It is easy for small business owners to assume they can do just fine without professional bookkeeping services.
Many people, when asked what a bookkeeping company actually does, can recite the obvious duties like managing banking balance sheets, doing employee payroll, and tax preparation but stop there.
In reality, bookkeepers are capable of doing much more for their small business clients, saving them money and helping them to be more profitable.
What Services Can A Bookkeeping Company Offer?
What services can a qualified bookkeeping company perform for their clients? The list is a lot more extensive than many business owners probably realize:
- Invoicing and Bill Paying - Accounts receivable, accounts payable, managing business loans, etc.
- Banking and Financial Statements - Banking deposits, money transfers, monthly, quarterly, and annual financial statements, balance sheets, account reconciliation, and more.
- Payroll - Payroll expense handling, employee tax reporting, etc.
- Quarterly and Year-End Services - Routine account reviews and reporting, periodic reconciliations and adjustments, etc.
- Tax Planning and Preparation - Business tax preparation and filing, amendments, extensions, and effective future tax planning.
- Business Structure Consultations - Advice on structuring the business based on finances, taxes, and how the business functions.
- Financial Software - Setting up and implementing invoicing and other financial software for owners and employees.
Although every business is different, they all require most, if not all of these services in some capacity.
As such, any reliable bookkeeping company can create a service plan that handles as little or as much as each business owner wants or needs to keep things flowing smoothly.
Why Hire A Bookkeeping Service?
The main advantage to hiring a bookkeeping service is that it gives business owners access to all the financial expertise necessary to keep all the books accurate.
Only with accurate accounts and reporting can any business owner make wise decisions dealing with business structure and growth, and know how to achieve the biggest tax breaks and deductions with good tax planning.
Leaving the complicated financial tracking to a bookkeeping company also means less time spent away from actually running the business.
Ready to Hire a Bookkeeping Service?
Clearly, there is a lot more that a professional bookkeeping service can do for any business than just tax preparation and balance sheets.
Small business owners who partner with a trusted and reliable bookkeeping service can focus on what matters most for growing the business while the accounts and taxes are handled more efficiently by highly-trained financial experts.
With fewer recording and banking mistakes, more tax and financial advantages, and the ability to plan business moves with an experienced bookkeeping service, business success is more achievable.