peak efficiency?
Accountants usually have multiple function to perform and can get stressed out with the work pressure. The company can take certain steps to ensure that the accounting department works efficiently and the accountants are not burdened with excessive workloads. Here are some important factors to take note of when setting up an accounting department. After deciding on the accounting method, the company has to learn and maintain the selected accounting system. Setting up an accounting system costs time and money, and so the company should utilize it to the fullest, that is, it should enter every transaction, bill, charge, and refund.
Most people underestimate the importance of the accounting department as accounts operations are mostly run behind-the-scenes as opposed to departments like Marketing, Purchasing and HRM which deal with front-line business activities. However, a good manager knows the value of an efficient accounting system to the business. TAT Accountant offers efficient and sound services, with high quality work for your business’ benefit. You will also have the knowledge of an accounting manager at hand, who will advise you on your best options for your business. You can rest assured that we are up to date with the current tax laws, ensuring your tax responsibilities are adhered to correctly.