I always tell my clients and potential clients that the best way to destroy your company is to spend all of your time in the back office or to ignore it all together. That’s the office that invoices, pays bills, and keeps an eye on your cash flow. While this office is very important, the owner’s expertize is the product and that is why they started this business in the first place. The owner needs to work with current clients and obtain new clients in order to grow and this should be where the majority of their time is spent.
I always encourage entrepreneurs to hire an expert to work in and monitor their accounting functions. A good back office should be handling so much more than your data entry. An experienced bookkeeper can help to reduce and manage costs, control cash flow, follow correct guidelines for hiring employees, manage your payroll tax payments, and so much more. There are so many ways to get yourself in trouble between hiring practices, payroll taxes, sales tax, and monitoring cash flow. An expert can help to reduce your risk and avoid penalties, interest, and a lack of cash when you need it.
Since cash flow is so vital to my company, I make sure that invoices are created and sent by the first business day of the following month. Since I spend most of my time monitoringand being responsible for my clients back offices and marketing for new clients, I follow my own advice. Bottom Line has its own back office expert who is responsible for the timely invoicing of clients, payroll tax compliance, and many other compliance items. Taking this responsibility off of myself and delegating to the expert has helped me to focus on my clients. After all, marketing is so much easier when happy clients send you referrals.
Call me to discuss your back office and how I can help your company to run at maximum efficiency.