One of the most common, yet vital, needs we see for businesses is the need for accounting services. Sometimes your business may need help developing a system to gain timely financial information or your growing business requires new demands. Here are four ways your business may benefit from accounting services.
Lack of timely or helpful financial information
When it comes to making crucial business decisions, it’s important to have information that is up to date. Information that’s outdated, inaccurate, or unorganized, can make business decisions difficult and can lead to costly mistakes.
If you don’t have the information you need when you need it, whether that’s because of user error or you don’t have the right systems in place, there are a variety of solutions. As an example, we helped a client implement a cloud accounting solution and a paperless AP processing application, which gave them real-time reporting. Not only did this help with their reporting needs, but the conversion happened before the pandemic hit, which put them in an excellent spot to navigate office closures and keep their business operations flowing.
Information should be helpful. We get it. Not everyone can look at a balance sheet or income statement and discern what they need out of it. As another example, we recently created management dashboard reports for a client, which helped provide a different approach to the same numbers shown on the balance sheet and income statement. This allowed them to clearly see and understand financial information, which resulted in better informed decisions.
Accounting personnel departures
If you find yourself short staffed, many issues can arise. Whether a staff departure is expected or unexpected, MarksNelson can step in to help. We’ve helped our clients outsource by filling positions including controller, VP-Finance, CFO, and more. You don’t want to be left in a lurch when someone departs or requires a temporary leave of absence.
Growing business means new demands
The addition of locations, employees, and revenue streams brings challenges and requires you to think through accounting software, reporting needs, payroll, and sales tax liabilities. Creating the right foundation in accounting software and payroll service providers will help your business move forward, allowing you to focus on growth. We can talk through options, provide demonstrations, assist with implementation, and help assess risk exposure.
Unexpected challenges
Anything can happen, and you may not have the time, bandwidth, or the particular experience to face unexpected issues.
COVID brought a lot of unforeseen challenges, placing many businesses under financial pressure. We’ve helped a multitude of clients navigate the assistance offered via PPP loans and the Employee Retention Credit (ERC), helping to secure credits that have ranged from $22,500 to nearly $400,000.
One client noted: “I’m thoroughly impressed at your ability and knowledge to keep up with all of these changes. Thanks for keeping an eye on things like this that have major impacts on my business.”
MarksNelson’s accounting team can help your business navigate the challenges that come your way. Our team is well-versed in providing foundational systems and strategies to move your organization forward. If you are seeking assistance, please give us a call. We’re happy to provide a complimentary assessment of how our services can support your needs and challenges.
