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Money & Finance Today

Bookkeeping and accounting are two very different services, albeit complementary services within the same industry. Both bookkeepers and accountants offer different services, each relating to the financial health of a business. When you’re busy choosing the right service for your business, you have to consider your business and its needs, goals, and challenges. Here are 4 essential tips for choosing the right accounting services package for your business.

1. Consider your business goals

If your income looks sufficient on paper but you still find yourself running short, or notice that despite a healthy incoming revenue stream, your profit seems lacking, your needs are distinctly different from a startup that’s still developing a client base and establishing an effective advertising and marketing strategy. Your accountant is more than a bookkeeper, your accountant helps you to set goals based on the needs of your business, factoring in your personal circumstances for bespoke solutions. Your accounting package, the service level agreement you reach with your service provider, should be sufficient to achieve these goals.

2. Think about your business size

The history behind your business, the goals you have set, your industry and the current market will all dictate the kind of accounting service you require. It’s essential to have a forecast of your risks, opportunities, and likely outcomes when you project your next possible moves. A large business with a well-established client base will have different needs from a newly formed endeavour finding its feet in the current market. Establishing protocols, setting up processes, and creating cashflow systems - these are the services accountants have to tailor to fit each unique company.

3. How modern are you willing to go? Cloud’s the limit!

The days of filing papers in a filing cabinet are long gone, in the accounting world at least. That’s not to say there aren’t a few professionals in the field that still hold onto the same processes they learned a few decades ago, but contemporary and efficient systems are largely based online. This means that once your accountant has you up to speed on how to use the best accounting systems consistently, you can access your financial information from anywhere in the world, and maintain complete control at all times. If this interests you, be sure to mention it to your accountant when you select an accounting package for your business.

4. Consider what your business’s struggles are

Is your business inundated with chaos and stress at the approach of tax season? Do you struggle to meet your goals with regards to revenue generation? Or do you find it challenging to manage your invoicing and incoming cash system? Every business has its potential Achilles heel. If you’re not sure what your main challenge might be, openly tell the accountant you are dealing with - identifying and addressing challenges can be a very beneficial aspect of your accounting package.

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