When many businesses launch, they decide to hire a bookkeeper or bookkeeping services to take care of time-consuming accounting tasks and processing financial transactions. Some bookkeeping services even go a step further and handle company payroll processing.
As your business grows, your bookkeeping and accounting needs can change. Plus, your financial reporting needs will also grow, fueling the need for more sophisticated data and reporting that can help better control expenses. If you think your business may be at the point that it is outgrowing its bookkeeping services, here are 5 warning signs to look out for.
#1 Frequent Reports
If you are not receiving regular profit & loss, current cash flow, and job profitability management reports, it may be a sign that your bookkeeping service cannot keep up with the growth rate of your business.
If your business is behind in collection management or not receiving payments as quickly as you should be from clients and partners, this is another warning sign.
#3 Additional Expenses
Another warning sign is if, at year-end filing time, your business is receiving a substantial tax bill from your account due to the amount of additional work they need to perform to complete your return.
#4 No Clear Picture
A major warning sign is if business managers do not have a clear picture of how the business is performing and if targets are being met.
As your business grows, collections, payables, and receivables all require a specific skill set that may be difficult for a single bookkeeper to manage. Furthermore, as your business grows so does your need for detailed employee spending reporting to simplify your expense management processes. If your business is reaching a point where it is becoming difficult to track and properly manage expense reconciliation, Emburse can help. Our prepaid business debit cards offer strict financial controls along with detailed, real-time reporting that feeds into major accounting software programs. For more information on how to get started, contact a member of our team today.