Back Office Service Solutions, LLC
Like a Boss – Completing an action with authority and finesse.
Congratulations on being your own boss. If you are like most entrepreneurs, you’re doing what you love and probably having fun doing it. You are client-facing, sales-driven, getting excited about each and every day.
So what the heck is the back office? Your office can be broken into at least two categories, the front office and the back office.
The front office is where any good entrepreneur or small business owner wants to be – in sales, client-facing.
The back office is an often neglected but nonetheless essential function of any business. It’s the administrative, such as bookkeeping, record maintenance, compliance, invoicing, cash management, banking, business issues. Sounds interesting, huh?
Do you know the real cost of your sales, your cash-flow management (which is different from your profit and loss), being pro-active versus reactive? Do you often procrastinate a task because it’s tedious and boring? Here at Back Office Service Solutions (B.O.S.S.) we take care of that for you – at a low monthly fee.
Taking care of business like a B.O.S.S.
Back Office Myths
If you have read down to here, that’s a great sign! Still doubtful? Continue reading…
There are certain beliefs in the business world, that the back office isn’t as important – Check out these bookkeeping/accounting myths.
I need to clean up my books first before I can get a service.
- How long have your books been in their current state?
- Are you efficient at doing the books?
- How much is your time worth to you?
The truth is that outsourcing bookkeeping is often cheaper than doing it yourself. The bookkeeper is efficient and can get your books in order in a fraction of the time that it would take you. And if you spend hours straightening your books where will that time come from – sales time, personal time, relaxing time?
I don’t need reports to know how my business is doing.
How do you know your prices are where they should be at?
Just because you are busy doesn’t necessarily mean you are running your business efficiently.
- If you are selling products, do you know or understand which products make you the most profitable?
- If you are a service based company are you allocating your time well? If you do have the capability of running these reports do you know how to interpret them?
These reports reveal the good as well as the bad to make you sure your company is running as profitably as possible.
I have a copy of QuickBooks, I can do my own books.
While QuickBooks is an excellent program and when used properly is a great tool, it also can quickly become a small businesses worst nightmare.
What users don’t understand is that QuickBooks is not a substitute for an education in accounting or bookkeeping. I have developed a skill that I have learned in my 18 years as an accountant – I can look at your QuickBooks and tell almost immediately if you knew what you were doing.
I’ll just give it to my CPA when she does my taxes. She doesn’t mind fixing my books.
Well, this one gets tricky, while your CPA probably doesn’t mind “fixing” your books too much, after all, she can charge you full hourly rates, she’s probably not too happy with getting a shoebox or shoddy records dumped on her during her busiest time. You are not getting the service that you deserve. Instead you are paying a premium to have someone on the CPAs staff to complete your books so that a tax return can be filed. Once complete, you may not see your CPA until next year. Or worse, you need to talk to your CPA and you get charged that same hourly rate.
We offer a monthly low fee for monthly services. Need to talk to someone – we are here, at no extra charge! You get timely analysis of your accounts so that any problems get seen immediately and can be corrected before it becomes a mess.
I just use my personal accounts and then sort it out at the end of the year.
If you are a separate business entity (Corp, S-Corp, LLC or Partnership) you MUST keep your records separate. A key reason that you chose to incorporate was to limit your personal liability so that you would not be held personally liable for debts of the corporation. If you mix personal and business accounts, a court could decide that there is no real separation between the company and its owners.
Besides, how do you know you are capturing all the income and all of the expenses of the business? To avoid trouble, it’s best to play it safe. It’s important for small businesses to comply with the rules governing formation and maintenance of a corporation.