Outsourced Accounting and Bookkeeping
Winning in business means having a good daily grasp of your revenue and expenses. You can do it yourself, but do you want to? Most business owners, unless they are highly trained in financial recordkeeping, find it works better to outsource.
You may need a bookkeeper, an accountant, or both.
- Bookkeepers like BookWerksTM keep track of the day-to-day, using standard accounting practices to accurately record transactions, reconcile bank and credit card statements, and keep you in the loop with monthly reports such as balance sheets, profit and loss statements, and income statements.
They can handle bills, invoices and payroll, and will make sure your books are in order for tax time.
- Accountants are more big-picture–and usually more expensive–offering tax and advisory services. Your accountant will prevent tax errors and resulting audits. Because they know all the tax rules, accountants can tell you how much money to set aside, and ensure you don’t overpay.
Good bookkeepers keep tax-ready records your CPAs can easily use, with your permission, of course.
Why Outsource Bookkeeping?
Outsourcing accounting bookkeeping services will save you time and money. Yes, these services cost money, but the professionals will probably be much more efficient than you or an employee not properly trained.
The hired and seasoned professionals will be less likely to make costly mistakes – this will provide more peace of mind knowing your financial records are in order. With regular, easy-to-understand reports, you will stay more on top of your financial picture, which can be crucial when it comes to deciding on expensive equipment or new locations.
Without an outside bookkeeper/accountant, you could find yourself in a fix if your employee in charge of record-keeping suddenly leaves the company, or goes on an extended maternity leave or vacation.
Using a firm that specializes in bookkeeping and accounting services means you reduce the potential for interruption in service.
What to Look for in Professional Bookkeeping / Accounting Services
- You want a bookeeping firm that has worked with businesses the same size as yours, so they understand your challenges
- Professional credentials. When seeking an accountant, make sure they have formal training, and are part of local financial trade groups
- A flat-fee payment system. The modern form of charging for financial record-keeping is with a flat monthly fee, not an hourly rate. You will not have any surprises at the end of the month if your bookkeeping service charges a flat fee
- Cloud-based accounting software, so you and your CPA have access from anywhere there is internet – your bookkeeping company can work in tandem with your accountant to make things easy