Building a Business
There are many ways a virtual bookkeeping and accounting firm can help build a business. Outsourcing the bookkeeping and accounting functions is one cost-effective way of having access to a wide range of bookkeeping and accounting services without the cost of hiring a full-time CFO or controller. Here are some ways an outstanding bookkeeping and accounting firm can help you build and grow your business.
Financial Model
The first step is to conduct a thorough assessment of your needs and then create an accounting system that can grow with your business. This will include designing a chart of accounts, establishing accounts payable and receivable policies and procedures, and determining the types of financial reports you will want to see and how often. For instance, some businesses like to see weekly reports while others prefer monthly and quarterly reports.
Operations Model
Your business’s operations model describes how the business operates in the present moment and how the organization runs. It will also detail how your business delivers its products and services and the value of these services. The operations model will inform your staffing plan.
Staffing Plan and Payroll System
Your staffing plan will grow and as your business grows. It will be important to understand the taxes and other expenses associated with hiring employees. Your bookkeeping and accounting firm can help you forecast staffing expenses and plan for future staffing needs. They should also be able to help you design a payroll system that can grow with your business. Services a customized payroll system may offer includes expert support, full-service payroll, health benefits administration, worker’s compensation administration, employee offers and onboarding, time tracking, time-off requests, employee directory, surveys, certified human resources pros, human resources resource center, and dedicated support.
Sales and Marketing Plan
Once you have a sales and marketing plan, your virtual bookkeeping and accounting firm can customize reports that allow you to track sales and assess how your marketing plan is working. This gives you the flexibility to reassess and make adjustments as needed to reach your goals.
Positive Cash Flow
Cash flow management reporting allows you to view your cash flow cycles. Your bookkeeping and accounting service can put in place safety measures to ensure your cash flow remains positive and will design custom reports to help you track and manage how your money moves through business, project, management, and securities accounts. Positive cash flow reporting can also help you see a project’s rate of return and make other adjustments as needed to maintain positive cash flow.
“Cash flow management reporting helps businesses gain a better understanding of their cash flow rhythms through customized reports.” Jennifer King, Founder and CEO, EVA Business Solutions
Reevaluate and Adjust
Thoughtful planning and analysis of short-term and long-term plans will be important as your business continues to grow. Your bookkeeping and accounting firm can help you make informed decisions and help you reevaluate and adjust to meet current and future goals. They will help you build and grow your business through responsible financial planning.
EVA Business Solutions love to help our clients build profitable businesses and keep them running smoothly! We are a virtual bookkeeping and accounting service ready to assist you with all of your bookkeeping and accounting needs. Call us today at (615) 461-7157.
