Any small business owner will tell you that there are several advantages to having a person take over the function of bookkeeping for your business. In most cases you will often find that a business owner has a hands-on approach with the majority of their daily activities and it is mainly because they prefer to do things themselves. Not only do you ensure that the job gets done the way you want it to, but you also get to save on the costs of paying somebody else to do the work.
When it comes to bookkeeping services there is no difference. A business owner will capture every transaction made by or on behalf of the company and then use those records once a month, once every quarter or perhaps even once a year when it is time to do the tax returns. A task like that would need to be completed every month if you want to avoid a huge backlog of receipts that all need to be sorted and captured accordingly.
Specific Records Need To Be Kept On File
When you are running your own business, it is important to keep a detailed record of all your financial transactions. When you end up keeping all your slips because you don’t have to time to sit and sort them out, you will most likely find them piling up quite quickly. Bookkeepers and accountants are trained to know which slips to keep and how to organise them accordingly.
By following this route you will keep the work to a bare minimum, which can minimise the admin that needs to be done each month and keep a digital record of things by using a personal or business bank account to handle all of your payments and receipts. It is important to have records of all your income that is relevant to the business as well as records of specific expenses as they have certain tax benefits. In order to receive those tax benefits though, you need to ensure that the records are accurate and relevant to the business.
Selecting the Best Professional Bookkeeping Service
Professional bookkeepers are a dime a dozen and you often find that there are people out there who claim to handle books, when they aren’t correctly qualified to do so. If you have ever had experience with software packages that are designed to help you keep record of your finances, you would know that you need to have some understanding of accounts and bookkeeping if you are going to use the program correctly.
Sure you can follow the guides or get help from the internet, but it still means that you have to take the time to sit down and learn everything in addition to doing all the work yourself. If you don’t have the time to learn or your company can afford to hire somebody to keep the books up-to-date, then it’s probably time for you to get in contact with a reliable bookkeeper that has experience with dealing in your kind of business and has substantial experience with handling books, like OfficeOnCall.
Bookkeeping Services Do Not Function in Isolation
People often confuse bookkeeping with accounting and it is understandably so, however it is important to realise that not only are they completely separate functions, they also happen at two completely different stages of the whole financial recording process. Bookkeeping keeps record of all the income and expenses while accounting focuses on the reporting and analysis of all those records.
Small businesses don’t require a detailed analysis of their finances because they usually stay relatively simple; it’s fairly straightforward to find how much money was made and where it all went every month when you just have yourself and a few of your accounts to handle. Bigger businesses on the other hand, require detailed reporting for each and every department and then it still has to be consolidated afterwards, and that requires the services of a single accountant at the very least.
Professional Bookkeeping Services that Work!
If you need to get your finances in order or you simply need to keep better record of everything. To ensure this happens it would be in your best interests to hire a professional. At OfficeOnCall we will any business, no matter how big or small. To get the help you need today give us a call and speak with one of our consultants so that we can establish what exactly you need in order for your company’s accounts and bookkeeping to be in order, thereby saving you time and definitely saving you money.