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When a business somehow fails in maintaining books of accounting on a day to day basis or if the concept of keeping books of accounting has not even been initiated due to any reason; Backlog Accounting occurs. Accounting gives a clearer view of a business’s financial position. Thus, keeping the accounting books updated is really important for all kinds of companies from Smaller and Medium Enterprises (SMEs) to start-ups to giant behemoths; accounting is an essential and unavoidable part. In short, Backlog Accounting is done when Accounting is not done!
Why Does Backlog Accounting Happen?
These are the reasons that lead to Backlog Accounting.
Accounting hasn’t been done since the incorporation of the business:
A lot of companies, especially new ones or start-ups have pressure to sustain themselves and, in that race, they do not give enough focus to accounting. As a result, no books of accounting are maintained from the time they incorporated, creating a backlog.
Lack of understanding or knowledge:
Many a time, changes in rules and regulations or new compliances imposed by the Government can lead to a lack of understanding or knowledge to businesses. It can be tough for a business to understand those regulations and implement them in their accounting, which can lead to Backlog Accounting.
Business consumed in development:
Sometimes, a business is highly consumed in developing its products or branches that it lacks in distributing times for other essential routines like accounting.
The hired accounting staff fails in fulfilling their duties responsibly:
A lot of time this can also be the reason that the accounting staff employed by the company lacks in understanding its role and responsibilities, which results in inadequate or useless accounting.
When a business does not know the value of accounting:
This can also be the reason that a business owner thinks that accounting is not that essential part of the business to be focused on.
Why Is It Important?
Do Not Think It Compliance Vice:
Consequences Of Not Doing Backlog Accounting:
- You will never know your company statistics: Backlog accounting comes into picture when a business hasn’t even performed the usual accounting rituals. So, in such cases, when backlog accounting is also not done, a business would never be able to get a clear vision of its revenue growth, sales growth, profit/loss, its periodic performances, etc. That, in the long run, would become a pain for the company.
- Product or asset depreciation: Backlog accounting logs the inventory, assets, etc. If accounting is not done for a long time, a business would not know how much inventory is in access and how much new is needed. Some inventories are not perishable in the long run, which can result in losses. Same goes with the assets; assets have different lives depending on its usage. So, if proper depreciation is not deducted, it would lead to reduced utilization of assets leading to more imperfect product manufacturing.
- Time-consuming: Accounting is no doubt time taking, but Backlog Accounting is time-consuming. It can drain the valuable time that owners are supposed to utilize in planning and to venture their businesses further.
- Company’s reputation can get spoiled: In a lot of cases, not maintaining books of accounts would result in poor business performance as revenue and growth are not accounted for adequately. So, if it’s a new company or a start-up needing to get funded, or even a public company; that would have a negative impact on its investors and customers. In the end, the reputation and goodwill of the company would get spoiled by the lack of Backlog Accounting.
How Can Meru Accounting Help In Backlog Accounting?
(Terms & Conditions apply)
Choosing Us Would Ensure That
- You will be provided with all the essential accounting services, including but not limited to, sales and purchases invoices, receipt vouchers, payment and expense vouchers, bank statements, etc.
- We update books of accounting as per our clients’ requirements (daily, monthly, quarterly or yearly.)
- We provide all the necessary financial statements (balance sheet, income statement, cash flow statement, etc.) to our clients on a regular basis.
In general terms, backlog means a pile of work that is yet to be done. In our day to day life, too, we have a lot of backlogs. Some can be the outcomes of our procrastination, and some can have genuine reasons like lack of time behind it. But whether it is business or about life, backlogs can have some severe consequences sometimes.
When a business somehow fails in maintaining books of accounting on a day to day basis or if the concept of keeping books of accounting has not even been initiated due to any reason; Backlog Accounting occurs. Accounting gives a clearer view of a business’s financial position. Thus, keeping the accounting books updated is really important for all kinds of companies from Smaller and Medium Enterprises (SMEs) to start-ups to giant behemoths; accounting is an essential and unavoidable part. In short, Backlog Accounting is done when Accounting is not done!
Why Does Backlog Accounting Happen?
These are the reasons that lead to Backlog Accounting.
- Business consumed in development: Sometimes, a business is highly consumed in developing its products or branches that it lacks in distributing times for other essential routines like accounting.
- When a business does not know the value of accounting: This can also be the reason that a business owner thinks that accounting is not that essential part of the business to be focused on.
- Accounting hasn’t been done since the incorporation of the business: A lot of companies, especially new ones or start-ups have pressure to sustain themselves and, in that race, they do not give enough focus to accounting. As a result, no books of accounting are maintained from the time they incorporated, creating a backlog.
