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Succeed With Expert Bookkeeping | Supporting Strategies

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How to Build on Business Success With Professional Bookkeeping

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Get the professional bookkeeping support you need to help your small business reach its full potential as it transitions from startup to growth stage.

In business, the line between success and failure can be surprisingly blurry. A small startup that becomes profitable in its early stages can run into trouble without an adequate plan to grow at scale. That's why smart business owners tap into a network of specialists, including professional bookkeeping and controller services providers, before trying to reach next-level growth.

Here are some of the ways in which input from the pros can help you succeed as you scale with business growth.

Scalable Bookkeeping Systems
For a barebones startup, a basic spreadsheet might be all you need to track revenue and expenses. But as you start to hire employees, open new locations, expand your product line, incorporate e-commerce and so on, you'll quickly find that an outdated spreadsheet is — well, outdated. You'll need a cloud-based system that incorporates the latest digital tools so you can analyze and share financial information at a more sophisticated level, in real time, without the risk of losing all your data in a single "crash."

Setting Up (and Interpreting) Your Chart of Accounts
It's not enough to get the right bookkeeping tools. You also have to know how to use them (or outsource the bookkeeping to someone who does). And it starts by setting up your chart of accounts.

Your chart of accounts gives you the raw data you need to get insights into how your business is performing at a more granular level. So instead of relying on a single overarching P&L statement, you can analyze P&L by product (or service) line, location, etc. By pouring additional resources into the areas of the business that are profitable while scaling back (or even eliminating) the ones that are not, you can produce the margins you need to keep your growth trending upward.

Establishing Financial Controls
When your business grows to the point where you're no longer the only person with access to the company's financial instruments — including checking accounts and credit cards — you're at risk of fraud and embezzlement. Outsourced bookkeeping and controller services professionals can mitigate that risk by implementing basic security procedures such as segregation of duties.

HR Functions
Once you start adding employees and/or independent contractors, your role as a business owner changes. Your obligation to your team extends beyond paying them. Along with income tax and withholding requirements that go with processing payroll, you must comply with a host of labor laws that cover everything from privacy issues to anti-discrimination and anti-harassment policies.

A Real-World Example of Successful Business Growth
A nonprofit organization that grew quickly — quadrupling its employees and adding a for-profit affiliate — found its bookkeeping structure could not keep pace with this level of growth. Supporting Strategies provided bookkeeping best practices and systems that supported the nonprofit’s increasingly complex financials — and helped them accept online donations. The head of this 501(c)3 religious organization noted “that [Supporting Strategies' automation] was a game-changer. It allowed us to go from accepting donations more or less strictly in check form to being able to accept online donations very easily … It's huge for us to have an industry leader operating our finances."

Adding the right expertise at the right time can help you continue to succeed when your business grows.

At Supporting Strategies, our experienced, U.S.-based professionals use secure, best-of-breed technology and a proven process to provide a full suite of bookkeeping and controller services. Are you ready to learn how you can move your business forward? Contact Supporting Strategies today.

Tom Ross

Author:

Tom Ross

Managing Director Tom Ross, Supporting Strategies | Kansas City, provides bookkeeping and controller services to growing businesses.

Legal and Tax Disclaimer

This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.