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Common Small Business Accounting Problems & How to Solve Them

By January 29, 2018 No Comments

Common accounting problemsAccounting may not be the most exciting task, but it’s important to your business and should be a priority. As a Sr. Sales Development Representative at Acuity, I’ve had many conversations with business owners about their outsourced accounting needs and thought it would be helpful to create a resource for others who are experiencing similar pain points. Below are some of the most common accounting problems that I hear and my recommendations on how to address them.

1. Scalability

As your company grows, so do your bookkeeping needs, and eventually, you will no longer have the time or expertise to accurately maintain your records. With Acuity, you can offload these back-office tasks to our team of bookkeepers and focus your attention on the business.

2. Inconsistent Information

If you’re not regularly checking your accounting records against source data, you don’t know what inconsistencies you could be missing. With Acuity, your books will be reconciled on a consistent basis to ensure that everything is accurate and up-to-date. This will give you peace of mind and allow you to know, at any given time, the financial standing of your organization.

3. Miscategorization

Incorrectly categorizing your data can lead to issues. Creating too many categories can lead to messes. With Acuity, your books will be categorized on a regular basis to keep your data consistent, accurate, and organized. This will ultimately enable you to make better decisions using your financial data.

4. Unknown Financials

It’s essential to have a clear understanding of your company’s financial performance at all times. With Acuity, not only will you have your books reconciled and categorized, but you will also receive your financial statements on a guaranteed schedule. This will allow you to spend your time reviewing your financials…not creating them.

5. Missed Payroll

Nobody wants an unhappy staff! Use Acuity to ensure that your employees are paid on time, every time.

6. Late or Forgotten Invoices

To stay in business, you have to get paid! We can streamline your invoicing process by creating, sending, and applying payments. We can also follow up on outstanding invoices to help you decrease the number of past due account receivables and increase your cash flow.

7. Failed Forecasting

How much should you be charging? Can you afford to hire more people? With Acuity you gain access to our CFOs – and their expertise! This will help you feel more confident when you’re planning and budgeting for the future.

8. Complexity

Not sure how to interpret your financial data? Talk to an expert! Our Controller Services team can generate data for you and help you decipher it. We also recommend bundling this service with our CFO Services. Our CFOs are skilled at dashboard reporting and GAAP Accounting and can offer you the expertise that you need to help you financially prepare for your company’s future.

9. Bill Pay Blunders

Don’t let charges associated with late or unpaid bills eat up your hard-earned dollars. Acuity can help you automate, streamline, and categorize your bills to track what has already been paid and what is still owed. In other words, we’ll help you keep the lights on!

10. Ineffective Expense Reporting Processes

This, too, can become a hassle as your company grows.  We can implement streamlined processes to manage your employees’ expensable reimbursements.

11. Complete Chaos

Your books can quickly turn into a mess if you’re not maintaining them regularly and accurately. And at some point organizing historical data becomes seemingly impossible. We are here to help! We can clean up your accounting records, bring your books up to date, and help you never get behind again.