SERVICES – Bookkeeping and Payroll
An internet marketing company needed assistance in bookkeeping and payroll matters due to their fast growth. The revenue being generated during the second part of the year more than doubled. Because of this dramatic increase the owners found themselves overwhelmed by the task of bookkeeping, which they took care of themselves. Due to the increased volume of sales the company found struggles in keeping track of the cash collection through merchant services, among other things. On several occasions money would be held, and there was no formal system recording those reserves; in other words the company had money that the merchant service owed them that they were unaware of.
Other issues that the new startup company experienced were related to human resource services. Increase growth demands an increase of employees, which the company previously had no experience monitoring. Accurate employee files and reporting to the state and federal government were all operations that needed to be handled with accuracy. Furthermore, a situation any business has to worry about in relation to their bookkeeping is fraud risk. When considering hiring someone to handle your cash there is a risk of misappropriation of funds, regardless of the relationship. The internet marketing company needed a full time bookkeeper that could provide them with answers to questions as their business grew.
They wanted to have someone they could rely on to reconcile their cash discrepancies, monitor their cash in and outflows, and provide financial statements they could trust. Because often times bookkeeping for small businesses can be accomplished in less than a 40 hour a week position, we were able to go to the owners location and provide them with all of their accounting needs, as an outsourced CPA firm, in half of the time. The outsourcing of accounting work not only provided the marketing company with efficiencies, reliable knowledge, reduced accounting cost, but also reduced fraud risk. All financial reports and bookkeeping are doubled checked by management at Cook Martin Poulson, dramatically decreasing the opportunity for embezzlement. In addition, previously the company, though mostly worked with subcontractors, struggled to maintain accurate record keeping. Implementation of guidelines to maintain a record keeping systems and providing new services that the company didn’t offer, like direct deposit to employees and subcontracts, has made the operations of the company much smoother.