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As finance businesses tend to have thousands of transactions every day, it's hard to keep track of every penny. We’ve seen finance businesses struggling with the following aspects of bookkeeping:
Calculating Accurate Working Capital
Current assets and liabilities valuation, the timing of cash flows, and changes in a company's business model or operating environment impact working capital calculations. This can create a working capital mismatch, making it difficult to accurately determine the company's short-term liquidity.
Strategic Financial Planning
Economic uncertainty and market volatility can make it challenging to forecast financial performance. External factors like changes in interest rates, geopolitical events, and technological disruptions can impact revenue and expenses, making it difficult to predict future financial results.
Risk management can be challenging for finance businesses due to several factors, including the complexity of financial products and markets, the difficulty in quantifying and modeling risks, the constantly evolving regulatory landscape, and the potential for unexpected events like natural disasters or cyberattacks.
Finance businesses need to report their finances accurately and on time to meet regulatory requirements and provide financial information to stakeholders. However, this can be challenging because of the complexity of financial transactions and the need for accurate and complete data.
Payroll processing involves calculating and paying employees' salaries, benefits, and taxes, which can be complicated and time-consuming. In addition, regulations and tax laws are constantly changing, making it difficult for finance businesses to stay up-to-date and compliant.
Finance businesses often face time constraints, which can make it difficult to gain valuable insights into their finances. Without the insights, it can be challenging to make informed financial decisions.
Finance businesses need to manage their accounts payables and receivables to ensure they are paying their bills on time and collecting payments from customers in a timely manner. However, this can be challenging due to the volume of transactions involved and the need for accurate record-keeping.
Finance businesses handle sensitive financial information, which makes them vulnerable to data breaches and cyber-attacks. Finance businesses need to implement strong data security measures to protect their data and their client's data.
At IBN, we understand that managing finances can be an unnecessary burden for your finance businesses. That's why we offer expert bookkeeping services to help you stay on top of your finances and focus on growing your business.
Our team of experienced bookkeepers can handle all aspects of your bookkeeping, including reporting, payroll processing, day-to-day, weekly, and monthly reporting accounts payables, and accounts receivables. We take a personalized approach to each client, so we can understand your unique needs and provide customized solutions.
With our bookkeeping services, you'll no longer have to worry about managing the complexities of financial transactions or staying up-to-date with regulatory requirements. Instead, we'll handle all the things for you, so you can focus on running your business and making informed financial decisions.
Our services are designed to help finance businesses overcome their bookkeeping challenges and provide valuable financial insights to drive growth. We prioritize data security and use the latest technologies to protect and secure financial information.
I want to say that it is my pleasure to work with the guys at IBN since they first accepted us as a client in July of 2021. I provided them with the bookkeeping challenge of working on three companies simultaneously in order to complete new filing requirements by the OTC markets with a 3-month deadline. The first bookkeeping task was for recording multiple years of entries for AUREX Trading and Recovery Inc, which is a precious metal recovery operation from electronic scrap but also included many other sources for gold and silver refining with unique ledger challenges. The second is a small games operation company called Snapt Games. These financials then rolled up to form part of the records for the main company, APT Systems Inc. APT is a fintech company that includes a now smaller division for gold management, platform development, a Spera stablecoin and all of the usual items required for reporting companies. The IBN team members have always been very professional and incredibly patient under stressful times and worked well with me, our CFO and our internal review team. I am very happy to recommend their bookkeeping services which are performed online using QuickBooks and I am grateful to have found them. Thank you for your great service!