Reducing Bookkeeping Delays
Reducing bookkeeping delays is another service in which our firm specializes. There are various situations, as outlined below, that can lead to such delays. Our accounting department, which provides high-quality, ongoing bookkeeping services to businesses of all sizes, operates as an external service bureau. As part of this service, we also offer specialized support in reducing bookkeeping delays that businesses may encounter for various reasons. Bookkeeping is managed digitally, including computerized reconciliations with banks and major suppliers.
In some cases, delays arise due to events such as a bookkeeper’s maternity leave or illness, the replacement of a bookkeeper who was not properly onboarded, or business expansion without adjusting the accounting department to meet new operational needs. These situations can lead to significant bookkeeping delays, requiring focused efforts to reduce them. Such delays can have serious financial consequences, including late collection of payments, inaccurate cash flow management, and lack of up-to-date bank reconciliations, which can result in missing information about checks issued to suppliers that have yet to clear.
Another critical consequence of outdated bookkeeping is the delayed collection of customer debts, which can negatively impact cash flow. This may even trigger unnecessary conflicts with customers over accumulated debts, leading to disputes, denials, or confrontations. In our view, this poses a significant risk, both direct and indirect. Additionally, delays in bookkeeping can result in missed reporting deadlines to authorities, failure to submit annual reports on time, penalties, and the inability to receive withholding tax certificates or proper bookkeeping compliance approvals, among other sanctions.
To prevent these issues and until a permanent solution is found, our firm, Michael Weizman & Co. – Certified Public Accountants, offers immediate and comprehensive solutions to resolve bookkeeping delays efficiently and professionally. We are available to assist businesses with one-time or ongoing projects to close existing delays and stabilize their accounting systems.
An accountant from our firm will be happy to assist you with this service. Contact us today for a no-obligation consultation.
