What is Catchup Accounting?
As a busy business owner, you may realize that you have neglected your bookkeeping and tax compliance for the past few months (or even years!).
This usually happens to businesses experiencing rapid growth, as all of the focus is placed on operations and customer service while accounting and compliance tasks are put off.
Now is the time to address this issue. It’s important to ensure the long-term success of your business.
So roll up your sleeves and get to work!
Why do you need Catch Up Accounting ?
Focusing on your operations and neglecting the administrative tasks like accounting or taxes is not sustainable in the long term. Sooner rather than later you have to take the time to do a proper catch up of your bookkeeping and tax requirements and set up proper financial processes moving forward.
If you don’t, you are exposing your company to serious issues:
What exactly is Catch Up Accounting and How is it performed ?
Catch Up Accounting is a process of updating or adjusting financial records of a company. It involves going back and correcting the errors or omissions in the financial statements, so that they accurately reflect the financial position of the business.
Catch Up accounting is a time consuming and complex process, as it involves reviewing and correcting a large amount of financial data, and is usually done by an experienced outsourced accountant with knowledge of the accounting and tax rules of the country.
The steps will usually include:
What to do after Catch Up Accounting is done?
Thanks to catch up accounting, you fixed your financials for the previous months or years.
The next step for your company is to be able to timely and accurately prepare its financial and management reports on a monthly basis. This is how you will ensure your performance is monitored properly and your financial data provides strategic value.
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