But they also record the names of women — with numbers from 1 to 10 next to each entry.
Getty Images A reader asks: I am a partner in an Internet marketing firm. We currently use a local accounting firm for most of our tax and accounting services. We do the bookkeeping. We are expanding and need to focus on the business rather than the accounting.
I have three questions: Since accounting is not one of our core competencies, should I outsource every aspect of the bookkeeping and accounting? At what point do we need to switch to a big-five accounting firm or another of this caliber?
If we switch to a big-five firm, should we keep the local firm for the bookkeeping work? Small Business Accounting expert Stephen King responds: I will answer each question by number. I think you should consider outsourcing your accounting functions. Outsourcing frees up time and resources to focus on business strategy and goals.
Outsourcing allows businesses to tap into the resources and expertise of the outsourcing company. It can reduce operating costs.
Since accounting is not one of your core competencies, it may make sense, operationally and economically, to outsource all of your bookkeeping and accounting functions. That should not, however, include any treasury functions e.
My company, Virtual Growth, provides outsourced bookkeeping and accounting services. You do not need to switch to a big-five accounting firm.
However, I recommend hiring a big-five firm to perform an audit and certify your financial statements if you plan on raising capital from investors. The sooner you get a reputable CPA firm to do that, the better. Decisions on accounting treatment of transactions can then be made early on, rather than risking audit adjustments at a later date that may materially affect your financial statements.
In addition, a reputable CPA firm can be an extremely valuable resource while you are raising capital. If you hire a big-five accounting firm to perform an audit, you should continue to use the small firm for your accounting and bookkeeping functions. Due to independence regulations and standards within the accounting profession, a CPA firm performing an audit cannot also perform the accounting and bookkeeping for the same company.
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You will notice, however, that sometimes we include links to these products and services in the articles. When readers click on these links, and buy these products or services, Inc may be compensated.The problem with ledger sheets was that if one monthly expense went up or down, everything – everything – had to be recalculated.
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Consider charging a flat rate for new customers or for uncomplicated projects to make the bookkeeping easier. For example, you might charge a flat rate of $9 per word page for transcription, regardless of editing or content. Because Betty offers several different products and services, such as bike rentals and bikes for sale, she may consider writing different ads for each of her business categories.
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