When we talk about controlling costs, most people think about improving the bottom line. You may have to spend extra time and resources monitoring the fallout and reassuring clients that your company is still viable. Imagine if the discovery of a corrupt employee in your company made the news. This oversight can help you quickly locate any discrepancies due to fraud, waste, or carelessness.įraud can significantly impact your business, no matter how small it is. When you have a handle on your business accounting, you’re comparing transactions that hit your bank account to your company’s checkbook, comparing actual expenses to budget, and otherwise taking a careful look at the money flowing in and out of your business. So what makes employees happy?Īccording to the Harvard Business Review, for most employees, its benefits and perks include health, dental and vision insurance, flexible hours, vacation time, work-from-home options, student loans, tuition assistance, and more.Īccurate accounting can help your organization plan for and calculate salaries, vacation policies, sick leave, paid time off, medical benefits, and other aspects of employment. Once you’ve hired the right people, it’s time to keep them happy! Having happy clients starts with happy employees. When you know exactly how much your business is spending on salaries and wages, payroll taxes, employee benefits, and other perks, you’re better able to make growth decisions for your business.
It can mean the difference between having a profitable year and being in the red. Timely financial data helps you know when to bring on additional staff (or when you need to do layoffs). Supercharge Your Productivity with FreshBooks and Google’s G SuiteĪccurate accounting isn’t just about debits and credits.Do You Need an NDA When Hiring Contractors?.Timely accounting information means you’re better prepared to take advantage of such investments when an opportunity presents itself. Without up-to-date financial data, it’s challenging to know when is the right time to make such investments, whether you can afford to make them, and what their impact on cash flow will be.
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Investments in Quality and EfficiencyĪccurate accounting also helps business owners consider the ramifications of making decisions about significant investments.Ĭould new software or equipment have a significant impact on your processes? Could it help employees get their jobs done faster and with less stress? Could it delight clients by improving turnaround time or providing a higher-quality product or service? Customers don’t want to board a sinking ship, so maintain accurate accounting information, control your budget, and keep the customer experience stable. They may even signal that your business is struggling to survive. Sometimes it’s possible to cut costs while maintaining or improving quality, but other cost-cutting measures impact customer satisfaction and loyalty. Maybe you need to let go of employees that have built relationships with customers or shift work back to customers with increased self-service. What does budgeting have to do with your clients?Ĭonsider this: You probably have to cut costs elsewhere when money is tight. It can also help you plan for enough cash reserves to see you through a cash crunch.Ī company without a budget is like a ship drifting at sea without a captain-you never know when you might strike an iceberg or run aground. More Financial StabilityĪccurate accounting helps your business create and control company budgets to know when and how money comes and goes from your business.
How will you know if you can afford to launch a new campaign without timely and useful information about revenue, expenses, and cash flow? When is the right time to launch? Is your campaign driving the desired results? How do pricing and promotions affect sales? Without sound financial data, it’s difficult to answer these questions. Marketing expenses tend to get out of hand, especially in the startup phase of a business. They can also be used to help understand whether your current marketing efforts are working or whether they’re missing the mark.
Revenue forecasts aren’t just for budgeting and future planning. Accurate and up-to-date accounting helps you make better revenue forecasts for your company.
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