How many times have you come across a potential client who’s financials are either not up to date, not accurate, in unusual formats, or just all over the place, making you hesitant to partner with them?
Often times small business owners try to manage the bookkeeping and financial side of the business themselves or have a family member do it for them, all in an effort to save money. What this often means for the business is that they sometimes put off entering in the data because they have other more important things to do to grow the business and/or it is entered inaccurately. They also don’t always know the best program to use to track their financials and might not realize that there are better options than Excel. Partnering with a company providing bookkeeping and back office support services can help both you and your potential client. Professional services can be just what some small businesses need to put their best financial foot forward and provide you with the information you need.
Back office support companies can help make your due diligence process easier by working with your clients or potential clients to:
- Get their financial documents in order.
- Get their monthly financials including A/R and A/P agings up to date and accurate.
- Allowing them to provide current and accurate Balance Sheet and P&L statements.
- Set them up with easy to use professional accounting software.
- Get their financial data correctly imputed on a regular basis so it is always up to date and accurate.
- Allow them to have access to the reports you need during the application process and on an ongoing basis.
- Save time and money on the financial side of their business.
- Manage invoicing and payments, if you are not already helping them with it.
There are many different types of bookkeeping and back office support companies out there, all offering the same basic core services. However, only a few have experience with factoring, asset-based lending and other types of alternative finance. The benefit for you to working with a company who has this experience, is you get a partner who understands what you need and when you need it to make your life easier and help you to make potential clients more viable for your services.
Scott Applegate is the Chief Operating Officer for CapitalPlus Financial providing bookkeeping and back office support services and it’s sister company CapitalPlus Equity, LLC a factoring company assisting construction companies with their cash flow needs. You can get more information about CapitalPlus Financial at www.capitalplusfinancial.com or (865) 670-2345.