It’s a fact: Working with a business advisor dramatically increases the odds of success for your business.
And with 50% of businesses failing in their first five years (Source: SBA), it just makes good business sense to find ways to increase your chances of success with your business.
Finding the Perfect Blend of Accounting Skills and Expertise
Every business is different when it comes to the type and level of accounting services needed. Some small businesses may only need bookkeeping services, while others benefit from many layers of accounting skills from bookkeepers to Chief Financial Officers.
If your business is in the small to mid-market range, generating $500,000 to $20 million in annual revenues, it may not make sense to have a full-time CFO, a full-time controller, and multiple bookkeepers with all the full-time salaries and benefits in your accounting department.
The good news is you can still get the advice of these high-level accounting skill sets while paying only for what you need. We work with business owners like you to create a customized package based on your company’s unique accounting needs.
What are the Levels of Accounting Skills Available from Hughes Walker Group?
Recordkeeping is one of the worst parts of running a business. Every owner would much rather be out there making things happen based on the reason you started your business. Yet shouldn’t evenings and weekends be spent playing with your kids, spending time with friends and loved ones or doing stuff you love instead of determining where your business has been or is going financially? Let Hughes Walker Group suggest efficiency recordkeeping workflows for some of these key elements of your business:
Every business owner hates bookkeeping and paperwork. Unfortunately, it has to be done. And it has to be done in a prescribed format… otherwise the Tax Agencies will be on your back. If you don’t keep proper books and records you risk fines and penalties from the tax authorities. It’s a legal requirement to keep financial records in a prescribed format.
Your business is our business! Our Virtual Financial Management Services is about helping you to build a great business using a fixed price strategy. This is why we go beyond traditional services by providing:
For small businesses generating roughly over $500,000 per year in revenue, bookkeeping work plus some advisory work is, well, advised. An accounting professional needs to make sure the books are “done right.” The business owner may need help with cash flow, accounting software questions, setup, cleanup, adjusting entries, payroll compliance, or workflow efficiencies. An experienced bookkeeper or senior accountant is right for this level of service. This is the first level of accounting service where you may see a return on your investment in accounting services due to accounting process improvements and training efficiencies.
Accounting System Selection, Setup, Customization and Training
Having the right accounting system can make all the difference in the world. We’re familiar with many accounting software options and can help you find the best fit for your business. If you’ve outgrown your current solution, we can help you manage the transition without missing a beat.
One secret in boosting accounting productivity is to make sure your accounting software is set up and customized correctly. We learn your requirements so we can tailor the accounting software to your business and reporting needs. Plus, we can train your staff on the new system so they can be up and running in no time.
The accounting function is necessary in every business, but it shouldn’t be cumbersome or inefficient. We can take a look at areas within your accounting system that are costing you more than they should be. These could include areas of duplicate data entry, time spent on manual reports, and bottlenecks in general. We’ll suggest improvements that can save your time and money and keep your bookkeeping bill as low as possible.
Are there any areas in your accounting functions that are undocumented? We can help you write a procedures manual for those areas. Good documentation is the key to good training, consistency, and controls.
Do you wonder which product or service line is the most profitable for you? We can perform an analysis of profitability by location, product, employee, or whatever grouping is meaningful for you. This information will help you make better decisions about your revenue mix and make your business more profitable in the long term.
While most accountants stick to cursory expense reviews, we prefer to go deeper. We can help you identify costs that may be outside your industry norms, discover areas where your pricing might not cover your costs, and root out profit margins that should be higher.
If you maintain inventory in your business, we can help you lower carrying costs, determine out-of-stock conditions, and identify obsolete items.
Is your business project-based with job costing requirements? We can help you make sure it’s set up right, help you create more accurate estimates, and accelerate cash flow with timely progress billings.
It can be difficult to find good advice when you are in business for yourself. Friends and spouses who are not self-employed don’t often understand the decisions we make. As a fellow small business owner, we can act as a sounding board for your business ideas and provide a fresh, experienced perspective.
How to Get Started
How to Get Started – The perfect synergy between a business owner and the accounting team occurs when two things happen: 1) the team gains a deeper knowledge about your specific business, and 2) the business owner grows in their financial knowledge about their business. This is when the magic really starts to happen for the business, and it improves over time.
Our goal is to become a true partner for your business by providing you with the right mix of accounting services for you and your business. To take the first step, schedule a consultation or email us.
