When you became a small business owner, it was probably not because you were eager for all of the accounting and paperwork (unless, maybe, you own an accounting firm). But it is not often practical or necessary for a small business to employ a full-time bookkeeper, either. So, what is a business owner to do? Luckily, it has never been easier for bookkeeping services for small business to help with anything from day to day operations up to large, complicated accounting projects or complicated tax services–all through a simple, outsourced process.
Bookkeeping Services for Small Business: Relieving stress or stressing you out?
What Do Bookkeeping Services do for Small Businesses?
A good bookkeeper for small business should have the established expertise and experience to be able to capably approach your books and create a system that is custom fit to streamline your bookkeeping (and cut down on all that paperwork)! While some bookkeeping services will try to use a one size fits all approach to bookkeeping, small businesses are anything but generic. While there are definitely some rules of thumb and definite must-dos in terms of legal compliance and best practices, the trick is knowing how to execute bookkeeping in such a way that the small business benefits from increased efficiency and a business owner who is able to confidently use their time and talents on other areas of the business to bolster bottom lines and increase key business metrics.
What do I do?
The scope of bookkeeping services for small business will depend on a variety of factors and what is the best fit for the business. Regardless, you should expect constant access to a clear and accurate account of your monthly and year-to-date finances, including balance sheets, revenue and expense statements and a detailed general ledger. All entries of sales, cash receipts and check disbursements should be well organized and small business owners should always know where to access lists of payments to employees and contractors, providing the basis for all tax reports, W-2’s and 1099s.
What to Expect?
Above all, you should always be able to get in touch with your account representative and any questions you may have about topics ranging from QuickBooks to W2s to bank reconciliations should be answered quickly and accurately–your small business bookkeeping service’s business will be all financial aspects of your business, after all. And when legislative changes occur that will affect your small business happen (Say, a minimum wage increase, for example), your accounting service should be out front letting you know about changes as they occur and helping you craft solutions to adapt to the rapidly changing marketplace. Your business is simply too important to leave it vulnerable to the oversight of someone who is not doing their utmost to keep abreast of their industry to be proactive about keeping you successful. If you find that your accounting service is making you want to pull your hair out, it may be time to shop for a new bookkeeping service for your small business.
Accounting and Tax Services
Specific services, particularly around tax season, garner more attention from small business depending on the time of year, type of business and the resources readily available within the company. For a good bookkeeping service for small businesses, there will be no financial task that is too big or too small. Some examples of bookkeeping services for small businesses, particularly accounting and tax services, include (but are in no way limited to) the following:
- Year-round business and personal tax consultation
- Year-end planning to maximize tax savings
- Tax comparisons to maximize legal deductions
- QuickBooks set-up and training
- Elimination of unwarranted penalties
- Year-round monitoring of tax law changes
- Tax return preparation
- Monthly financial statements
- Business buy/sell analysis
- Equipment and real estate purchase and sale planning
- Projections, budgets, and comparative financial reports
- Business problem solving and expansion evaluation
Small Business Accounting Services Cost
Small business accounting services cost will vary depending on the precise services you need. However, because of the nature of their services, a true accounting professional should never make you question whether their services are worth the investment. Accounting services costs should be clearly articulated, they should be reasonable and you should know exactly what you are entitled to based on your agreement. Most of all, remember that small business accounting services should bolster your bottom line over time, not be a burden or hindrance. If calling your accountant makes you feel like you have swallowed razor blades, you are in the wrong hands.
If you are done dealing with amateur bookkeeping services for small business and ready to partner with professionals who understand the role they should play in boosting your organization’s success, give us a call for a free consultation. We are here and excited to help you with any of your accounting and tax services needs–or even to help you figure out what your needs are, to begin with!