Technically no, however let’s talk about some of the things that a good bookkeeper or staff accountant can do.
- Clean up a mess: There are times a business owner or CEO feels out of the loop. There is so much going on they cannot grasp exactly where the business stands. Add in some errors in the accounting software and if not properly reconciled creates inaccurate financials. A business owner will look at the reporting and say I know this is not right, but what can be done to make sure without a doubt they are accurate? A bookkeeper can clean up a mess. Which results in accurate financials, which results in more control over cash flow which may in some cases result in less bank fees = more cash in your business account.
- Internal Audits: So you have partnered with an outside vendor and the two of you have made an arrangement and will be generating revenue by working together. It sounds like a great plan and things get moving. However, suddenly you are so busy you are unable to verify that the agreement is being properly fulfilled. Are you correctly splitting out the revenue as agreed? In sticky cases such as this a bookkeeper can set up a procedure that verifies the agreed values have arrived in the bank and were properly disbursed. If not, then it gets flagged and the owner or CEO is notified ONLY when something urgent needs their attention. Peace of mind and in many cases more revenue in your account because errors are found and corrected.
- Accountability: You are a busy owner and a trusting one. Some of your staff oversees ordering supplies or have their own business credit card. When receipts are not properly turned in or credit cards not properly reconciled and presented to the owner things get missed and in some cases fraud occurs. There are times charges that should be questioned go unnoticed…months…perhaps years. Putting safe guards into making sure all accounts are reconciled and clean transparent financials are sent to CEOs & Business Owners can hold your staff accountable and may result in thousands upon thousands of cash in the business bank account where it belongs.