Outsourcing your Accounting department can save you time and resources. When we say outsourcing we do not mean sending your financials overseas, but instead, right here at Champagne Bookkeeping and Tax in Leominster, MA. We are an independent service provider who does not need to be paid benefits and insurance. We also work from our own office which saves you resources on office space and utilities/overhead, which can be used to grow your business. So instead of having an Accounting Department of a multiple employees you can save by having us provide you the same services at a much lower cost. The best part is that we are available during business hours to answer any and all questions that you would have about your financials. With QuickBooks online we are able to record payments, pay bills, send weekly AP and AR reports, provide monthly P & L, plus a lot more.
Why Outsource Your Accounting Department?
Accounts Payable – We ensure opportunities to save money, for example, determining if there are discounts or incentives available for paying certain vendors more quickly are taken. AP will be scheduled to assure that the least amount of money has to go out per payment, i.e., no late payment charges! These things all lead to maintaining great relationships with vendors to make sure that everyone gets paid on time.
Accounts Receivable and Revenue Tracking – Accounting for and tracking receivables, including outstanding invoices and any required collection actions. We would be responsible for creating and tracking invoices. The responsibility here includes assuring that customers pay those invoices on time, so a system of friendly reminders is crucial.
Payroll – Payroll is a critical function of the accounting department and includes making sure all employees are paid accurately and timely. In addition, proper tax is assessed and tax payments are on time with state and federal government agencies. We have standing contracts with multiple payroll companies and are always willing to interface with current payroll practices.
Reporting and Financial Statements – Collecting this data properly in our accounting software is necessary to prepare financial reports that we use for budgeting, forecasting and other decision making processes. These and other reports are also needed for communication to investors, banks and other professionals that play a role in the growth of your business.
Financial Controls – This includes reconciliations, dividing the responsibilities and following the GAAP standards of accounting principles, all of which are implemented with view toward compliance, fraud and theft prevention. The role of the Controller is to ensure procedures are set up properly to manage that process without errors.
Billings - We assemble information from the shipping and customer order departments to create invoices that are sent to your companies customers.
Internal reporting - We can provide considerable value to your business by calculating the profitability of various products, product lines, services, customers, sales regions, stores, and so forth.
Taxes - We estimate the amount of taxable income that the business is likely to generate, and periodically remits income tax payments to the government, based on this estimated amount.