With the start of the new year, it’s time to take the 2020 Accounting Practices Quiz.
Imagine if your business accounting ran smoothly and efficiently.
You collect all your payments promptly. Every month, you pay your vendors automatically. You file your taxes without headache and every three months, you generate financial reports which help you plan for the next quarter.
It can be that way.
The first step to getting where you want to be is to understand where you are now. Take our quiz to audit your accounting practices and find your strengths and weaknesses.
Do you get everything you’re owed?
Collecting client payments quickly is one of the first rules of best business practices.
- Do you bill your clients promptly?
- Can you name your biggest clients and most profitable services?
- Do you regularly compare your revenue with the previous year?
If your system is set up well, you won’t leave any money on the table.
Are your bookkeeping practices efficient?
Time is money, especially in business. If your bookkeeping isn’t efficient, you’re wasting time and money.
- Do you import transactions automatically?
- Can you process receipts automatically?
- Do you have a system to process and pay vendor bills?
- Does your bookkeeper need to ask for many clarifications?
- Can you find what you owe quickly and easily?
The more automated you can make your system, the more time you can save. For example, there are bookkeeping apps which can record, identify and log receipts without having to type a single character.
Contact us if you want more information.
Have you trimmed excess expenses?
Trimming excess expenses is another way to make your business more profitable.
- Do you regularly pay your bills promptly?
- Do you regularly compare your expenses with the previous year?
- Do you regularly do an expense audit?
The end of the year is the perfect time to do an expense audit. Look over the previous year for any expenses that are unnecessary or inflated. Now is the time to trim the fat.
Track your accounting data
Keeping current, accurate records means that you’ll have the accounting data you need to make good business decisions.
- Is your bookkeeping current within a few weeks?
- Do you have the reports you need to make good financial strategies?
- Can you track your jobs to know which are most profitable?
- Are your insurance audits smooth and easy?
- Do you have tax return information at your fingertips?
If you hunt for your numbers or realize that your bookkeeping hasn’t been current for months, it’s time to improve your accounting practices. This is our specialty and we’d love to show you how you can get the data you need.
Do you follow smart business accounting practices?
Some of our clients have grown from small, one-person shops to thriving local businesses. Often this means that the simple business practices they stated with haven’t kept up with their current business situation.
- Do you keep business expenses separate from personal?
- Do you pay yourself regularly?
- Do you have a good tax strategy?
- Do you monitor cash flow?
Running a business is different than simply balancing a personal checkbook. We have bookkeepers, accountants, and business strategists who can help you update your accounting practices to match your current thriving business.
Are your accounting practices designed to reduce stress?
If you’re buried in paperwork and always feeling like you’re one IRS deadline too late, your bookkeeping quickly becomes an area of stress.
But it doesn’t have to be.
- Does your accounting system run effortlessly?
- Are you free to run your company without getting distracted with your finances?
- Are you a relaxed, happy boss because you’re not worrying about your finances?
Imagine having all your payments collected, bills paid, and taxes filed without headaches or worry.
Good accounting practices can be that easy.
How do your accounting practices rate?
How many Yes’s did you get?
> 20 Yes’s Fantastic! A few tweaks and you’ll be golden.
15 – 20 Yes’s Not bad. You’re on the right track with only a few areas to improve.
5 – 15 Yes’s You could use some improvements. The new year is a great time to smooth out some of the bumps so your accounting runs more effeciently.
< 5 Yes’s Are finances stressful in your business? Contact us to to make a streamlined accounting system for 2020.
SOS specializes in creating the systems and providing the services that your business needs to make your accounting smooth, easy, and accurate.
This is more than just setting up bookkeeping software.
Instead, we do an audit of your business–what works and what doesn’t work, how your industry operates, what your existing workflows are, and what your goals are for improvement.
Then we recommend the steps that get you to your goals.
Contact us today to find out how you can update and streamline your accounting practices so next year is your best year yet.