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We get it, bookkeeping isn’t the first item on your to-do list. That’s ok - it’s on ours. Setting up an industry appropriate chart of accounts and basic accounting workflows should work their way up your list relatively quickly. Once you begin to experience transaction volume that takes you more than an hour or two a month, you should start exploring options to have your books professionally supported. Your time is valuable!
First, what is the difference between cash & accrual basis of accounting? They’re both tomatoes. Kind of.
Cash basis (aka tax basis) of accounting is primarily used for tax purposes and is applicable for small, passive, and/or simple businesses.
Accrual basis (aka GAAP basis) is primarily used for financial reporting purposes for growing and/or regulated businesses.
If you have outside investors, banking covenants, or additional stakeholders with reporting requirements, you most likely require accrual accounting.
First, your bookkeeper may just be exactly what you need! Evaluate your monthly management needs, gaps in financial visibility, and outside financial requirements in order to understand what additional support you may need, if any.
Oftentimes, low-cost bookkeepers or bookkeeping solutions are structured to record transactions on a cash basis, loosely categorize expenses, and provide generic month-end reporting.
When you decide to uplevel your accounting function, you should begin to expect a higher degree of insight, visibility, and strategic support above the transactional bookkeeping. Full Send is geared to extract business growth insights, provide dynamic financial dashboards, and provide CPA-level advisory. Based on the engagement level you prefer, Full Send will cater to your circumstance and design a plan to grow with you through your next milestones. Check out the Full Send story here.
Typically bookkeepers and accountants will spend some time at the end of each month closing your books and intend to deliver you your month-end close package after 15 days.
At Full Send Finance, while we have a monthly accounting service, we recommend a weekly or daily cadence. A weekly or daily frequency allows for real-time financial dashboarding as well as more consistent communication experience. If you’re running a low-transaction business and are able to wait for your month-end close, the monthly option may be right for you, but we’ll always favor more timely reporting!
You will always pay a fixed fee, no smoke and mirror hourly billing here. Once we have all of the information we need, we will lock in your rate as well as contract term and revisit as you grow and need additional support! Details about our service packages can be found here.
There are often two types of full-time employees - builders or doers. It may be difficult to identify the single unicorn that is capable of filling both roles in order to manage a complex accounting environment.
We hope you find your unicorn, but in the event they're not available, outsourcing may be an optimal approach to conquering your near and long-term objectives. Oftentimes, outsourcing can come at the fraction of the cost of a full-time hire. Reach out today to learn more.