Accounting: 5 solutions for businesses

Throughout the course of operating its business, a business must know exactly where its money is going. This point is essential both for the organization and for the success of the activity. A structure that does not keep its accounts correctly is in violation on a commercial, tax and legal level. If a financial audit were to be carried out, the accounting documents would be the first to be examined. In the absence of these documents, the company concerned would be exposed to sanctions which may be more or less serious depending on the situation.

Since bookkeeping can be likened to a second activity because of the time and monitoring it requires, it may be interesting to gauge your possibilities to carry it out as best as possible. Here are several solutions for which you can opt to manage the accounting of your business.

Outsourcing of accounting: integral management

Today, more and more companies are choosing to outsource their accounting. It’s a strong trend that comes with many benefits. For the companies concerned, we will especially remember the possibility of starting with a small team entirely focused on the core business of the structure.

This choice can be made in two ways: integral or shared management. The first goes to entrust the entire management of your accounting to a third party entity. This could be a freelance accountant, an expert in the field of finance, or even a specialized structure. The ideal would be to focus on proximity if you plan to entrust the accounting of your business to a partner. So, if you are looking for an accounting firm and you live in Paris, prefer a local structure that can demonstrate good expertise and extensive experience.

Comprehensive management, as its name suggests, means letting your service provider take care of your various accounting tasks completely. The professional or team in charge will then be assigned the organization of all administrative operations in connection with accounting as well as monitoring. He will then provide you with reports to keep you informed and will be able to contact you if he notices a problem. He will be able to :

  • prepare your accounting documents,
  • collect the supporting documents,
  • write in the account books,
  • prepare your tax returns,
  • do end-of-year reviews.

In return, you save a lot of time to devote to your business and its development. However, you rely entirely on your service provider for your accounting. In this sense, you will need to ensure that you choose a trustworthy structure. This will be able to advise you as best as possible on all the legal and tax risks linked to your activity.

accounting firm outsourcing

External service provider: shared accounting

While full management outsourcing offers certain advantages, shared management may be preferred in certain situations. This is particularly the case when a company wishes to maintain some control over certain accounting tasks. These will then be carried out by an internal team and the rest of the operations can be entrusted to an external service provider; it is the choice of shared outsourcing.

This solution allows business leaders to adjust their financial monitoring as they see fit according to their priorities. They can adapt the terms of outsourcing with their collaborator with more flexibility. In this way, they can be more flexible in managing the time devoted to their activity. In the event of high demand, they can entrust more tasks to the external service provider and when they are freer, take over the management of part of these operations. It is also a way to keep control of your accounting operations while controlling the cost of outsourcing.

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However, even if this choice allows you to be more flexible in the management of accounting tasks, you will need to take the time to define a clear agreement with your partner before getting started. A change of direction in relation to task monitoring must first be mentioned to your service provider through a document or during a meeting.

Establish an internal accounting department

A company may wish to manage its accounting operations internally for different reasons. This may involve confidentiality clauses on its services or its accounts, or to avoid outsourcing costs, etc. In fact, although the law requires companies to keep their accounts up to date, no mention is made of the need to call on an expert in the field. So, if you like to handle numbers and you have the time to do so, it may be interesting to keep your accounts yourself. However, take care to inform yourself about the standards in force.

If you have a large business, it will be almost impossible for you to take care of your structure’s accounting yourself. If you want to internalize these operations, you can recruit an accounting profile or build a team who will take care of these operations depending on the size of your activity. The accounting department will then be able to ensure:

  • cash management,
  • recording receipts and disbursements in the accounting book,
  • the inventory of your products,
  • the establishment of the company’s balance sheets,
  • analysis of the financial state and performance of your business.

This option is reserved more for large companies which have numerous points of sale which themselves record hundreds, even thousands of transactions every day.

Outsource a company's accounting

Held internally: the accounting consultant

An SME that wishes to internalize its accounting can navigate between two possibilities: the recruitment of an accounting profile or the one-off intervention of an accountant. In both cases, costs can be controlled. The accounting profile will ensure that the structure’s cash flow is kept up to date and will be able to inform managers in the event of a problem. Remuneration can be based on the expertise of the profile. If the profile is very competent, the risks that the remuneration will be very high will be greater. It will then be preferable to offer you its services on an ad hoc basis in order to contain costs.

An accounting consultant masters his field of intervention. He knows what decisions to make in certain situations and can carry out weekly, monthly or quarterly follow-ups, depending on the needs of his clients. This type of profile can occur inside your structure and complete required tasks punctually. You will also need to ensure that you have previously signed a confidentiality agreement according to the terms of your company.

Use cash tracking software

Accounting operations represent a set of processes that can be automated, so as to limit human intervention. To take the step towards the digital transition, but also to relieve entrepreneurs, numerous software solutions have been developed. These allow the vast majority of accounting operations to be carried out without much effort. If you are a self-employed person, this is the solution you need as you can take care of your accounting yourself without it taking up your time.

If you have a large team, it will be better to go to a SaaS type solution that will offer you more features to automate your various tasks. Also make sure you have already integrated an information system into the operation of your company. SaaS tracking software will be added to this system to more easily access the information it needs to keep your accounts up to date.

Finally, digital solutions can be subject to cyberattacks. You should therefore not neglect the security of your information system. Also take care to ask the developers of the solution you wish to adopt about the security protocols that are included in the software.