We cannot understate how critical it is to have a trained professional managing your company books. It’s equally important to ensure there are processes in place that hold them accountable for their work. The first step is knowing about the bookkeeping mistakes that can occur when someone without proper accounting experience is managing your books. We’ve put together a list of eight of the biggest mistakes that a professional bookkeeper should catch.
Subscribe to our blog
When we meet with potential clients, we often hear the same questions time and again. In addition to questions about data security and the process of remote bookkeeping, we’re often asked about the differences between remote, outsourced, virtual, and offsite bookkeeping. However, the truth is that each of these terms mean essentially the same thing in most cases — that a third party is handling your bookkeeping at a location other than your company’s office.
According to a joint study by 4A’s and LinkedIn, the advertising industry is growing at a faster rate than related industries, but its turnover is higher, causing a 10 percent staffing gap. To mitigate the disruption caused by back office turnover, businesses have started outsourcing their accounting needs and relying on remote bookkeeping and cloud-based accounting.
This same study cites several reasons for the employment gap; namely, the industry’s famously fast pace, high-pressure situations, client demands, and comparatively entry-level salaries.
As an advertising, marketing or public relations agency, it’s your job to help your clients grow and ensure they are seeing ROI for the services you deliver. We know that the more you can focus on serving your clients and bringing in new ones, the more successful you’ll be. This is why remote bookkeeping and outsourced back office solutions can be a game changer for many growing agencies and firms.
Think about it: Accounting, bookkeeping, payroll and HR are critical parts of your company that can’t be ignored and at times, can make or break your growth as a company. Unfortunately, these critical tasks are also extremely tedious and time-consuming. Advertising and PR are extremely competitive markets, and every moment you spend on non-billable tasks, like bookkeeping or HR, is time that you could have been working for or acquiring clients. Fortunately, there’s an easy solution that can meet your needs and help you grow your agency.
In a recent post we talked about why financials statements matter to your business, and how to leverage them properly, so today we want to follow up that post by providing some specific questions your bookkeeper and/or accountant should be able to answer about these important reports.