Quite often a new business owner will find themselves taking on a lot of different roles within the company. From Salesman to accounts payable and every role in between. In the beginning days of the business this might not cause a problem.
As more sales are made, and new customers are acquired, the business begins to grow. This results in working additional hours, possibly nights and weekends, too. And as more customers come in , the problem compounds and when he can no longer add more hours to his work week, then some tasks become neglected. Quite often, the bookkeeping tasks are among those tasks that are set aside with good intentions of getting caught up.
Some business owners may only find themselves a month or two behind, while others may end up falling behind a year or two before they seek out help. Regardless of the number of months that their finances need to be reviewed and reconciled, it is important to take steps to rectify this situation as soon as possible.
Beyond Paper specializes in Catch-up Bookkeeping. We will review your books and reconcile your bank accounts, with precision and accuracy.
We work with clients that have fallen behind in their bookkeeping. We get their books up to date, quickly and accurately, letting you focus on your business.
We want you to know that this happens more often than you think and if you're in this situation, we can help.
Whether you are a month behind or years behind, we've got you covered. Our team will have your business back in compliance. We will get your QuickBooks files current by reconciling your bank accounts. And, we will provide the necessary financial reports to your accountant or CPA.
As a business owner then you know that certain business tax obligations need to be completed at the end of the year. These tax forms must be completed before filing your own tax returns. If you do not file the forms on or before the due date then you could incur a substantial penalty from the IRS.
Additionally, if you do not get certain tax forms distributed to your employees and your contractors, then they will not have the information needed to file their taxes. This could result in some unhappy workers.
With Beyond Paper in your corner, you can rest easy knowing that you've met your obligations.
Here is a quick list of some tasks that you will need to have completed:
Our Year-End Checklist will give you a detailed look at what tasks need to be performed to fulfill your tax reporting obligations and help you to prepare to file your business and personal tax returns.
Neglecting tasks and failing to meet deadlines are common signals that you should not ignore. If you're not achieving your business goals, then it is time to investigate your processes to determine the exact cause of this severe problem.
First, you should look at the tasks that you routinely perform to determine if there might be some inefficiencies in your workflow or process. If your processes have been defined and streamlining is not your issue then it might be that your are experiencing, what is commonly referred to as, business growing pains.
Some of the symptoms of business growing pains could include one or more of the following:
tasks are consistently incomplete or neglected
you or existing staff have feelings of burn out or that there are not enough hours in the day
you're turning away work or unable to follow up on leads
you're overworking yourself and your staff
your customer service has declined, or customers have made complaints
you find yourself or your staff wearing multiple hats or servicing numerous departments in one day.
If you were shaking your head in agreement with any of these statements, then it is time to consider taking your business to the next level. Scaling your business requires some critical decision making. While some companies will decide to hire internal staff to handle the neglected tasks, others will outsource specific functions, freeing up their time to focus on other business activities. Also, another advantage that you obtain by choosing to outsource rather than hire someone internally is that you do not have manage their time and work.
If you plan for growing pains during each phase of your business growth, then you are able to minimize the headaches that are often associated with Business Growing Pains. When you are prepared with a plan in advance, not only are you able to execute your plan or strategy more effectively but you are able to see the situation more clearly than if you were attempting to find your solutions in the midst of missed deadlines and incomplete projects.
Beyond Paper is an ideal partner for your business. Not only can we help you to get your record-keeping caught up but once you've enrolled in one of our monthly routine bookkeeping packages then you will never have to worry about inaccurate financials and the monthly reports produced by us will help you to continue to make sound business decisions as your company continues to grow.