Good bookkeeping can propel a business forward. Accurate and up-to-date financial information can help small business owners make informed and timely decisions for their businesses. By delegating the task of maintaining books to a bookkeeper, small business owners can spend their valuable time improving their products and giving their clients excellent service.
Bookkeepers can help make the process of documenting and reporting financial activity relatively easy. They are responsible for recording and maintaining financial transactions such as purchases, expenses, sales, revenues, and payments.
Being consistent, accurate, and minimizing errors are key characteristics that bookkeepers possess. They have a thorough knowledge of accounting practices and understand how to use accounting software systems. Bookkeepers lay the groundwork for accountants to analyze and prepare financial statements. Standard methods of bookkeeping are the double-entry bookkeeping system and the single-entry bookkeeping system.
Duties of a professional bookkeeper
The duties and job functions of a professional bookkeeper include:
- Managing cash flow
- Developing bookkeeping policies, procedures, practices, and systems for the business
- Maintaining and balancing subsidiary accounts (accounts payable, accounts receivable, payroll expenses, etc.)
- Preparing bank deposits and delivering payments to the bank
- Creating financial statements including income statements and balance sheets
- Preparing invoices and verifying receipts
- Keeping track of overdue accounts
- Maintaining historical bookkeeping documentation
- Keeping the bookkeeping practices of the business in compliance with federal, state, and local laws
Bookkeepers offer a wide range of services, usually at very reasonable rates. Some of the benefits of hiring professional bookkeeping services include:
- Bookkeepers help you save time and money
As a business owner, you want to be spending less time on mundane clerical tasks, and more time on making your business flourish. When you hire a professional bookkeeper, you are bringing on board an expert whose skills and efficiencies will free you up of time, which you can utilize to grow your business and live your life.
- Bookkeepers let you focus on your business
When you hire a bookkeeper, you can allot more of your time and efforts to networking, marketing, managing, purchasing and/or selling, supplying, and expanding your business. Outsourcing the task of bookkeeping to professionals can help you focus on the growth and success of your business.
- Bookkeepers prevent errors
Mistakes in your books of accounts can cost you dearly. Recording the wrong information or misreporting any income or expenses can incur hefty penalties or fines from the tax authorities. A professional bookkeeper for small businesses will take all your receipts, bills, and invoices and record them accurately into your accounting software.
- Bookkeepers keep your books up-to-date
Bookkeepers help you keep your cash flow under control by providing you the financial transparency and foresightedness which is required to plan and forecast your future growth without risky guesswork.
- Hiring professional bookkeepers is more cost-effective
Outsourcing your bookkeeping is more cost-effective than having it done in-house. Employing a bookkeeper can involve placing advertisements, inviting applications, interviewing candidates, and negotiating terms and conditions of employment, all of which can be cumbersome processes. An external bookkeeper’s job is solely to manage your books and keep your records organized and compliant.
- Bookkeepers ensure your dues are paid on time
Running a business is a 24/7 job. You don’t want the goodwill of your business to be impacted by late or forgotten payments. By using the services of a professional bookkeeper, you can rest easy knowing that your bills, employees, and taxes will be paid on time. This facilitates you to make the best possible financial decisions you can.
- Bookkeepers keep your business aligned with the law
Compliance with laws that govern your business is essential. Any infringement of these laws can incur the wrath of the authorities. Bookkeepers ensure that your business stays aligned with relevant laws.
- Bookkeepers can help attract investors
Businesses need funding to grow and succeed, but investors need to have a good understanding of your business before they invest in it. Up-to-date accurate financial records can help investors predict or determine the success or failure of your business. Bookkeepers make such information readily available and accessible for investors to study.
With flexible packages to suit businesses of all sizes and revenues, the bookkeepers at A+ Tax Experts will help to get your books in order while you channel your vision and passion back to doing what you love most—scripting the success story of your business.
Contact us to know about the wide range of bookkeeping services that we provide in Philadelphia. Our team at A+ Tax Experts would love to chat and find out if our services are right for you.