As a small business it can be confusing to know what type of accounting service you need at the moment. Sometimes this can be a combination of multiple services, full accounting services, or just a one-off set-up of your accounting systems. Here are five services accountants provide for small businesses:
Accounts payable focuses on getting your business into a streamlined, electronic system that captures receipts and payment information. Your accountant discovers your needs, develops a plan, and makes it super clear who is responsible for what. The process is easy and transparent between accountant and business owner.
Accounts payable help business owners pay contractors on time, help make sudden financial decisions (such as taking advantage of vendor discounts), building systems, tracking receipts, reporting contractors, and more.
Did you know that most small businesses don’t have a working accounts receivable system? Did you know that without a functional and smooth accounting process you are more likely to experience cash flow problems? Hiring out your accounts receivable helps solve this along with creating an organized billing system, ensures on-time invoices and billing, and assists with handling uncomfortable money situations such as unpaid invoices and overdue bills.
One of the best services for brand new businesses is an accounting system set-up. It can be daunting to start a new business from scratch and the last thing you want is to struggle with a new accounting system. At ModVentures, one of our primary accounting services for small businesses is setting up an accounting system customized to your needs and built from scratch.
Having a proper accounting system set up allows you to have peace of mind during tax time and ensure that your finances are set up properly and allows your business to function exactly as it should.
If your business is working with an accounting system that no longer fits your needs or has yet to expand to your business’s demands, an accounting system upgrade is needed. Accounting system upgrades are designed to have data-driven decision management in your business, allowing you to make decisions based on what your business generates rather than guesses about why or how your business operates.
One of the most requested accounting services for small businesses is complete bookkeeping. Are your books a mess? Accountants offering bookkeeping services do general upkeep in your business bookkeeping along with taking care of your past mistakes. You can typically choose from weekly, monthly, or quarterly bookkeeping services.
At ModVentures, we offer all of these accounting services to help you better your business backend. Request a consultation and discover which service is right for your business.