Start up entrepreneurs set aside the accounting system in place for their business until the bulk and volume of transactions increased, that could be 1 to 3 years or even more and stored the financial data on Microsoft Excel and Google Drive.
Companies that have grown for the last 1 or 2 years of business need to start organizing their financial transactions. If you are planning to pitch your business to potential investors you need to organized the records from manual books.
How can we recover from the previous year financial transactions?
Freelance Finance Controller handled many companies in these situation and able to organize their Accounting and Bookkeeping setup and get their finances in place.
Freelance Finance Controller follow the 3 step procedures for smooth transitioning of manual to automation of cloud accounting:
First, Gather the previous year's data and fix the delays of accounting transactions.
This is not only data gathering but understanding the categories of each income and expenses for proper set up of chart of accounts.
An example of this is Iftar Meal for Staff, this will be categorize under Meal & Entertainment.
For Small Medium Enterprises, we recommend to our clients accounting software that are user friendly and affordable such as Quickbooks, XERO, and ZOHO Books accounting software.
Second, Onboard an Outsource Freelance Accountant from Freelance Finance Controller.
The works does n't stopped from recovering the delays of transations, it should be an ongoing monthly, weekly and daily basis. It's very important to delegate this task to an expert outsource accountant. They will assist you in every month end reports for Profit & Loss, Balance Sheet, Capital and Cashflow Statement that will give you peace of mind if investors ask where did you spend the money? or Hod did you manage the resources? You can answer them thru a dashboard from your accounting software/
Third, Implement Best Practices.
After a month of working with the client as a retainer for Accounting and Bookkeeping services, our freelance accountant will make recommendations for accounting best practices to avoid any penalties from FTA, ESR, doubts from investors, bank inquiries about the transactions., etc. It will help the start-up entrepreneurs to follow guidelines and avoid any confusion with their financials.
If you have any questions regarding our processes and approach probably need helps with your own accounting and bookkeeping systems, you can send us an email to freelancefinancecontroller@gmail.com or whatsapp us : 050 376 0436
Why freelance finance controller?
Save from the cost of hiring
Save from the nitty gritty task distribution
Save your time from monthly hustle of accounting
Most importantly have a peace of mind and focus on your core business while bringing more clients and increase profits.
image from allbusiness.com
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