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24 Feb How Outsourced Bookkeepers and Accountants Solve Critical Business Challenges

Posted at 18:01h in Blog by

Running a business requires a sharp focus on growth, customer service, and product development. However, behind the scenes, financial management plays a crucial role in ensuring stability and profitability. Many business owners struggle with financial tasks, from invoicing issues to tracking inventory costs. Mistakes in accounting can lead to cash flow problems, compliance issues, and missed opportunities.

This is where outsourced bookkeepers and accountants step in. These professionals bring expertise, efficiency, and accuracy, ensuring that businesses maintain financial health without the overhead cost of hiring an in-house team. In this article, we explore the common financial issues business owners face and how outsourcing bookkeeping and accounting can resolve them.

Poor Invoicing Practices Causing Delayed Payments from Clients

The Issue:

Many businesses struggle with invoicing, leading to late payments and cash flow disruptions. Common invoicing mistakes include:

– Failing to send invoices on time.
– Not following up on overdue invoices.
– Unclear or incorrect invoice details.
– Lack of payment options for customers.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Ensure invoices are sent promptly and follow up on late payments.
– Implement automated invoicing systems that send reminders.
– Standardize invoice templates to prevent errors.
– Provide multiple payment options to encourage faster settlements.

Misunderstanding Profitability vs. Cash Flow

The Issue:

A business can be profitable but still experience cash flow issues if expenses and revenue are not managed correctly. Many owners fail to distinguish between the two.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Generate clear financial reports highlighting cash flow vs. profitability.
– Develop cash flow forecasts to predict shortages.
– Provide strategies to maintain steady cash flow, such as adjusting payment terms with suppliers and clients.

Not Budgeting for Payroll Expenses Properly

The Issue:

Businesses may underestimate payroll costs, leading to cash shortages.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Create payroll budgets aligned with cash flow.
– Implement payroll forecasting to anticipate financial needs.
– Suggest cost-saving strategies, such as adjusting pay cycles.

Struggling with Budgeting and Forecasting Future Expenses

The Issue:

Without a clear budget, businesses risk overspending or underfunding key areas.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Develop detailed budgets based on historical data and industry trends.
– Forecast future expenses and revenue to guide business decisions.
– Identify cost-saving opportunities.

Difficulty Tracking Inventory Costs and Profitability

The Issue:

Poor inventory tracking leads to stock shortages, overstocking, and lost profits.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Implement inventory management systems to track costs in real time.
– Categorize inventory expenses to understand profitability per product.
– Reduce waste by optimizing inventory turnover.

Bank Statements and Credit Card Statements Not Reconciled

The Issue:

Unreconciled bank statements and credit card statements can cause errors, fraud risks, and inaccurate financial reporting.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Regularly reconcile bank statements with accounting records.
– Detect discrepancies and fraudulent activities early.
– Ensure accurate financial reporting

Categorizing Income and Expenses Incorrectly

The Issue:

Improper categorization makes it difficult to analyze financial performance and claim deductions.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Standardize expense categorization based on accounting best practices.
– Utilize accounting software to automate categorization.
– Ensure compliance with tax regulations.

Sales Tax That Never Clears off the Balance Sheet

The Issue:

Incorrect sales tax recordings lead to overpayments, underpayments, and compliance risks.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Reconcile sales tax accounts to ensure accuracy.
– File sales tax returns correctly and on time.
– Maintain proper records for audits.

Loans That Were Forgiven or Paid That Do Not Clear from the Balance Sheet

The Issue:

Failing to remove settled loans distorts financial statements.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Adjust financial records to reflect cleared loans.
– Reconcile loan payments with lender statements or Amortization.
– Ensure accurate balance sheets.

Fixed Assets That Are No Longer Owned but Are Still on the Balance Sheet

The Issue:

Outdated fixed asset records lead to incorrect depreciation and tax miscalculations.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Update fixed asset registers to remove sold or obsolete assets.
– Adjust depreciation schedules accordingly.
– Ensure accurate financial statements.

