Have Questions?
We’d love to help answer any questions you may have. Please browse a few of the most frequently asked questions here!
As a small business owner, you are required to maintain accurate financial records. So, you must do some form of bookkeeping. You can do it yourself, but you didn’t start a business to spend time buried in the numbers – away from creating, selling, building relationships with customers. In all likelihood, bookkeeping is not your strength or something that you even want to do.
Hiring a bookkeeping professional will save a business owner at least 10 hours a month, depending on the size and complexity of the business. How much value is there for you in 120 hours saved per year if the time could be focused instead on revenue and growth?
Businesses that are just starting, or are small and simple, tend to have limited financial resources. This forces the business owner to make hard decisions about where to invest. If a business owner truly wants to grow, then relying on expertise to manage their finances should be a priority. Organized financial records enable a business owner to see what is and isn’t working so that they can pivot as needed, and better position them for financing with lenders and banking institutions.
The functions of a CPA and a bookkeeper are separate and complementary. There are CPAs who do bookkeeping for their clients because it is required for the CPA to do the tax prep and planning. Many CPAs do not want to do bookkeeping, and many will not. They will outsource the function to a bookkeeping firm, or they will refer their clients to bookkeepers that they routinely work with. Also, in these cases the books may be done with an eye to tax prep more so than business strategy, and the business owner may not get the detailed insights that the numbers can provide for managing and decision making.
Bookkeeping and accounting are two distinct but related fields that are essential for managing a business’s finances. Bookkeeping is the process of recording and organizing financial transactions, such as sales, expenses, and payroll, on a day-to-day basis. It ensures that the financial records are accurate and up-to-date. Accounting, on the other hand, involves analyzing the financial data recorded by bookkeepers and providing advice on tax preparation and financial planning. Both fields can help assess the financial health of a business and provide insights for strategy and decision-making.
Aside from the core monthly bookkeeping services (e.g. recording/reconciling transactions), the answer depends on the size and complexity of your business, as well as how the books have been kept to date. Here are some considerations:
– Do you want help with customer invoices and vendor payments?
– Is your business required to remit sales tax to one or more jurisdictions?
– Does your business depend on accurate inventory tracking?
– Would you like support for budgeting and forecasting?
– If the books aren’t current, you may need catch-up work to bring the records up to date.
– If the business is new, you may need to be set up on a bookkeeping platform with systems and processes to maintain the books going forward.
Schedule a free consultation to discuss your specific situation and determine which services will benefit you the most.