Importance of Managing Bookkeeping & Payroll Services for a company

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It is very important for a company to monitor its income and expenses. In other words, a company should monitor what comes into the company and what the company pays for it. This way the company knows its financial direction whether the company is going towards prosperity or towards decline.

If the company is going towards its decline, what is causing this decline, can be analyzed and ascertained from looking at the expenses incurred by the firm so that it can focus on minimizing the cost of certain functions or elements by changing it with the alternative.

For example, if a manufacturing firm has a very huge cost of electricity, the firm can invest in alternate energy sources like solar power. These activities are performed by the Company Accountants.

The importance of Managing Bookkeeping & Payroll Services for a company can be ascertained from the fact that it is Bookkeeping that drives the Company’s Management towards making important decisions regarding the future of the company and Financial Management of the company.

The example includes mergers, requisitions, salary increments, bonuses for the employees, the dividend for the shareholders, layoffs, cutting a nonperforming product line, investment decisions, and much more.

Role of Company Accountants for a company:

A Company Accountant is the one who records each and every financial transaction of the business on day to day basis (also known as Bookkeeping) in a Journal and posts these transactions into a General Ledger that provides a detailed view of all accounting activities performed by the accountant through which the accountant monitors financial position of the firm.

Each and every income that the company generates, and all the expenses are undertaken by the company are recorded by the Company Accountant. From all the Bookkeeping entries, the Accountant produces a Financial Statement of the company which reflects the financial health of the company. Financial Statements reflect the direction of the company and show whether the firm is a profit or loss.

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A Company Accountants analyzes the Financial Statements of the company and highlights segments of the firm that are not performing well as they should be and report the same to the Management. It is on the basis of these reports, that the Company Management make a bold decision about the future of the company.

On the basis of Financial Statements, the Management of the Company comes to know regarding the product or service that is not performing well, or they come to know which factor is a high-cost factor that can be either eliminated or replaced with an alternative so that the cost can be reduced and profit can be optimized.

An accountant analyzes and reconciles the bank statement with that of the firm’s record and highlights any discrepancies in the accounts or possible embezzlement. An accountant who is well versed with the laws, rules & regulations not just file the Income Tax Returns for the firms but also other statutory returns for the firm as well as they help the company in availing tax exemptions hence resultantly decreasing the costs and increasing the profits.

A Company Accountant prepares budget plans for the company and forecasts future cash flows of the firm that allows the company to allocate optimum resources where required and cut the resources where they are in excess.

To sum up, the Company Accountant is the one who ensures the efficient Financial Management of the Company and directs the firm towards achieving its strategic objectives, and tries to avoid any penalty that may be levied upon the company due to any non-compliance or regulatory violation.

The research concluded that the failure of small firms in their first eighteen months of inception is due to the non-availability of proper financial management or in other words due to the non-availability of an accountant or an accounting department. We cannot conclude that not have an accountant is a wholly sole reason for a firm’s failure but is one of the main reasons.

Firms with an accountant manage their financial matters and resources in a much better way and help the firm reach its financial goal in a better way as compared to those who do not have an accountant.

Nowadays, firms often outsource their accounting department instead of hiring a full-time accountant.

Why should you outsource your Accounting Services?

Whether you are a small firm or a big one, you will need an accountant to look after the financial activities of your firm and keep a proper record of each and every transaction carried out by your firm, but since it is costly to have hired a full-time accountant, you may outsource your accounting services to Fairview Accountants.

Fairview accountant is an online platform that offers accounting services to firms/ companies.

Who are we?

We are a group of highly qualified, professional, well-versed, and trained accountants who are experts in the field of accounting.

What do we have to offer?

We offer a variety of accounting services including:

In this article, we will give you a detailed overview of our Payroll Services and Bookkeeping Services as they have been designed keeping in view the Importance of Managing Bookkeeping & Payroll services for a company.

Payroll Services offered by Fairview Accountants:

Payroll service is often referred to as generating salary slips and the process of disbursing salaries among the employees, however, there is more to it. A Payroll department besides just generating salary slips and disbursing salaries among the employees maintains a proper record of salaries of each and every employee, bonuses paid or to be paid to the employees, calculate increments, tax on the salaries, deductions to be made from the salary and comply with the statutory regulations to avoid any penal action from regulating bodies. All of these activities can be very hectic at times.

We offer services that are in line with your business needs depending upon the number of employees you have. Our systems comply with HMRC so that you do not face any compliance issues. We provide a complete setup keeping in view the need of your business that will not only facilitate you with your current employees but will also cater to new hiring with access to your own personal tax advisor.

One of our dedicated team members will stay in touch with you throughout the year to cater to your needs or to solve any problems or issues that you may encounter. Let’s get in touch to discuss your requirements so that we can provide you with the payroll solution that will serve your need.

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Bookkeeping Services:

It is very difficult to maintain a paper bases or register-based record of all transactions carried out by a business. It may work in the short run but in the longer run, it may not come in handy and you may lose an important document or transaction record. For proper bookkeeping, you need to have a proper system so that you do not lose the track of any transaction.

Fairview accountants offer proper and complete Bookkeeping Services for your business. We offer a handy wallet for regular management of your inflows and outflows wherein you will periodically deliver all the paper-based records to us and we will punch all that record in the system and return the paper-based record to you.

If you have an internet connection, you will have access to your accounts anytime anywhere with a top-notch security system that safeguards your data from leaking. Moreover, you will be able to make entries in the books online.

Get in touch with our team so that we can discuss your bookkeeping needs and we can provide you with our best Bookkeeping services that will certainly not disappoint you.

We know the Importance of Managing Bookkeeping & Payroll Services for a company, that is why we offer the best and flexible Payroll Services and Bookkeeping Services for your company. Get in touch with our team, so that we can discuss your requirements and can design Bookkeeping & Payroll services for your company.

(3) Comments

  • Alice Carroll May 6, 2021 @ 1:40 am

    You made a good point that when it comes to bookkeeping, it’s important to have a a full-time accountant do it. I will keep that in mind because I’m going to need to hire a small team right away when I start my own bakery business soon. Having an efficient way to manage their payrolls would be a huge help.

  • Karan Bhalla October 12, 2021 @ 2:04 pm

    Thank you for heap log time am searching this type post

  • mandar pawar October 13, 2021 @ 5:35 pm

    Thanks for sharing, this article is very helpful.

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