What Reports do You Want from a Boston Bookkeeping Firm?
Every business needs to have financial goals that they should be focused on. Sometimes realizing these goals can be a great deal more complicated than anyone expects. If you’re in charge of a business which has created what seems like realistic financial goals, but can’t seem to reach any of them, it might be time to admit you need help from an outside source. An inability to obtain financial security can be a pretty good indicator that the time has come for you to stop handling the accounting on your own, and to start looking into outsourcing to a Boston bookkeeping firm.
Prior to setting anything up with an outside firm, you need to think about what you want to get out of the experience. Most business owners decide they don’t need a blow-by-blow of their day to day finances, but do need some regular reports so they have an idea about the cash flow the business has generated. Sit down and decided exactly what kinds of reports you want to get from the firm you’re outsourcing to. Some business owners are perfectly happy getting a basic income statement or a balance sheet once a month, other’s like to get detailed reports every few days.
When you deal with a bookkeeping firm, you should anticipate them asking if you want standardized report, or if you prefer an ad hoc style. Most business owners who have a limited knowledge of accounting end up going with standard reporting which are basic reports delivered at the end of per-determined period of time. If you request ad hoc reporting, you’re going to get a more detailed reports, making it easier for you to pinpoint possible mistakes. Most accounting firms encourage business owners who don’t know much about accounting to stick to standard reports which will be easier to understand.
If there is something specific you want to have in each report you receive from the Boston Bookkeeping firm, you need to let them know up front so they can make a notation of the request in your file. In addition to things like fixed assets, payroll, and inventory, some business owners want reports of specific vendor balances.
The type of reports you get will be just one of the things you need to think about. You also need to consider how you want to get your reports. Some people like to be able to access each report in real time through an online program, while other aren’t comfortable with the idea of their business financial records online. The way you want to receive your reports, could help you decide which Boston bookkeeping firm will be a good match for your business needs.
There’s more to outsourcing than handing a copy of your financial records to the Boston bookkeeping firm. You need to arrange for an appointment where everyone who has been working with the finances, and the professionals who will take care of the accounting sit down and discuss the situation. Make sure the financial goals come up at some point.