PUNE, India, Nov. 3, 2022 /PRNewswire/ -- IBN Technologies looks at common bookkeeping mistakes and cash flow forecasting errors by small businesses that are easily avoidable by outsourcing these finance and accounting services to an expert offshore team.
Bookkeeping mistakes and cash flow forecasting errors by small businesses incur a massive cost for these business owners and a lot of these instances occur when the owners are doing these activities themselves while managing their business. 67% of accountants ranked data entry errors as the most common mistake, and 25% said correcting those errors takes most of their time, bookkeeping statistics show (source: truelist.co).
Following are the common small business bookkeeping mistakes, cash flow forecasting errors and ways on how these small businesses improve bookkeeping efficiency
IBN Technologies, with its experience of over 20 years in the KPO industry, says that not opting for professional help is one of the major mistakes that small business owners make when it comes to their bookkeeping, finance and accounting processes. Owners who manage their own bookkeeping and cash flow related activities are not experts in these processes, and hence periodically, common mistakes like under-committing to the process or lack of proper analysis are bound to happen as their business grows.
Following are the main highlights of how IBN Technologies, a forward-thinking finance and accounting outsourcing company, helps small business owners to avoid mistakes and improve bookkeeping efficiency:
- Accounting Health Check
- Cash Flow Management
- Month End Closing
- Preparing Weekly Cash Forecast
- Preparing & Setting Up Budgets
- Budget V/S Actual reporting and analysis
- Forecasting
- Preparation of Financials reports for Management
- And much more!
In a small business, everything has an impact on cash flow. One of the most crucial and useful accounts' work is cash flow management. And cash flow management includes a lot of smaller things, projections, processes to ensure those projections are accurate and effectively help in taking the business forward.
With an outsourced offshore bookkeeping team at IBN, small businesses across the globe are enjoying the benefits of growing their strategic business initiatives effectively without bothering about the day-to-day accounting needs. Add to it the advantages of scaling this extended offshore bookkeeping team at a short-notice, cost benefits of up to 50% as compared to local operational costs in US and the UK, not needing to make an up-front high investment in order to take care of their finance and accounting requirements in this market that is seeing a big crisis of qualified, talented and genuine personnel in the accounting industry.
Fill up the form on https://www.ibntech.com/contact-us/ and get in touch with IBN Technologies with any finance and accounting related requirements.
About IBN Tech
IBN Technologies Limited is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2013 as well as a CMMI-5 certification. In its more than 22 years of existence, IBN has become a leading IT, KPO and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry.
Contact Details:
Pradip Gore
sales@ibntech.com
+1 - 844 - 644 - 8440
USA:
IBN TECH LLC
1314 E. Las Olas Blvd #1104, Fort Lauderdale, FL 33301
India: Global Delivery Center
IBN Technologies Limited
42, Electronic Co-Operative
Estate Limited Satara Road, Parvati, Pune, Maharashtra 411009
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