Open Invoices in Accounts Receivable That Have Been Paid

The Issue:

Failure to mark invoices as paid leads to inaccurate records and duplicate collection efforts.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Regularly update accounts receivable.
– Implement automated invoice tracking.
– Provide accurate reports for financial planning.

Bills Paid but Still Showing Open in Accounts Payable

The Issue:

This can result in duplicate payments and cash flow confusion.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Reconcile vendor accounts to mark paid bills correctly.
– Avoid duplicate payments.
– Improve financial accuracy.

Undeposited Funds Account Never Clears Out

The Issue:

Uncleared deposits create inaccuracies in financial reports.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Regularly review and clear undeposited funds accounts.
– Ensure deposits match bank records.
– Provide real-time financial insights.

Expenses Booked in the Current Year That Were for the Previous Year

The Issue:

Misclassified expenses affect tax calculations and profitability analysis.

How Outsourced Bookkeepers and Accountants Solve the Issue

– Adjust financial records to allocate expenses to the correct period.
– Ensure tax deductions are claimed in the right year.
– Provide accurate year-end financial statements.

Outsourced bookkeepers and accountants play a critical role in helping business owners overcome financial challenges. From ensuring accurate invoices to reconciling accounts and forecasting cash flow, their expertise provides businesses with financial clarity and stability.

For business owners, outsourcing these tasks means more time to focus on growth and innovation. It also reduces the risk of costly errors, improves compliance, and enhances overall financial health. If you’re struggling with any of these financial issues, consider hiring an outsourced bookkeeping or accounting expert to streamline your operations and secure your business’ future.

Would you like help finding reliable outsourced bookkeepers and accountants? Contact us today!

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Kimberly Mitchell
Partner Development Manager

Kim is a Partner Development Manager with 10 years of experience working with Strategic Partners. As a 19-year veteran with Intuit and a history of driving growth and sales results within the QuickBooks echo system Kim, brings a wealth of knowledge to our team by assisting us with sales and marketing initiatives while helping us strive for the highest net promoter (clients satisfaction) scores. Kim is passionate about creating and nurturing new partnership opportunities through the relationships she has built over the past 25 years of sales experience.

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Noah Raney
Senior Account Payroll Manager

Noah is our dedicated Intuit Senior Account Payroll Manager who can help you find the right payroll solution for you and your business. He is well versed in all of the QuickBooks platforms being desktop/online/standalone and payroll has been his world since joining Intuit 13 years ago. Whether you are looking for ways to save on time, reduce inflated payroll costs or just get set up with the best discounts, he is here to help. Your success and satisfaction are of utmost importance!

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Sean McCaffery
Global Channel Sales Partnerships and Alliances Leader

Sean McCaffery has more than 15 years of experience leading channel sales and cloud solutions in the US and Internationally. Sean has held leadership positions with Avaya in Europe growing the channel business with resellers and distributors in key countries driving double-digit growth. He then joined Rackspace Technology and was instrumental in developing sales growth strategies in cloud adoption for customers and partners. Most recently, he ran channels at Dizzion responsible for dynamically growing and expanding the partner ecosystem through SaaS-based VDI solutions before joining Intuit. Currently, he runs the QuickBooks Solution Provider Program supporting the strong business that solution providers and ISV partners have established as well as finding new opportunities to drive emerging mid-market growth together!

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Gabor Terebesi
Payments Account Manager

Gabor Terebesi is an Account Manager with the Payments Team of Intuit for over 15 years. He works in the partner division for Intuit payments to ensure Intuit partners along with any clients of theirs are in the most suitable and financially cost-effective solution accepting payments through eCommerce, QuickBooks, mobile payments, or any other options necessary for their business.

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Aimee Garneau
Accounting Manager

Aimee joined Siegel in 2022 as the Accounting Manager overseeing the accounting and bookkeeping team. Aimee brings 18 years of experience with increased responsibility with privately and publicly held companies. Her experience lies with SaaS-based companies as well as in healthcare, consulting, education and nonprofits. Prior to joining Siegel, she held accounting leadership positions with Waban Projects, Elastic Path, Moltin, and Ned Davis Research. Aimee loves partnering with business owners to establish financial reporting and results that promote growth and expansion. When Aimee is not working, she loves spending time with her family and friends and exploring all New England has to offer. She is also an avid Red Sox fan and enjoys going to Fenway Park when she can.

