Many small business owners operate on a day-by-day basis, accomplishing tasks as they arise. Keeping accurate accounting records often gets shuffled to the bottom of the pile of immediate needs. This can mean that your business’s books are badly in need of life support. With the help of JADDE Financial Solutions and our Data Analysis (plus Clean Up) services, your books will be running smoothly in no time.
Where it goes wrong:
There are many reasons why your financial records may have gotten sloppy. When small business owners and sole proprietorships don’t have an in-house accounting department to handle records, small mistakes can turn into big problems.
If your financial files are stored locally, you are vulnerable to data loss through computer or server failure. Data recovery is expensive and not always successful, which can lead to missing data.
At times, employee error may be the cause of poorly-kept books. An employee may be badly trained or worse, criminally fraudulent. You may trust your employees, but it’s crucial to verify your records through careful financial review. Accountants and managers have access to the financial health of your company and embezzlers are always making the news for draining company funds.
Problems with books:
One of the main problems we see is accounts not reconciled or reconciled incorrectly. If your account balance doesn’t match your records, you run the risk of overdraft or sending the business into debt.
During busy sales seasons, merchandise can fly out the door. You may not always have time to update your inventory counts correctly. Additionally, inventory may shrink due to shoplifting, employee theft, or item damage. If you aren’t constantly keeping track of stock or performing accurate inventory counts, your books will suffer.
Another problem that sometimes arises is financial statements that don’t make sense. If more than one person is responsible for keeping records, you may end up with duplicate or erroneous records. Uniformity is essential for logical records.
Our Data Analysis service is all about diagnosing the problem. Think of it as a full physical for your books. We’ll review everything and provide you with a thorough report, including a summary of any errors and what problems need to be addressed. If you don’t know where your books went wrong, how can you prevent your company from repeating its mistakes? Most people don’t know where the problems started, so we help identify the roots of the issue(s).
The next step is a full accounting Clean Up. We guarantee that all accounts will be reconciled, financial statements will be in order, and inventory counts will be correct. There are no books that we cannot save! Reports will be generated so you can evaluate your business more effectively.
Why accurate financials are vital:
As soon as you realize that you need accounting assistance, don’t put off seeking help. The sooner you rectify your situation, the easier the fix will be. It’s impossible to make informed business decisions if you are basing those decisions on incorrect financials. Taking out a business loan, seeking investments, purchasing inventory, reducing costs, and paying timely (and accurate) taxes are all tasks that require correct information in order to be completed effectively. JADDE Financial Solutions can repair the mistakes of the past and set your business on the path to a successful future.