nine proven pillars a good business accounting agency stands on

By performing a responsible service, It is one of our topmost priorities. So we talk about it, dream about it, and plan about it.

 

However, one can stumble and drop the financial recording or accounting plan, assuming it is a tough row to hoe. However, if you are not from an accounting background or do not have good accounting skills, a business accounting agency can help you with financial solutions. The only job you need to do is diligently finding the best agency on whose shoulder you can trust.

 

Business accounting, in simple words, is a planned record of all financial information, which is put in use for further analysis. Then, this analyzed data is put to use to make clever decisions that would benefit your business. Successful business accounting skills can take your business to places you may not have dreamt of. The regular business accounting practice can be categorized daily, weekly, quarterly, and yearly,

and these involve mainly bookkeeping, payroll management, taxation, auditing,

and other accounting solutions. A business accounting agency you hire will work

on these jobs on your behalf.

TOPIC

In this article, we are trying to simplify your job in making the right choice. Below are nine proven pillars a good business accounting agency stands on.

"I used to work extremely hard and didn't achieve a lot of tangible things. But when I started working extremely smart, the gates of abundant blessings opened up for me

  • Edmond Mbiaka

1.   Process account

entries daily. The transactions you make should be carefully entered daily without much delay. This sets the seal on accurate accounting data. It helps to avoid mistakes and to prevent loss of data. Detailed transactions are recorded as general entries or journal entries. This is the first step implemented for good bookkeeping.


2.  Instant bank

reconciliations. Bank reconciliation is one of the essential processes in bookkeeping. It tallies the bank account balance in the book of accounts with the balance recorded in the most recent bank statement. To avoid confusion and minimize the amount of work, bank reconciliations should carry out immediately and regularly. A good agency will be an expert in doing reconciliations.


3.  Precise queries

through unlimited emails. Accounting jobs involve a lot of complexities, and these could be cleared only through transparent communications. However, moving forward with unanswered questions is as harmful as skydiving without parachutes.


4. Month-end

reporting analyzes the previous month's transactions to ensure accuracy. It crosschecks every information provided to make the account details error-free. A bookkeeping agency will make sure the accounts are balanced at the end of the month.


5.Quarterly reporting

As per Investopedia, "The quarterly report is a summary or collection of unaudited financial statements, such as balance sheets, income statements, and cash flow statements, issued by companies every quarter (three months)." This is again a critical task managed by the business accounting agency you hire.


6.  Year-end reporting.

The most tedious job of a year in a business calendar. It summaries all the transactions done over the year. It gives a clear idea about where does your business stands financially. It can bring positive changes to the planning and executions for the coming year. The year-end reporting needs a well-dedicated and relentless team to work behind it. A business without proper

guidance will suffer most during this period with poor bookkeeping skills. At the same time, an intelligent business owner entrusts this duty to a trustworthy business accounting agency. The above are characters of any business accounting agency you will come across, but to stay ahead of the race, you need to look out for these additional features:


7.   Provide training for your staff when required.


8.  Face-to-Face advisory

meetings A business flourishes under proper guidance and nourishment, and a business accounting agency provides appropriate financial advice standout from the crowd. Moreover, expert opinions are of high value for a widening business horizon.


9. Working smarter

Edmond Mbiaka says,"I used to work extremely hard and didn't achieve a lot of tangible things. But when I started working extremely smart, the gates of abundant blessings opened up for me." When you are searching for a business accounting agency, you have started to think smarter, and if the agency is an advocate of smart work, then do not think twice to choose this agency to partner with you.


Following the criteria mentioned above to find the best agency, you come closer to achieving the targets you have planned for

your business growth. Partnering with a good accounting company can bring brighter results for you.

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Bookkeeping

You can create any structure you want by using the same tools as in the regular workflow. Add buttons and forms or anything else you'd want.

Being experienced with an accounting background, we can offer a wide range of reliable and accurate bookkeeping services. A common question often asked is, "What exactly does a bookkeeper do? "The answer to this question is shown below for our services as specialist bookkeepers. We can,of course, modify our services to suit the needs of your business whether you need a few of these services or all.

·      Accounts Receivable*-Invoice preparation and follow-up with the client

·      Accounts Payable* - Suppliers' invoices are processed and paid when due.

·    Bank Reconciliations -Reconciling Bank and Credit Card accounts with daily bank feeds

·     GST Filing                        - Timely filing of Bi-Monthly or Six-Monthly returns

·     System Training               - Training is required whenever you choose new software. We provide free training.

·    Accounting Software conversions – With our expertise, we can switch your accounting information to XERO/MYOB

·        Payroll

·        Unlimited Email Support

*Note:- Accounts Receivable and Accounts Payable are closely monitored to ensure that your business has no issues with cashflow

Payroll Management

Business Pillars offers all-inclusive payroll services that help your business run efficiently. We are committed to being legally compliant. Our services are built to simplify payroll processes for small to medium-sized businesses throughout New Zealand.

PAYROLL processing made easy

We provide the most updated payroll solutions tailored-made that is affordable to your requirement. We are committed to taking care of all the work demanded, allowing you to focus your time and energy on more essential things you love to do.

Our payroll services are:

·        Employees pay, On-time payments including benefits, reimbursements, deductions, Weekly/Fortnightly/Monthly

·        Employee PAYE

·        Payday Filing   – Timely filing returns to IRD

·        Leave entitlements– Accruals for each type of leave

·        Leave Payment - As per Holiday Act 2003

·        KiwiSaver contributions

·        Maintaining payroll records – payments and documentation

GST Filing

Timely Processing

We ensure that we file all GST Tax returns two weeks before the due date. We keep our clients informed before we proceed. This ensures that the client is at ease.

·        GST Filing        - Timely filing of Bi-Monthly or Six-Monthly returns

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Monthly Management Meetings

The primary purpose of a monthly management meeting is to get the business to grow. This is either done through a phone call, zoom, or meeting in person.

Cash flow Management

Managing cashflow is a significant responsibility faced by most small businesses. We reach out to businesses making it stress-free to ride on the highs and lows of the cash flow throughout the year.

We assist in producing a cashflow statement which is a financial statement that summarizes the amount of cash entering and leaving the business. The cashflow statement measures how well the business can manage its cash position, meaning how well the business can generate cash to pay its debt commitments and fund the day-to-day operating expenses.

Budget Forecasting

Small business budgeting and forecasting

We need to get some relevant numbers to know what the future will look like regarding a business. Budgeting and forecasting will help to support this vision. Business Pillars can work alongside you to understand these basics so you can build a financially sustainable business.

What is a budget?

The budget estimates how much money will come in and go out from your business over time (usually a year). Budgeting and forecasting normally benefit all businesses and first-time startups to see if they can afford to run the business and compensate for all their hard work with a good return for their initiative.

What are the main principles of having a budget

Budgets forecast the money-making possibility of a business. It will also highlight things like:

  • How much will it cost to startup?
  • How much money is needed to borrow?
  • When will be the breakeven point?
  • How much should the customers be charged?
  • How many staff are needed?

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Job Management

Job Management is software that supports project managers and teams to complete client requests and projects efficiently. Most professionals depend upon this job tracking software which assists them in supervising multiple sections of a business. Business Pillars are here to assist in setting up this service to track income and expenses related to service jobs.

XERO and MYOB both have the capability for Job Tracking

These are the advantages:-

·        Create quotes immediately

·        Easily track jobs from quote to invoice

·        Schedule the jobs on the go

·        Get paid quicker