Maximizing Your Return on Investment With Your Accountant

This article is focused on how to minimize your investment and receive the exact information you need from your accountant via two key strategies: Minimizing activity and reducing complexity.

For businesses with a large volume of transactions and lots of complexity (checking accounts, credit cards, equipment, loans), streamlining the accounting process is critical. That’s why we’ve created our turnkey accounting, payroll, and tax solutions for small businesses.

When it comes to accounting, small business owners typically don’t know what they don’t know. Between KPIs, payroll, tax returns, and knowing what they can deduct, it can be hard to understand how to implement these things successfully without an accountant to guide them.

Implementing turnkey accounting systems will result in having an audit trail in place, which will lead to an accurate financial statement each month, in addition to streamlining your accounting process. Business owners will also receive the basic business guidance and the tax planning, estimates, and preparation they’ll need going forward. 

To enhance your ROI and minimize accounting investment, follow these two steps:

  1. Minimize activity – The more transactions to account for, the more it costs to prepare a financial statement. This is due to the amount of time it takes to go through the transactions. For example, if you use a debit card linked to a business account, it can increase accounting costs because you are swiping your card for a lot of smaller transactions. Limiting the number of transactions will save you both time and money in the long run.
  2. Reduce complexity – The more checking accounts, notes, and loans you have, the more complex your situation is. While there may be a need for two or three checking accounts, using separate accounts to differentiate what goes in and out of them causes accounting fees to increase. Furthermore, it’s not nearly as effective as using a financial statement for one account. A financial statement will give you more information than having separate accounts for operations, payroll, and savings. You’ll want to ensure any system used for tracking, reporting, and monitoring your cash has a specific purpose. For more on this topic, click here  For how to develop a fundamentally sound reporting system, or for insight into how to implement your accounting system, click here.

Contact us to learn more about how to maximize your ROI with your accountant, or how to minimize your activity, complexity, and implement turnkey operational, accounting, and cashflow systems in your business. 

Additionally, you can claim your free online course on Operational Cash Flow System with coupon code ROCKNROLL. Use this coupon code to access this online skill session or any essential course online for free. 

Even better, schedule a complimentary strategy session to see how we can partner with you in growing your business!

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