If you’re falling behind managing the business finances or falling back in bookkeeping, fret not. You have come to the right place. We at Kayabooks know that how important managing the business finance is for any company irrespective of the type and size of it. That’s why if you’re seeking for the option to keep track of your accounting and finance function then we have a wonder solution for you. Curious to know? So, the solution I was talking about is “Catch up accounting.” What’s the heck of this? Don’t worry in this article you’re going to learn everything about catch up accounting and why you need it in your business.
Without much ado, let’s get started from scratch.
What is catch up accounting, you ask?
In simple words, catch up accounting is the procedure of scrutinizing the poor historic finances, bookkeeping, and financial activities of a company over a period of time. Basically, the purpose of this accounting is to get your company’s poor finances back on track.
But let me tell you one thing, if you’re bootstrapping an accounting firm, catch up accounting can be a little critical activity for you. As you know that this type of accounting can only be used for already established businesses having at least 5-6 years of demonstrative working history.
Here look at some of the top features of catch up accounting: –
- – Substantial purchase analysis
- – Year-end financial statement
- – Business health analysis
- – Checking overall business finances
And the list goes on and on. Now move further and talk about the awaited part of this blog, which is…
Why you need catch up accounting?
Let’s discuss it here – catch up accounting basically help you with the most daunting part of business, which is taxation filling. Also, it helps you create and make accurate audited financial statement on time every year. As I told you that catch up accounting is basically meant for large organizations and not for small and newly opened business. Why that so? Because small businesses generally lack about making profit right. They keep unorganized business records and not maintain them on proper time.
So, now you must understand that if you don’t maintain and keep a proper record of business finances, it will cost you a lot.
Who can perform this service?
You have read enough on catch up accounting right. Now you will be planning to avail this service to bring back your poor business finances on track. Now the question is – who can perform this accounting? So, you basically have to outsource service from a renowned accounting firm like Kayabooks. Why outsource the service rather than getting it done by in-house team? Well, outsourced services allows in-house team to focus more on the company’s other accounting work rather than managing the poor records and getting them back on track.
Moreover, it will be more informative and sophisticated for a third party to review historic accounting processes easily. You can also think of outsourcing online bookkeeping services in Las Vegas at much affordable prices from Kayabooks.
How does catch up accounting work?
Below I’m going to write down few points that will help you know how catch up accounting actually works. Keep your eye balls here only-
- – Catch up accounting defines for how long your business finances are in bad shape.
- – All necessary bank reconciliations must also be performed at this time. Bank reconciliation is about matching business transactions with bank statements.
- – All information gained through catch up accounting is reviewed, recorded within the company’s account books. After this information is presented in a way that depicts the full story of the company’s finances.
- – Since this accounting is all about collecting historical data of the company like tax documents, invoice, payment receipts, supplier payment, business expenses, and so on. It becomes necessary to collect all these data from the past record.
The parting words
This was all you needed to understand about catch up accounting. Now that you have come to the end of this article, I hope you have read each and everything about this accounting and why you need it. So, if you’re planning to outsource the service, forget not Kayabooks is your one-stop solution for managing business finance.
Got any related query? Fret not. We’re here just get in touch with us.