When it comes to running any business, ‘doing the books’ or keeping your accounting records up-to-date is an essential part in making the best decisions for your company. So how does one tell if it might be time to evaluate your books? Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant breaks down the red flags you should be watching when managing your bookkeeping.
Deadlines are Being Missed
It’s no secret that deadlines sometimes sneak up on us. If your business is missing various deadlines for important forms and documents, it might be a telltale sign that you need to get your books in order. It becomes difficult to generate reports on a timely basis or locate data when the books are disorganized.
The Business has Overdue Fees
When missing deadlines, fees become inevitable as they are tacked onto your original statement. What is worse is fees can continually be stacked onto existing late payments, making it even more difficult for a business to recover. Having overdue payments and fees devalues the credibility of a business and should be taken as a red flag of poor bookkeeping.
There is No Bookkeeping System in Place
Sometimes the best red flag of poor bookkeeping is not having a system in place at all. For some, a casual system is all that is needed to track cash and bill flow. However, if you are having accounting errors, consider exploring the processes you have in place and know that solutions are available for better management. The staff at Steven J. Wick & Associates services the Fort Collins area and can make sure that your business is not at risk.
If you are interested in getting help with your bookkeeping, consider the support of Steven J. Wick & Associates. Your certified CPA, financial advisor, and accountant in the Fort Collins area.