Business & Non Profit Organizations
Only Half of Small Businesses Survive
The US Small Business Administration points out that businesses have about a 50% chance of ending in failure at the end of five years. The statistic is alarming and unsettling for business owners or leaders of any organization. Further research makes it clear that even if a business offers an outstanding product or service, failure is most likely to occur because of management’s lack of business skill.
On the list of mistakes made by business owners, managers and leaders, right alongside lack of strategy and ineffective marketing, is failure to keep track of company finances. In fact, in more cases than not, failure to maintain timely, accurate financial records and reports is the most common reason for business failure. Sound strategy and management decisions depend on real-time, accurate data so neglecting the accounting system and financial reporting can be downright reckless.
Neglecting Bookkeeping Increases Risk of Failure
Why would any business owner or manager risk failure by neglecting bookkeeping and accounting tasks? Management’s failure to understand the importance and relevance of financial data in decision-making may be one reason. Other times events may overtake the company and the financial reporting falls behind or the data is completely lost. Lack of planning and resources may also cause owners to neglect the company finances.
Common reasons companies and non-profits fall behind include:
- reliance on an incompetent or dishonest bookkeeper
- lack of oversight
- technology failure that results in lost data
- inability to manage company or organizational growth
- lack of budgeting for accounting tasks
- lack of affordable and skilled accounting help
- total trust in and reliance on the owner’s accounting skill
Non Profits Can Lose Donors and More
For non-profit organizations, failure to maintain complete financial records can mean loss of tax-exempt status and ultimately, the loss of donors. There may be other legal consequences for neglecting record-keeping and since the public is allowed to review a non-profit’s tax return, the accounting and financial reporting should be a top priority for all board members.
QuikComp provides a way to catch-up and stay on track.
Experience, Credentials, Proven Results
At QuikComp, we have eleven years of experience providing compiled financial statements to accounting firms, businesses and non-profits in the DC Metro area. Our compilation team is led by Denise Robinett, a US Treasury licensed tax accountant. As part of the licensing requirement, Denise has passed an extensive background check and completes annual continuing education and ethics training.
Denise has accounting, controller and CFO experience in manufacturing and real estate development. She was a senior-level manager in higher education (university level), taught college classes, and was president of a non-profit organization. She has won awards for operational excellence and productivity and founded Essential Business Services-a professional services firm-in 2005. Today EBS has three divisions, one of which is QuikComp.
At QuikComp, our bookkeepers, payroll specialists and accountants have worked in various industries from retail to construction to government contracting and are constantly trained and evaluated. We have a QuickBooks ProAdvisor on staff to handle any technical issues.
QuikComp offers solutions for difficult problems.
Back Taxes and Missing Data
We specialize in multiple year compilations for businesses that need to file back tax returns or recover data due to casualty loss or technology failure. We work with our clients to obtain the source documents needed, and we compile data into financial statements according to GAAP (Generally Accepted Accounting Principles). We send compiled data to an accountant or tax professional at our client’s request.
QuikComp serves all industries and business structures including not for profit organizations.
Working Smart with Client Oversight
We use a cloud-based project center to share documents and files, monitor progress, and communicate with our clients. Our internal compilation technology combined with our efficient client communication system creates value for our clients and makes it possible for us to support clients nationwide. The system increases productivity, offers 24-7 access, and enhances communication and feedback. Our clients have project oversight via their smartphones!
We compile financial statements for:
- Accrual and Cash Reporting
- Subchapter S Corporations
- C Corporations
- Schedule C filers
- Non-Profit Organizations filing Form 990
- Churches and other Non-filers
Fixed Pricing and Easy Terms
We determine the price for annual, monthly or multi-period compilations after a short consult and a review of the primary documents. We send a simple, fixed price quote and once approved and a method of payment determined, we begin work. We offer payment plans in certain circumstances and accept all major credit cards.
With QuikComp as a partner, your business or organization doesn’t have to be a statistic.
Better Decision Making Depends on Better Reporting
Our number one goal is to help management and leaders make better decisions and lessen the risk of failure due to inaccurate, lagging data. At QuikComp, we provide an efficient “catch-up” for the many businesses who have fallen behind in accounting and tax reporting. We also provide a cost-effective way for growing companies to keep up with the demand for accurate, real-time data. When exponential growth causes a lag in financial reporting, we are ready to join your team and shorten the lag.
At QuikComp, our goal is to put you in control.
With QuikComp, you can gain control over your company finances, make better strategic decisions and spend your time finding new customers instead of chasing paper. If your company or organization is behind in accounting tasks or has lost important data to corruption, technology failure or theft, QuikComp is the solution.
Take your business to the next level! Give us a call today or send us an e-mail.