Unless you have experience managing the books, it’s a better idea to hire a bookkeeper, rather than trying to do it yourself. The beginning of your business is a crucial time for organizing information and building a system where transactions can be tracked and entered into your books.
Tax Savings:
Although this isn’t the only reason to hire a bookkeeper, this is will benefit you greatly during tax season. Bookkeepers help streamline the process by providing detailed reports and making certain financial documents are free of error. Heartfelt CFO and Tax Services employs a full team of accounting and bookkeeping professionals, who work together to keep your financial needs under one roof. Using an accountant and bookkeeper of the same company is a great tip for keeping communication simple and eliminating the time gap between the two parties.
Tracking Profits:
Your profits will fluctuate depending on type of business, expenses, payroll and other factors. Understanding where your profits are being acquired is one of the key drivers to growing your business. If you’re looking to itemize jobs and understand how much each individual job is costing, we can help you do just that. Bookkeepers make it easy to organize finances in order to better your business.
Avoiding the Audit:
Being audited is every business owners fear, however there are key steps to avoid this painful process. By using the right bookkeepers and accountants your on the right track. If you choose a financial firm that has your best interests in mind they’ll go the extra mile to make sure all expenses and reports are legitimate.
Easy to Understand Reports:
You’ve entered all your invoices, transactions and payroll information into your bookkeeping software now what? Assuming everything is entered correctly, you can run reports to learn where you need money is being allocated, as well as your profit to loss ratios. Heartfelt CFO and Tax Services New York City Bookkeeping services include thorough reports not just numbers on a paper. We’re here to explain all the details and help you get your business where it’s supposed to be.
Separating Business from Personal:
A Common mistake many business owners make, is not separating personal from business expenses, from the beginning. In order to qualify for greater tax savings and organize all incoming and outgoing expenses, the two must always be separate. Merging these two accounts together can make it difficult to understand expenses. Hiring a bookkeeper to come in and separate these accounts, is the first step in properly organizing your books.
Payroll:
If you’re employing a staff big or small keeping track of payments and processing payroll is an important task. Using a bookkeeper for your payroll needs will allow them to:
- Monitor Payments
- Gather Sales Reports
- Collect Employee Time Sheets
- Process Checks
- Processing Wage Garnishments
