Top 5 Mistakes In House Accountants Make
Maintaining a
company’s accounts is serious business. A small mistake can result in the loss
of millions of dollars to the company along with the time and effort required
to rectify the error. Who can the company hold responsible for this lapse? An
employee has limited resources to undo the damage that may have already been
done.
The financial
health of any company depends on accurate and prompt accounting solutions. Over
a period of time, inefficient accounting systems incorporated with repeated
mistakes may lead to the untimely demise of the enterprise. Fortunately, IBN
Technologies Limited, with its expert team of highly qualified professional in
this domain can prevent this and can help turn around the enterprise into a
profit making concern.
Download
Brochure : http://www.ibntech.com/CPA-Outsourcing.html
The Top 5 Mistakes Accountants Make
- Many
companies decide to go alone in the complex field of book keeping and
accounts. Most of their employees in the accounts department are
complacent as they have a secured job. Moreover, many of them are ill
equipped to handle the newer advancements in this arena. There are
sophisticated software’s that can assist in providing error free results
in the fast changing business dynamics existing these days, especially the
one’s offered by IBN, that is a leader in this field. Many accountants
hesitate to seek help as this lowers their own image.
- One
of the key mistakes some accountants make is to anticipate a profit before
meeting the delivery schedule. For instance, a company may have secured an
order worth $ 100,000 which must be completed within a fixed time frame,
say 3 months. During this period the company may have to bear expenses
worth $ 40,000. However, if the project is delayed for some reason, the
cost factor increases, hurting the company’s top and bottom lines. IBN Team
will make sure that under no circumstances such an erroneous be taken.
Only the amount actually received after the job completion would give a
healthier picture which IBN emphasis on.
- Many
accountants have the tendency to overlook the minor expenses occurring on
a day to day basis and concentrate only on the major costs borne by the
company. In the final analysis, this is not an accurate account as even the
smallest expenses can amount to sizeable proportions over a period of
time. The true picture is distorted with serious repercussions later on.
On the other hand, the experts at IBN rectify these errors and ensure that
even the smallest amount of money spent is accounted for.
- Many
of the top accountants of a company, including the CFO fail to exercise
their authority as is required by strict accounting and book keeping norms
accepted in the industry. Often they lose focus of the objective of true
accountancy. Quite a few of them check e-mails first thing in the morning,
taking more than an hour of valuable time. This process can follow during
the course of the day. IBN will rationalize with the CFO about the
importance of this time and can even take the load of their back. No more
than 10 minutes 2 – 3 times each time must be permissible for this
purpose.
- It
is a known fact that there are multiple transactions that need to be input
in the financial system on a regular basis. Accountants generally try to
achieve this by manually punching the data rather than rely on a fool
proof automated system. Obviously, the end result is inaccurate if the
required data is wrongfully entered. There are almost 20% of cases where
accountants store this vital data on their personal devices with a view
that they can be input at a later stage. Many of these devices operate on
non secured Wi-Fi networks. If this is not rectified in time, the
resulting consequences can assume gigantic proportions hurting the company
financially.
Rest
assured, IBN Technologies Limited has all the solutions to keep your business
secured and that all your functions operate optimally all the time.
Related
Services :
Book Keeping Services
: IBN's Bookkeeping Services aids you maintain a consistent accounting system
by providing efficient and timely service to effortlessly run your business.
Working from source documents and information, such as Invoices, Check Stubs/
Register, Deposit Slips, Bank statements, Credit Card Statement and other
necessary supporting documents, IBN team maintain records, which form the
components of formal books of accounts payable and accounts receivable of the
businesses.
Download
Brochure : http://www.ibntech.com/book-keeping.html
Virtual CFO Services: IBN
Virtual CFO Services India provides client with professional and experienced
team of financial experts to perform client company's financial control
services when they are required. Our scalable business model allows you to
leverage Accounting Controller and Financial Controller services when needed
during key periods and then scale back this service during non-peak periods, at
your discretion. Many businesses may not hire a Financial Controller because
the salary is cost prohibitive. With this function missing, many businesses
lack the expertise to prepare, forecast and analyse operating budgets.
Download
Brochure : http://www.ibntech.com/Virtual-CFO-Services.html
About
Us
IBN
Technologies
IBN
Technologies Limited is an outsourcing service provider with a customer base
covering the USA, UK, Middle East and India. IBN has a State of the Art Global
Delivery Centre in Pune, India. IBN processes are ISO 9001:2008 quality
certified. In 15 years of operation IBN has evolved as leading IT & BPO
outsourcing service provider in BFSI, Travel, Retail Chains & Online
Business.
Contact
Rahul
Sancheti
IBN
Technologies (US) LLC
108
West 13th Street,
Wilmington,
Delaware 19801
Phone: +1-844-644-8440
Email: sales@ibntech.com
Connect
with Us on LinkedIn:
https://www.linkedin.com/company/ibn-technologies-limited?trk=top_nav_home
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