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Jeffrey Siegel
CPA, CEO

Jeff has spent the last twenty years working providing solutions to emerging growth businesses. After graduating from Northeastern University, he spent five years working with two multinational CPA firms in an auditor capacity building a foundation for understanding how business work. He later went on to work in various controller and CFO roles before starting Siegel & Associates (previously Siegel Financial Group) in 2000. In those roles, he sold a company to ADP, raised funds for a major expansion of a large regional IVF clinic, and helped set up accounting and financial structures for dozens of companies. Since starting Siegel & Associates, Jeff has worked with hundreds of clients providing accounting system solutions. Those solutions include setting up QuickBooks in a single-user environment putting in QuickBooks Enterprise in a 30-user environment and integrating various add-ons including inventory, CRM, and e-commerce. He is a Certified Public Accountant, a QuickBooks Pro Advisor, a QuickBooks Advanced Pro Advisor, and an Intuit Solution Provider certified in Enterprise Solutions, Point of Sale & QuickBase. Jeff is also a Microsoft Certified Systems Engineer

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Lori Swartz
Client Support Manager

After graduating from Boston University, Lori spent eight years working in various managerial positions for two national companies. In those positions, Lori developed the skills necessary to manage multiple projects, clients, and resources. She later went on to work for a management company that handled over 25 real estate properties with multiple tenants. Lori joined Siegel Solutions in 2003 as a client services manager where she utilized her skills developed to manage multiple clients and multiple staff. She recently moved into the client support manager role where she is responsible for meeting with and onboarding new clients, managing and maintaining our technology stack along with QuickBooks setups, conversions, training, and consulting.

In her free time, Lori enjoys spending time with her family. She loves to travel, music, and theater.

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Janet Jodoin
Bookkeeping Associate

Janet joined Siegel Solutions in May of 2022 as an Associate Bookkeeper. In her younger years, while raising her family, she completed her degree in Business and she spent 20 years in the trades as a custom designer. Janet also has 16 years in corporate management. Her strong team support, training, and development led her to support and manage Human Resources. Janet's desire to change careers has led her to return back to bookkeeping at Siegel Solutions. In Janet's free time she enjoys spending time with her growing family. Her personal favorite is creative landscaping in her yard. She also enjoys working alongside her partner in construction and remodeling.

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Tricia Gullage
Associate

Tricia Joined Siegel Solutions in 2022 as a bookkeeper and works with our clients to keep their day-to-day bookkeeping in order. Tricia has 12 years of bookkeeping experience working for a large construction company for 10 of those years handling all their accounting and Payroll. She met Jeff our CEO while working there and decided she wanted to join our team.

When not working Tricia enjoys spending time with her family and friends. She recently moved up to the lakes region in NH and loves going to concerts, enjoying her time boating and snowmobiling.

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Ed Jaworski
Professional Services Manager

With over 21 years of corporate experience at PeopleSoft Consulting, Sun Life Financial, and KPMG, Ed brings a big business approach to small business solutions. Prior to joining Siegel Solutions in 2022, Ed helped small businesses get the most out of QuickBooks for 21 years as a co-founder of SMB Partners and the founder of Solutions for Office Software.

Ed is an Advanced Certified QuickBooks® ProAdvisor, a Certified QuickBooks® Point of Sale ProAdvisor, a Certified QuickBooks Enterprise Solutions ProAdvisor, and a Certified SOS Inventory Consultant. Ed holds an MS in Computer Information Systems from Bentley University and a BS in Business Administration from Northeastern University.

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Debby Mono
Firm Administrator

Prior to joining Siegel Solutions in March 2023, Debby had been working in administrative and executive assistant roles for many years in various fields. Her extensive background in these positions has provided her with a range of skills and knowledge that are valuable in her new role as a Virtual Administrative Assistant. She graduated from Suffolk University with a Bachelor's Degree.

