As the 2019 year-end approaches, this is an excellent opportunity to evaluate whether you could be, maybe even should be, getting more from your financial data.
- Do you have a financial plan for 2020? Having one can be very empowering, allowing you to enter the year with greater confidence in your business decisions and an understanding of the options if your organizations performance is better, or worse, than you are anticipating.
- Does your tax accountant typically require numerous adjusting entries as part of your tax return process? This is an indication that your accounting information is not accurate during the year. It is likely your accounting procedures could be modified to appropriately reflect the impact of these adjusting entries throughout the year. Making this change has the benefits of eliminating the potential cost of inaccurate mid-year tax payments. In addition, it will improve the accuracy of your accounting information throughout the year, and therefore improve its ability to inform business decisions.
- Are you the business owner, or another over qualified (or under qualified) member of your team spending time making accounting entries, or performing account reviews or reconciliations? Do you have a timely and consistent monthly (or quarterly) close and reporting process? Having consistent, reliable accounting information prepared by the “right” individual is a wise business decision. Part-time accounting support from a qualified accounting professional is an economic and value add solution to all of these needs.
- Does your accounting system feel outdated? Is it desktop or server based? Outdated systems can be ineffective (information is not accurate or not usable to inform business decisions), inefficient (at best “clumsy” to maneuver in, at worst unstable) and risky (unreliable, unstable, unsupported, etc.). There are affordable cloud based solutions that can address all the issues of outdated systems.
- Do your accounting related approval processes and/or your supporting documentation rely on paper? This is inefficient, creates clutter, and likely could be easily modified to leverage electronic imaging.
If any of these situations apply to your organization, contact Scott Wells, at firstname.lastname@example.org or 336-553-2316 for a free consultation regarding client accounting services that DMJ & Co., PLLC can provide for you.