7 Practical Methods to Reduce Accounting Costs
The only way you can succeed in reducing accounting costs in business
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You would've realized by now that as your business grows, the need for precise and accurate financial reporting increases. Not just that interpreting results correctly and communicating them effectively with your team are equally important.
Over the last 12 years, we have created brilliant processes and powerful reporting procedures while we provided outsourced controller services and fractional controller services to our clients.
Now we’re sharing our experience and knowledge with you. Want in?
Years of
Experience
Consolidating disparate processes, technology, and resources that have gotten you this far.
Ensuring that all timelines are met for reaching the company’s goals on time.
Ensuring that you’re keeping expenses within your budget and margins.
Identifying more than 50 performance indicators and suggesting how to control them.
Devising internal controls, sophisticated reporting, and process expertise.
Working together to develop a strategic roadmap that addresses your needs and still meets your budget.
Our controllers will track your business’s financial activities on a daily basis and ensure accurate accounting. They will function as a balancer in your finance department.
Every finance department should understand tax and financial compliance requirements and their implications inside out. Our Controllers will ensure that your business follows standardized processes for tracking revenue, expenses, assets, and liabilities.
We will work to build failproof processes and systems for accounting, bookkeeping, and reporting, so as to ensure data accuracy. These controls and procedures will be dynamic, responding to the changing dynamics of your business.
Missed deadlines can cost you dearly as you don’t have enough time to respond to latest insights and information about your business. Our controllers help close the books within pre-set deadlines. They will create detailed checklists with timelines, budgeted hours and allocate responsibility.
We will create customized dashboards and reporting packages specific to your business KPIs and industry. This will include commentary on financials and industry-wide benchmarking. We will review the reports every month to ensure their relevance.
Our Controllers will make sure that every financial transaction takes place according to budget guidelines. Any deviation or anomalies shall be scrutinized and reported in Why and How to control in the future sections of the reports.
We specialize in NetSuite Accounting and Bookkeeping services for small to midsize businesses. Leverage our deep knowledge of accounting concepts and explore a super-organized process to tie 100s of variables. We guarantee that you'll never ever have to change your accountants again!
Schedule a free consultation now with Gary Jain, Co-founder at Ledger Labs. He’s a certified accountant with 12+ years of multidimensional experience in helping small to midsized businesses grow and manage their revenues.
Get hands-on knowledge and astute advice on your financials in an engaging power-packed 30 minutes session.
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My main problem always has been to know my accurate profits & this is precisely what ledger labs helped me with. They went through my entire supply chain costs, my monthly operational expenses, and COGS and got me the correct costing of my goods and the cost of running the business. Now I know how much I need to sell & at what price I should sell it to be profitable.
Since working with Ledger labs, our bookkeeping and Controller processes have been streamlined. The routine accounting tasks are managed on a predictable schedule, and checklists are used to ensure that all required documents are processed within the proper deadlines. We have improved the accuracy and timeliness of our financial statements and other crucial accounting functions at a lower cost than what was being paid to employees.
We have a unique business, and almost all the accounting firms we have engaged so far have been unable to get a hold of our business. But Ledger Labs really took the bull by its horn. They understood our business better than us & created a very customized process & systems to streamline our accounting department. We now have detailed step-by-step process documentation, checklists & schedule of reports.
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A controller is an internal manager or a fractional employee who supervises your accounting staff and takes care of all your accounting functions. In some organizations their role may be equivalent to Chief Financial Officer (CFO). A controller will keep an eye on cash, liabilities, assets, expenses, and other related matters.
If you want to hire an in-house or full-time controller, the annual cost will range between 70K to 160K USD. However, if you go for outsourced controller services like those at Ledger Labs, you can get the same and, at times, even better services at a fraction of cost.
That's a genuine concern! Trust us, we hire only reputed, knowledgeable, well-experienced controllers and CFOs at Ledger Labs. Our personnel has a wide range of experience working in different types of industries. We will assign a proficient team of experts and our most reliable accountants to you. They've been trained to quickly learn the procedures and processes of your business.
At Ledger Labs your data is one hundred percent safe. We take utmost care while securing sensitive data from clients. We store your information using multi-level data centers only. Additionally, we also upload the data after encryption to your private server and portal as well. If you need to access this information, you will need to clear a two-factor identification and authentication procedure. Further, we conduct extensive background and experience checks before onboarding our employees. Hence, you can be completely stress-free on that account.
It’s very easy to get started with Ledger Labs. All you need to do is click on the Schedule a Free Call button present at the top of the page, fill out the form, and connect with us.
Yes, you can hire just the outsourced controller services at Ledger Labs. However, as the services of a controller are related to accounts, it’s recommended that you consider hiring bookkeepers and accountants as well.
You can connect with the controller assigned to you using phone, emails, audio calls, texts, online conferences, and various other techniques and platforms like Skype and Google Meet. The mode and frequency of communication totally depends on your service requirements.
Normally, we don't get such requests to cancel or terminate the contract in between. However, if you do decide to breach the contract and end services with us, you can do the same through email.
The complete tenure of the onboarding process will be affected by the size, complexity and type of your business. Generally, the onboarding time ranges between 30 to 60 days.
The controller you have employed, may not be an actual controller with all the powers. A lot of cases have come up where an organization hires a controller for their business operations. However, this controller is not able to do the complete job and ends up taking care of smaller tasks like bookkeeping and accounting. An actual controller has to take care of tasks beyond this domain like budgeting, financial analysis, and planning of the cash flow, to name a few.
We and our team members at Ledger Labs, have several years of experience in managing and controlling business operations similar to yours. We have successfully served of a lot of businesses from various industries. Whether you need a CFO or VP, we have taken care of all such requirements in the past. So, yeah, we can easily manage an outsourced project for you. Our team will be in constant touch with you to discuss and meet your dynamic requirements.
As stated earlier, you can reach out to us or your controller online any time. We will be in constant touch with you as and when deemed. Additionally, we have successfully handled a lot of businesses in the past through outsourcing so it’s a piece of cake for our experts. We assure you we will deliver the best outsourced controller services to you.
Yes, you can hire a single module or package as per your requirements. We are quite flexible in our services. However, we recommend that you take the help of other services as well so that the complete function can run smoothly without any glitches. As all the financial statements and accounts are related to one another, it’s best to use unified services in the whole finance function.
Generally, a controller is responsible for managing the business requirements of a 7-figure or 8-figure revenue-generating organization. However, in some cases, even a smaller organization may seek a controller to grow. If you are one such business, we at Ledger Labs, can help you.
Our multidimensional experience and wide exposure have been channelized beautifully in these articles!
The only way you can succeed in reducing accounting costs in business
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