Outside of work, Debby can be found at football fields or dojos cheering for her sons. She also enjoys hikes with her dog, Sawyer, reading, sports, and live music. She and her husband also love to entertain family and friends.

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Letitia Cote
Senior Associate

Letitia has an accounting degree and has been working in the Accounting/Bookkeeping industry for over 25 years. Tish is also an Acumatica Business Consultant. Outside of work, Tish has 4 grown children and 5 grandchildren, she loves to ski, hike, bike, and be outdoors. Tish has worked with Jeff for over 10 years.

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Andrea Alencar
Associate

Andrea graduated from Bridgewater State with a Bachelor's degree in Accounting. Andrea joined Siegel Solutions in 2022. Andrea has gained accounting experience working in various industries including a CPA firm, legal, hospitality, and telecommunications. Before coming to Siegel Solutions Andrea previously worked as a bookkeeper and staff accountant.

Andrea has 4 kids which keep her busy. Outside of work, Andrea enjoys spending time with her kids, being outside, cooking, and going to softball/baseball games.

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Mike Derrico
IT

I started my career in 1983 when I designed and built a device to share a computer program, written by the president of a local bank and his son, running on an Apple Lisa computer. The device allowed the large and expensive Lisa's computer to be shared with bank employees. With this program, and with my device, we started a company to market this unique solution to banks. At this point, computer networks were just starting to be used in businesses. I transitioned my efforts to providing support for migrating banking terminal/mainframe functions to the emerging Personal Computer networking platform. For the next decade, I worked with, and beta tested, numerous technologies to integrate the banking functions from dumb terminals into the now smart desktop computers. After working with a few small consulting firms, I started my own company focusing on providing I.T. support to SMBs. More recently I am now doing the exact opposite by helping customers migrate their PC applications and data from their local computers to The Cloud. A few years ago, I joined Siegel Solutions to add my years of I.T. experience to their firm.

In my spare time, I like to travel, fly my drone and, most importantly, spend time with my family. I also still enjoy tinkering with technology.

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Pat Jaworski
Associate

After spending most of her corporate career in the insurance industry, Pat joined a QuickBooks consulting firm providing bookkeeping services to several small companies. Late in 2022, that firm merged with Siegel Solutions, Inc., bringing Pat and her clients to the group. She provides services to clients in a variety of industries: fitness, construction, beauty, equine care, and medical billing, to name a few. She enjoys supporting her clients by keeping their financial records in good shape and allowing them to focus on growing their respective businesses.

Pat resides in the 495/MetroWest area with her husband Ed, daughter Abby and Duffy, their lovable, energetic golden retriever.

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DeeAnna Keyes

Sales and Marketing Associate

DeeAnna Keyes, has been our Sales and Marketing Associate since December 2023. She brings a wealth of experience, having worked at Intuit with a focus on Quickbooks Online and Quickbooks Desktop. With a robust sales history and a license as a real estate agent in Virginia, DeeAnna is a versatile professional. Outside of work, she cherishes family moments, indulges in camping with friends, and finds joy in entertaining at home with her husband and four children.

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Janice Kats

Associate

Janice Kats graduated from Carl Sandburg College with an Associate Degree in Accounting in 1992 and has been working in the accounting field ever since in various jobs doing AR, AP, payroll, office management, and bookkeeping before joining Siegel Solutions in late 2023.

In 2022, she made the decision to branch out on her own and started her own bookkeeping business, working from home.

She is a mom to 3 grown children and a grandmother to 5 grandchildren and enjoys spending time with her husband and two dogs and following her grandchildren in all of their sports.

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Olga Shteynberg
Administrative Assistant

Olga joined our team as our in-office Administrative Assistant this past January, bringing with her valuable past administrative and customer support experience.

She resides in Natick with her fiancé, two daughters, and a dog. Originally from Russia, Olga relocated to the States at the age of ten with her parents and an older sister.

Outside of work, Olga enjoys spending quality time with her family, traveling, and reading. She also practices yoga and meditation, helping her stay grounded when she’s not in the office.

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