Most business owners find it difficult or uncomfortable with
the idea of releasing the responsibility of handling their business finances to
someone else. B&M Financial
Management Services (BMFMS) says that most small business owners wait until tax
season to decide on focusing on getting their business finances in order, due
to the fact that they have little time during the rest of the year to perform
their accounting task more accurately or they can’t afford to hire someone. And in doing so, that process does not benefit
the growth of business.
Not having accurate financial data can cause a number of
problems for your business. Such as outdated financial data, inability to
retrieve accurate financial reports to make better business decisions, price
your products or services to increase your income, and a higher risk to be
audited by the IRS.
BMFMS explains that there are many benefits to outsourcing
your bookkeeping tasks; it allows small business owners the time to focus on
managing and building their businesses. Outsourcing your business bookkeeping
needs is a cost effective way for small businesses to save on payroll taxes,
employee benefits, and reduce overhead expenses. Plus they will have accurate
financial data at hand to make better business decisions which would increase
productivity.
Many small business owners also worry about fraud, but according
to a report released by the Association of Certified Fraud Examiners (ACFE),
U.S. organizations lose an estimated seven percent of their annual revenues to
fraud - but the damage is the worst among small businesses.
The study also found that check tampering and fraudulent
billing were the most common of all small business fraud schemes. In fact, more
than one-fourth of all small business frauds in the survey involved check
tampering, making it a much more common method of fraud than in larger
organizations. Check tampering commonly occurs in situations where duties over
the cash disbursement function are not separated.
By outsourcing your bookkeeping and accounting operations to
a professional accounting firm, you’re effectively hiring a team of
experts. Professional accountants have a team of qualified staff who are
experienced and knowledgeable to manage and maintain your financial records. Accounting
firms like B&M Financial Management Services offer accounting packages that
suite their clients needs.
About the Company
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