PBS Accounting – Comprehensive, Professional-level Accounting Software
This post is for small businesses that are vetting new accounting software systems. The following is sourced from Kwiat Financial Services: The Importance of a Well-Oiled Accounting Function, Sept 16th, 2021. We hope you find it useful.
Solid Accounting Foundation
A solid accounting foundation is critical for a business, and if you are using workarounds due to an ineffective accounting system your accounts may be sloppily maintained.
According to Larry Kwiat, “Experts are clear and unified on the importance of getting accounting basics straight before worrying about the other details, even if those details cost money in terms of penalties.
This is especially true for start-ups, for whom the penalties incurred will be low during their earliest days. They believe that it is worth it to take the time to fix the accounting foundations of the business first, because it makes compliance and adhering to regulations later, when it will be even more important, easier.”
Kwiat’s article explains that Ben Murray, founder of The SaaS CFO, recommends getting your accounting house in order before your business’s annual recurring revenue reaches $3 million.
Kwiat’s writeup relays that Lisa Slater, of Three Butterflies Consulting, says “It could be you might have some sort of late fees and penalties if you haven’t been [correctly filing] for a couple of years, but you can work that out. Those fees and penalties at an early stage are not all that high.”
The KwiatFinancial.com piece also states that “[Murray] suggests that every company’s accounting team should be able to achieve a minimum of a soft closure of their books within five days, with every essential document reconciled. This includes major balance sheet accounts, with sub-ledgers for the particularly crucial accounts that include deferred revenue.”
Adhering to a predictable accounting procedure routine with both weekly and monthly cadences is effective in managing accounting processes.
Larry Kwiat, also a Passport Partner, explains “Another smart move is readying yourself for growth by moving beyond basic accounting tools like QuickBooks and adding more advanced applications that will help your team address all of its functions.
As your organization grows, these financial platforms can be invaluable for planning. So too will your accounting team’s understanding of the company’s products and services, so be sure to have them interact and engage with other critical functions of the company.
The more understanding and familiarity there is between the product or service side of the company with the financial and accounting functions, the more collaboratively and successfully your organization can move forward.”
If you are in need of an accounting clean up, feel free to reach out to KwiatFinancial.com for details on how they can help.
Kwiat is a Passport Partner and provider of PBS Accounting software for small to mid-sized companies in the metropolitan Chicago area.
PBS Accounting is a professional level accounting program with excellent audit trails as well as Positive Pay and ACH to help protect from fraud.
Positive Pay is one way to protect your company from check fraud, but add this to detailed audit trails, historical records tracking each and every transaction, and you have an excellent set of tools for fraud protection and detection.
ACH, which stands for Automated Clearing House, refers to the electronic funds transfer of payments or charges through the banking network. Payroll direct deposit and accounts payable may both be paid via ACH.
In this case there is no check produced so it eliminates the possibility of check fraud. Paying electronically eliminates the risk of a check making it into the wrong hands.
In-House Payroll and ACA Software
PBS Accounting is a desktop accounting solution that includes optional in-house payroll and optional ACA software for year-round compliance management. With on-premise software, you are able to control and change security measures, including physical access to your computers and server any time.
Our on-premise accounting payroll program can provide ongoing ROI due to cost savings versus an outside payroll service. Passport Software’s ACA software is affordable and easy-to use. Much more than a forms-only solution, our software helps you streamline ACA-related data management and maintain compliance throughout the year.
We also provide ACA penalty response support, and a free consultation can determine if we can help you reduce or eliminate ACA penalties.