MWIS / CDABP TRAININGS
Absent internal controls Missed financial opportunities
“ If you do not have the correct income, or if you do not have the correct expenses, you are not able to look at your financial correctly,” she said.“ This is critical when you are running a small business so that you understand exactly what is going on. Are you profitable or operating at a loss?”
White’ s presentation included an overview of how, as she pointed out,“ proper record keeping can save you both time and money.”
“ Yes, you are going to be spending money every month for bookkeeping services, but you are also getting your financials and looking at your expenses and income,” she said.“ If you wait until the end of the year and rush to get it all done, it will cost you more and will result in a headache for you.”
Money Saving
Average Monthly bookkeeping cost can range from $ 150- $ 1,000 a month based on complexity.
Yearly Cleanup Cost can range from an hourly cost of a few hundred dollars- several thousand depending on the depth of clean up urgency.
Able to Produce a Timely and Accurate Tax Return Cash Flow Management Reduce Error Improve Budgeting and Forecasting
She also discussed several strategies to streamline a company’ s administrative processes, including internal controls, accounting system / software invoicing and payment processing, task delegation, payroll system software, and centralized communication.
“ Internal controls can be as simple as having the right software,” she said.“ And if you have a bookkeeper checking your balances, you have a valuable second set of eyes.”
View the full webinar online.
FALL 2025 LA CONTRACTOR CONNECTION- 27