5 essential accounting tasks and how to tackle them You can use this article as a blueprint to build your own structure, but don’t forget to expect fluidity based on the size of your business (both in staff and volume of business) and the capabilities of your team.
You’ll need to show discretion as an organizational leader to figure out exactly what that combination looks like for your business and the resources you have. These aren’t positions on a lineup card that you need to fill these are tasks that need to get done through a combination of roles and resources. Your accounting department structure will never look like your company softball team roster. But as a small-business owner, there are times you need to make do with less.
You need a human behind your software to double-check the numbers, analyze the output, coordinate between non-integrated systems, and ensure that your business isn’t ripped off by devious vendors or fraudulent employees.Īt the bare minimum, you need someone to run payroll, someone to pay vendors and send invoices, and someone to handle the books every month so they’re balanced come tax time.Ĭofounder Dave might be able to do all these things, but that doesn’t mean he should be doing all these things long term. Though accounting software is a must-have for any small business, it can’t do everything. Small-business accounting needs people and technology And because your business can’t run on human effort alone, we’ll also break down how accounting software can support your team. Let’s take a look at five essential small-business accounting tasks, how you should approach staffing each of those roles, and how to tell when you need help. If you want your business to continue growing, you need to set up an accounting department structure that can handle an array of accounting duties and expand with your business. When you first started your business, you were probably a little bit like a garage band, living your dream and solving problems on the fly.īut as your business has grown, relying on cofounder Dave-who doubles as your CTO and company legal team-to continue paying vendors and your growing team of employees will no longer cut it. We model respect and civility in our communications with others.Use this guide to build your accounting A-team.
We value a keen spirit of teamwork and cooperation in helping fellow employees accomplish their assignments successfully. We value employees who have initiative, insight, and an ability to understand the larger environment in which we work. We take personal ownership in helping find answers to questions and solutions to the problems of other University personnel and departments as well as constituencies external to the University. We value input from those we serve, and recognize the importance of active listening, timely learning, and continuously improving. We employ good business practices in our own department and encourage and assist members of the campus community in doing likewise. We value a culture of accountability and people of integrity committed to doing the right thing. VALUES STATEMENT (what is important to us) The General Accounting Department employs competent and caring business professionals who are innovative, resourceful, collaborative, and helpful in facilitating the management and accountability of the University’s resources. This responsibility requires that we be service oriented relative to the financial needs of all departments on campus while still assuring that all transactions adhere to University policies and procedures, generally accepted accounting principles, and rules established by the authoritative governing bodies. Within the scope of this mission is the responsibility to coordinate and direct all financial transactions recorded in the accounting system of the University. The mission of the General Accounting Department is to accurately report the financial position of the University of Utah, its departments, and business activities for various constituencies – including legislators, regents, trustees, government agencies, rating agencies, auditors, creditors, grantors, donors, and others who may have a vested interest in the financial activity and health of the University.