Extra help in the accounting department could make your new year more profitable.
When most people think about the holiday season, they tend to think about presents, family, food, peace and good cheer! When business owners and managers think about the holiday season, they tend to think about the end-of-year accounting rush and wonder how they are going to be able to get through the insane amount of work before the holidays begin.
There are many ways to handle the end-of-year rush in your accounting department. You could push employees harder, which honestly doesn’t do much for morale and speed. You could try to get started earlier in the year, but the reality is that is too optimistic for most business owners. There is one surefire way to keep the day-to-day work on track AND make sure the financial details of the year are finalized, and that’s bringing on an additional accounting person to help with the end-of-year rush!
“An understaffed accounting department caused big trouble for the city of Spokane, Washington. During an audit of the city’s 2014 taxes, several errors surfaced, including revenue miscalculation, an overstatement of general fund expenses and inaccurate reports of debt changes.” Entrepreneur Magazine
Should You Risk Doing It Yourself?
Many organizations, especially small to mid-sized businesses, try to tackle their accounting challenges alone. Although this might seem economical at first, the reality is that it can cost you money in the long-run.
The staff-hours that you will need to put into taking care of your finances will be considerable. This is bad enough in any other month, but around the end of the year, it’s time and energy that you should be directing elsewhere in your businesses. Basically, handling your own accounting at the busiest time of year is not a smart investment.
Another way that scrimping can end up costing you money is that you may not be aware of all the tricks of the trade. Accounting staff will know how to review statements and can suggest adjustments to help with tax season; they know where the deductions are that will help you keep more money in your business, usually amounting to far more than it will cost to hire them. This makes hiring an accounting temp, either at the end of the year or at any other time, a good return on investment.
How Can Temporary Accounting Staff Help?
There are so many balls in the air around this time of year that it can be easy to drop one. But with extra accounting help watching out for you, you will have someone to catch those balls if they fall!
One of the ways that an accounting temp can help your organization around the end of the year is by reviewing your profit and loss statements. This will give you a great POV of your organization’s financial health and performance, telling you what your revenue will look like by year’s end and how much extra money you will have on hand.
If you sell products, an accounting temp can help take inventory at your organization. By conducting an inventory assessment and then comparing the results to your last inventory report, this accounting person can give you valuable information about how much capital you have invested in your current inventory.
Accounting assistance could be helpful in getting you started on the right foot for the new year. They can help to put together a preliminary budget, giving you a roadmap of the year ahead.
Contract, Temp-to-Hire, or Direct Hire?
At first, you might think that you only need to get more accounting people on staff for the end of the year to help out until things are back under control. For this, accounting temps for this single project might be the way to go. It can be difficult to find reliable and well-qualified accounting employees that will come on for a short period, especially around the end of the year. This is one of the places where Spectra360 shines. We go through our massive database of resumes to find the exact right person who can help you with accounting issues during your end-of-year rush.
Here’s the Thing Though…
In our experience, many of the organizations and hiring managers that we work with find that bringing on accounting help for the end-of-year shows such a strong ROI that they can’t imagine getting along without them going forward. If you think you might be among this group, we would recommend trying Temp-for-Hire. Here, we will go through that same resume database to find accounting employees who will temp at your organization, with you having the option to hire them on full-time in the future. As 90% of our talent ends up being hired on a permanent basis, this might be the best fit for your organization.
And then, of course, there are the organizations that already know the value of having accounting staff on hand at all times of the year. If you want to skip right to the hiring, we also offer Direct Hires. We will find the perfect person who will have the skills you need and fit perfectly into your culture on an ongoing basis.
Bringing on extra help at the end of the year just makes sense. You’re feeling stressed out and overworked, so putting a vetted professional into your team can help everyone out during crunch time. Extra accounting employees can not only give you an idea of the state of your business as it exists at the end of the year, but they can also help you plan for the year ahead. But you need the right person, and that’s what Spectra360 can do for you. Whether you choose temp, temp-to-hire, or direct hire, we will find the perfect accounting employee that will fit into your culture and help relieve some of the year-end rush. You can count on them, and you can count on us to find them!
From now until the end of 2018, we are offering 50% off your first week’s invoice. Interested? Contact us today!