Falling Behind On Bookkeeping? Learn How Catch-Up Bookkeeping Services Can Help!
You knew that running a small- to mid-size business would require long hours and hard work, but you may not have anticipated exactly how much time would be spent keeping your books. And if you’re unable to handle bookkeeping tasks on a regular basis (e.g., daily or at least weekly), it’s all too easy to fall behind. Soon, you’re faced with a veritable mountain of paperwork (digital or otherwise) that seems impossible.
When you’ve fallen behind on your books, you need catch-up bookkeeping services from a small business accounting firm you can trust.
An Overview of Catch-Up Bookkeeping Services
In a perfect world, all business owners would have plenty of time to do their bookkeeping tasks promptly. But life gets messy, and businesses run on their own schedule. When things get hectic, it’s common for entrepreneurs to put bookkeeping tasks on the back burner with the best of intentions to tackle everything the following week. Then, the weeks turn into months, and before you know it, you’re staring at a quarterly tax deadline.
Catch-up bookkeeping is exactly what it sounds like: the act of catching up on all bookkeeping tasks that you’ve fallen behind on so your books are current and you’re able to meet the financial needs (payroll, monthly bills, taxes, etc.) of your business.
As a busy business owner, it’s highly unlikely that you have time to spend hours catching up on your bookkeeping. That’s why it makes perfect sense to outsource all those tasks to a bookkeeping expert who can help you catch up quickly.
5 Key Benefits of Outsourced Catch-Up Bookkeeping
Getting caught up on bookkeeping tasks offers the following benefits:
- Peace of mind
Peace of Mind
Arguably, the most significant benefit of outsourcing your catch-up bookkeeping to a small business accounting firm is the opportunity to gain peace of mind. Once you hand over all of the pertinent information to your outsourced CPA, you can breathe a sigh of relief knowing that an expert will put your financial information in order.
Outsourcing is like the ultimate two-for-one deal for small business owners because it lets you focus on running your business while an accounting expert handles your bookkeeping tasks. As a result, your books get updated quickly and efficiently. And all of this is accomplished without the cost and hassle of hiring an in-house team.
And staying on top of your books will be far more manageable once outstanding tasks are caught up.
Until your books are up to date, you can only guess at the financial health of your business. However, once all your business income and expenses are entered into your accounting software, you can clearly see exactly how financially healthy your business is.
Catch-up bookkeeping also ensures that all your pertinent financial records are digitized and stored in a central location, making finding the information you need easy.
A key feature of accounting software is the ability to analyze your company’s historical data, identify trends, and forecast the financial future of your business. But to capitalize on this feature, your day-to-day transactions must be entered into your accounting system. When your books are behind, you’re missing out on crucial information that can give you a competitive advantage. Catch-up bookkeeping services can put you back on track.
The Risks of Falling Behind On Your Books
The longer you wait to request catch-up bookkeeping services, the worse your situation will become. And your business could take a real financial hit if you delay catching up on the books. Here’s a look at some of the consequences that can result from falling behind on bookkeeping:
- Cash flow problems – Falling behind on bookkeeping can lead to cash flow problems that result from neglecting to follow up on customers’ outstanding balances or incurring late fees on balances you owe.
- Financing limitations – If your books are outdated, you won’t be able to provide the financial records necessary to obtain credit or a small business loan. So you may not have access to the funding you need.
- Payroll problems – It’s imperative to ensure that your payroll is accurate and that you track employee payments such as bonuses, paid time off, etc. Payroll inaccuracies can develop if you aren’t staying on top of your bookkeeping.
The sooner you request catch-up bookkeeping, the better off your business will be.
5 Great Reasons to Request Catch-Up Bookkeeping From an Experienced Pro
Any time you’ve fallen behind on the books is an excellent time to request catch-up bookkeeping from a small business accounting firm. However, if any of the following applies to your business, you’ll definitely want to schedule it as soon as possible.
- A tax deadline is approaching. You may need to pay quarterly taxes, which means you can’t afford to fall too far behind on the books. Get your bookkeeping up to date soon so you won’t land in hot water with the IRS.
- You need to add a new account. For instance, if you’ve acquired a new business credit card and you haven’t yet added the account to QuickBooks®, your financial records will be missing out on weeks or perhaps even months of financial transactions.
- You’re switching to new accounting software. Suppose you were using basic software and have decided you’re finally ready to transition to QuickBooks®. In that case, you may need catch-up bookkeeping services to validate that your financial information is accurate and up to date.
- You need to prepare financial reports. For example, you may need to show your financial statements to potential investors or a loan officer at a bank. However, preparing accurate financial reporting is only possible if all your financial records are current.
- You’re experiencing a cash flow crunch. As previously discussed, outdated, inaccurate financial records can lead to problems in cash flow. If you suspect your business should be in a better place financially than it currently is, outdated bookkeeping may be to blame.
You’ve come to the right place if you need small business accounting or catch-up bookkeeping services. Based in North Port, Florida, Accounting Meister is a trusted provider of bookkeeping services and QuickBooks® support for small businesses and startups nationwide. In addition, we’re proud to provide convenient online services. Contact us today to request an initial consultation with our CPA.