October is a time for pumpkin spice lattes, warm sweaters, and scary stories. There are few things more exciting in the world than a good horror story. And while you might not have had an accounting professional in the past, you probably have heard at least a few scary accounting stories. If you’ve never worked with numbers, you might have been surprised to learn about some of the scariest things that can happen in the “accounting” department of a small business or sole proprietorship.
Here are 7 spooky things you’re doing to scare any accountant or trusted advisor!
1. Apparitions of Expenses Past – Do you really want to give your accountant a scare(or actually just really piss them off)? Just drop a pile of crumpled, coffee-stained receipts on their desk! If you’re struggling to keep track of credit card receipts or any other expense, consider a digital organization solution immediately.
2. The Forsaken Watchperson– If one person is responsible for everything in your finance department (depositing checks, reconciling bank accounts, approving bills), your organization is at a high risk for fraud. Always separate accounting functions between multiple people, and if it involves money, it’s typically best to require multiple approval signatures before any processing.
3. Balance Sheet Burial Ground– Has it been months (or even years) since you’ve reconciled your bank and credit card accounts? Accounts should be reconciled monthly to catch mistakes and ensure your financial records are up to date.
4. Phantom of the Expenditures– The only thing scarier than a apparitions of expenses past are…no receipts at all. Expenses should always be documented with receipts, invoices, purchase orders, and/or copies of cancelled checks.
5. Monetary Malfeasance– Cash heavy businesses certainly have benefits but can sometimes involve more tricks than treats. Always designate at least two people to reconcile cash every day, and make sure that cash is always deposited at your bank as soon as possible.
6. Eerie Emails– Email is a very useful method of communication, but it’s not the best way to share documents with your accountant. Plus, we all know that one person who never remembers to “Reply All!” Uploading your files to a digital document portal is much more secure and helps to prevent confusion and miscommunications about important documents.
That’s why we use SmartVault, check it out!
7. Procrastination Poltergeist– Hiding your eyes during scary scenes might work for horror movies, but it doesn’t help anything when it comes to finance. Your accounting processes and financial situation should regularly undergo review from a Trusted Advisor, whether that’s an audit, a financial statement review, or oversight from finance professionals.
The good news? It doesn’t have to be scary, let TSAT become your Trusted Advisor!
Your Trusted Advisor… At TSAT, we know that a great businesses need to operate at high levels of service, accuracy, reliability, and throughput. We also know that the only way to ensure these things are achieved is to develop a comprehensive set of accounting and finance policies and procedures and to regularly train all personnel involved in the management and control of the company’s software. Only by taking steps toward accounting, quality assurance, and finances can a small business accounting department expand its business and improve its profit margins. It takes a little work to make sure that every aspect of small business accounting is running at full capacity, and we are here to help!
Here at TSAT, we are not simply bookkeepers. We work with you to provide a 360-degree strategic financial advice, including small business operations and investment guidance. We will help you stay ahead of the curve when it small business or personal investments!
If you are a gig worker or small business owner looking to grow your business, TSAT’s AMAZING Trusted team considers much more than just your taxes!
TSAT’s is your Trusted Advisor and will let you focus on your business’s core competencies! Whether you have a small business or you need help personally, TSAT can give you HOPE! Call us today!
Phone: (417) 208-2858
- Website: TSAT Accounting Solutions
- Facebook: TSAT Facebook
- Calendly : Quickly schedule a 15 minute call!
- Alignable: Connect with Us on Alignable!
- Fill out the Qualification Questionnaire for a full 1 hour CFO Consult!