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.
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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.
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.
Technology has enhanced the way businesses run and has elevated the efficiency that accounting can provide. Software makes managing and tracking financial transactions a breeze. With cloud-based tools and extra layers of security, business owners, bookkeepers, managers, partners, and employees can all leverage up-to-date financial information in real time. However, the benefits are best realized by utilizing a number of tools for accounting in conjunction with one another to fully streamline and optimize every process.