Unless your business is closely related to accounting or finance, you may not have been prepared for the complexities that even a small or medium business may face when it comes to things like managing accounts payable, collections, payroll, bookkeeping, et cetera. Accurate and comprehensive accounting, however, is essential to the health and ongoing viability of any business. Under the guidance of founding partner Nick Plunkett, NB Business Consulting Group offers a full array of accounting and financial services for their professional partners. Contact us today to schedule an initial consultation.
Outsourcing Your Accounting
There was a time when outsourcing your business accounting meant that you either had to haul boxes of records to your accountant’s office or you spent several hours over a conference room table in your office reviewing your books every month, but with modern efficiencies, you don’t have to be inconvenienced to receive an accurate and clear report on the state of your business. Electronic recordkeeping has not only made outsourced accounting more efficient and cost-effective, but it also allows your accountant to review your books at literally any point in time without distracting you from your managerial duties. While some larger corporations still prefer to keep an accounting staff in house, a greater number are shifting away from this outdated approach to accounting and are now relying on independent consulting firms. For many businesses, the savings they’re able to capture from outsourcing their account management are too significant to ignore.
The Services We Offer
Whether you make and sell products or provide a service, you want your team focusing on the mission of your company. Assigning full-time staff or commissioned employees to collateral functions is often inefficient and impractical. Your sales staff, for instance, shouldn’t have to focus on collections. Likewise, it doesn’t make sense to have your production team paying suppliers. NBBCG offers a wide array of services and custom packages for businesses of all sizes.
Cash is the lifeblood of your business, but you wouldn’t be able to operate in many industries if you didn’t extend credit to your purchasers. Some of these valued clients are bound to face hiccups in their cash flow and will occasionally be late. We offer a variety of accounts receivable protocols, including progressive actions should an account fall into collections. Among the A/R services that we offer are:
- Tracking overdue invoices
- Establishing collection protocols
- Developing reports on receivable patterns for improved planning.
- Documentation of client information
The timely payment of your obligations is essential to preserving good business relations with vendors and to maintain your credit rating and reputation. To this end, NBBCG offers custom accounts payable services that are designed to make sure your obligations are met in a timely manner. Our accounts payable services include payment scheduling, vendor tracking, and credit applications.
Cash Flow Management
Having a well-managed supply of cash on hand can help your business weather periodic slowdowns, unpredictable emergencies, and any other issue that may require liquidity. NB Business Consultants can set up cash-flow protocols for your business. Some of these include:
- Expense priorities
- Accounts payable scheduling
- Purchase prioritization
Bookkeeping and Automation
Manually maintaining your businesses books can be time-consuming and costly, and there is a higher chance of error than with an automated system. NBBCG’s Accountants can audit your existing manual or automated bookkeeping practices, determine any flaws or redundancies, and make recommendations for improvements. For instance, automating fixed payments can greatly reduce the labor involved in accounts payable.
Regardless of whether your business is an S Corporation, a C Corporation, an LLC or you’ve used some hybrid structure, the ownership of your company will require periodic reporting of your finances. It’s critical to have clean and understandable financial statements for tax reporting, as well. To this end, NBBCG can prepare:
- Balance sheets
- Income statements (Profit and Loss)
- Cash flow Statements
- Trend analysis reports
Powerful Financial and Accounting Services for All Businesses
NB Business Consulting Group was created to bring professional solutions to businesses of all sizes. You don’t have to own or manage a Fortune 500 company to take advantage of the cutting-edge technologies that are now available. Give your business a razor-sharp edge against the competition. Contact us now to discuss your company’s future success.