As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.
If you are running a start-up or a small business, it can be helpful to bring in a CFO advisory service. With a CFO advisory service, you are bringing in an outside business that specializes in the financial industry to take on the role of Chief Financial Officer for your business. They will help take care of the financial side of your business, allowing you to focus on other business elements, such as servicing customers and generating more sales.
Payroll Reconciliation
After each payroll, they can go through your accounts and make sure that each individual was paid the right amount. They can make sure that the appropriate taxes where withheld and paid to the federal and state government regarding your taxes. They will make sure that everything lines up and that there are not any errors in your payroll process. If there are any errors, they will bring them to your attention so they can be addressed right away.
Bank Reconciliation
At the end of each month, they can go through your bank statement, compare your bank statements to your invoices and receipts, and make sure that everything lines up. This sounds like a simple process, but when your business engages in hundreds or even thousands of transactions every month, this process can take more time than you have to spare. They can do the same thing with all your credit card statements as well.
Workers' Compensation Audit
Following workers' compensation can be a complicated process. You have to make sure you are carrying the right amount of insurance for all of your workers. A workers' compensation audit will make sure you are meeting all workers' compensation requirements.
Provide Tax Accountant Support
A CFO advisory service will work with your tax accountant to make sure your taxes are being filled out correctly. They will work in an advisory capacity, looking over the taxes and making sure the everything is being recorded correctly. They provide support for your accountant and perform a second check on your taxes.
A CFO advisory service can help with all aspects of your business's financial life. The services listed above are just a few examples of the ways in which bringing in an outside CFO advisory service can help you take care of the financial side of running your business. Reach out to an advisory company to learn more about how they can help your start-up or small business succeed.
For more information, contact a company that offers Deltek CFO advisory services.
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