- The hired accounting staff fails in fulfilling their duties responsibly: A lot of time this can also be the reason that the accounting staff employed by the company lacks in understanding its role and responsibilities, which results in inadequate or useless accounting.
- Lack of understanding or knowledge: Many a time, changes in rules and regulations or new compliances imposed by the Government can lead to a lack of understanding or knowledge to businesses. It can be tough for a business to understand those regulations and implement them in their accounting, which can lead to Backlog Accounting.
Why Is It Important?
The sole purpose of a business is to earn profit and sustain itself in the long run. Though, how would a company know if it’s making profit or loss or if it is fulfilling the sales and revenue targets? The answer is maintaining books of accounts. It reports all the financial transactions that a business undergoes, providing a clear vision on revenues, sales, assets, liabilities, etc. Thus, accounting and in some cases, Backlog Accounting holds significant importance.
Do not think it compliance vice:
Many times, business owners think that accounting is only for the purpose of paying taxes, filing returns or for compliance. Though, that is not the case. No doubt, accounting is essential for the stated purposes, but more than these external factors, internal factors hold more value. Accounting helps a company know where it went wrong, and where it stands financially.
Consequences Of Not Doing Backlog Accounting:
Accounting is important, and if your business didn’t follow it; BACKLOG ACCOUNTING IS NECESSARY!
- You will never know your company statistics: Backlog accounting comes into picture when a business hasn’t even performed the usual accounting rituals. So, in such cases, when backlog accounting is also not done, a business would never be able to get a clear vision of its revenue growth, sales growth, profit/loss, its periodic performances, etc. That, in the long run, would become a pain for the company.
- Product or asset depreciation: Backlog accounting logs the inventory, assets, etc. If accounting is not done for a long time, a business would not know how much inventory is in access and how much new is needed. Some inventories are not perishable in the long run, which can result in losses. Same goes with the assets; assets have different lives depending on its usage. So, if proper depreciation is not deducted, it would lead to reduced utilization of assets leading to more imperfect product manufacturing.
- Time-consuming: Accounting is no doubt time taking, but Backlog Accounting is time-consuming. It can drain the valuable time that owners are supposed to utilize in planning and to venture their businesses further.
- Company’s reputation can get spoiled: In a lot of cases, not maintaining books of accounts would result in poor business performance as revenue and growth are not accounted for adequately. So, if it’s a new company or a start-up needing to get funded, or even a public company; that would have a negative impact on its investors and customers. In the end, the reputation and goodwill of the company would get spoiled by the lack of Backlog Accounting.
How Can Meru Accounting Help In Backlog Accounting?
We at Meru Accounting have experts specialized in Backlog Accounting for the United States that will look after your accounting requirements. In contrast, you, as the business owner, can look after the essential part of your business- development!
Meru accounting has been serving in this industry from the past ten years and is outsourcing its accounting and bookkeeping services in various countries across the globe. We understand our clients’ needs and believe in providing them with satisfactory solutions.
We offer our services at a competitive per hour rate, along with that we also provide with a six hours trial*. (Terms & Conditions apply)
Choosing Us Would Ensure That
- You will be provided with all the essential accounting services, including but not limited to, sales and purchases invoices, receipt vouchers, payment and expense vouchers, bank statements, etc.
- We update books of accounting as per our clients’ requirements (daily, monthly, quarterly or yearly.)
- We provide all the necessary financial statements (balance sheet, income statement, cash flow statement, etc.) to our clients on a regular basis.
Along with Backlog Accounting, Meru Accounting also provides various services like payroll management, taxation, Cloud Addons, and more. We can be your one-stop solution for all your accounting needs. So, what are you waiting for? Get in touch with us today!
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We Serve All Types Of Industries
Construction Industry
Real Estate Industry
Lawyers
Advertising & Marketing Industry
Physicians Doctors Physiotherapist Dentist
Pharma
Online/ ECommerce
Nonprofit Organizations
Franchise Business
Amazon Sellers
Rental Business
Mining Industry
Manufacturing Industry
Information Technology & SAAS Based Companies
Age Care/ Health Care/ Spa & Saloons
Logistics, Transportation & Trucking
Travel, Tourism & Entertainment Industry
Trading /Brokers
Power & Infrastructure
Wholsale & Retail Industry
Gems & Jewelry Retailer & Exporter
Education
Brick & Mortar Industry
Professional Training Business
Consultancy Business
Aerospace Industry
Financial Services
Energy
Restaurant & Hotel Business
Professional Services
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