Are you looking to start a new business or are you already launched and serving clients or customers? Are you thinking of launching a non-profit organization to give back to the community and make the world a better place? If you answered “yes” to those questions then this is the blog that you need to get your business moving and running smoothly.
We drafted a few key points in this startup guide to help you set up a business — human resources, administrative and accounting services.
Accounting:
Accounting is the most important function in an organization as it keeps your financial health moving. One wrong step might mean an error in projecting your business’s finances. Wrongful forecasting of finances can leave you with depleted funds and throw off your finances as in your Income Statement, Profit-and-Loss sheet, and more.
Major functions of accounting include:
- Recording expenses and income
- Tracking assets and amounts owed
- Producing Financial reports that tell you a lot about your business
- Assisting you with filing your tax return
- Complying with federal and state regulations
Setting up accounting systems for a small business includes:
- Opening a business account
- Recording incomes & expenses
- Determining how your business gets paid
- Establishing bookkeeping systems
- Setting up a payroll system
Human Resources:
Human resources is an important department of an organization when you are actively recruiting and retaining employees. Those employees form the company’s backbone, and it is crucial to have procedures in place to protect them and your business. When you have a strong HR force it increases employee loyalty, commitment, and performance.
The human resources department incorporates an employee handbook which provides clarity of thought to the employee regarding issues that come up at the workplace. Some of the items in the handbook include your Vision & Mission Statements, Code of Conduct, Job Descriptions, Vacation, and Sick Days, Mental Health Days, and more. Human Resources also makes sure you comply with the laws, such as wage laws, safety laws, leave laws and anti-discriminatory laws.
Administrative Support:
Administrative tasks for your small business might include all the functions like HR, accounting, and IT until you have the bandwidth of hiring admin support. A few major admin-related tasks include HR administration, onboarding new hires, troubleshooting IT issues, data entry, e-mail management, appointment setting, placing orders, task management software, and more. Delegating administrative tasks might help buy time to focus on making strategic business decisions, and now it is even easier to outsource tasks to a virtual admin.
This starter kit gives you an idea of all the required aspects in each area for your organization. You don’t have to do it all by yourself. LTD Global has provided small businesses and non-profits with HR, accounting, and administrative-related services for over 20 years. We will be glad to get you started and help you grow—contact LTD for more information.