Reports and gym?
This may seem like a funny start to an article about business reports but the gym I go to is on the first floor of the building (second if you park in the basement). In any building if I can, I will take the stairs, to a reasonable floor that is. The lifts are necessary especially if there are disabled, handicapped or injured people and I support that 100%. At gym, I always take the stairs, both before and after. The other night I was leaving gym, I noticed two people waiting for the lift. Having seen them on the treadmills earlier and they were working hard. I glanced over and headed down the stairs and I had to ask myself, what is the point of using the lift when you have just gone to gym and sweated your guts out? I ask the same sort of question about business. What is the point of having an elaborate set of reports, if you are not going to use them?
Are you getting what you need?
You are a business owner, small or large, that either has your accountant working full time or have outsourced the function to a company such as BC Accounting Services (BCAS). You pay for such services monthly but consider the following:
- What do you get for that monthly amount?
- How many times a month do you sit with them and discuss how the business is performing?
- Do you receive accurate reporting in time to make an informed decision for the month ahead? Do you understand these reports?
- Are additional invoices received for services that you think should be getting included in the monthly fee?
- If you have an in house accountant, do you pay an additional fee for financial statements or tax returns?
- Can you pick up the phone and talk to your accountant (without being charged)?
Is outsourcing worth it?
You can outsource any or all of your accounting function to companies like BCAS. BCAS offers services that either compliment your existing structure or perform your entire accounting function for a monthly fee. You and the company agree on the specific reports or services that you require or need and then BCAS deliver on that agreement. There is a point to this relationship and the reports given to you. The point is that value is added to your business through the reports.
For more details about outsourcing your accounting function, click here and here