What do Bookkeeping Services Do?
It can be difficult to fully understand what is offered by bookkeeping services. Usually, most will offer a wide variety of services that are tailored to your needs as an individual or business. They can help you take care of general accounting needs such as payroll, and much more! Here is a general overview of what most bookkeeping services offer.
Accounts Payable and Receivable
This is one of the most universal and basic of all bookkeeping functions. All businesses need to buy things and pay for what they supply. A bookkeeping firm will track of all of this. They will set up an invoicing system, track the status of payments, identify problem payers among your clients, and pay your bills on time.
Employees of businesses need to be paid. Every business needs to keep track of its payroll and fringe benefits. Bookkeeping services will help you spend less time worrying about managing payroll and accounts, and more time focusing on how to make your business grow. In some cases, not only will they create the checks needed for your employees, but they will also send them out once they’ve been signed.
Profit and Loss Statements
To understand where you’re at as a business, you need to have a balanced account. It’s impossible to know this without having a detailed profit and loss statement. An accounting firm can make these statements simple for you to understand, showing you the bottom line. This is the only way to make sure that you, as an individual or a business, refrain from a deficit.
If you choose to keep track of everything yourself using QuickBooks, most bookkeeping firms will help you if there is an issue. They can help you set it up and even train you on how to use it on a daily basis. In some cases, they can even provide discounts for the software. A firm may also assist you if you’re simply looking for a QuickBooks tune-up.
This is the process performed by a company to make sure that the company’s records and bank records are both correct. This is a necessary task required for accurate records and company financial statements. It is also associated with a company’s internal controls over cash. So, it’s understandable why you would want a professional bookkeeping service watching over your records to ensure their utmost accuracy.