What A Bookkeeper Can Do For A Small Business

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bookkeeping servicesBookkeeping involves the preparation of business accounts. It entails the recording of financial transactions on a daily basis. Paperwork detailing these transactions is usually processed. Sales and expenses are recorded in a general ledger. Software such as Quickbooks is involved in bookkeeping.

A bookkeeper should be able to reconcile the bank accounts of a business. This ensures that the details of transactions on financial statements match those in the accounting software. This is necessary to ensure that transactions are recorded correctly to avoid fraud and overdraft fees.

A bookkeeper should be able to handle accounts receivable for a small business. This involves the creation of invoices for customers. Sending these invoices and providing statements to customers is all part of accounts receivable tasks. Clients can also alert the bookkeeper when they make payments.

Accounts payable involve bills that a business receives. Deadlines for payment that need to be made should be noted by a bookkeeper. They will ensure that payments are made to various vendors. Proper management of these accounts will solidify relationships with suppliers.

A business needs a bookkeeper to prepare its financial statements. These include the profit and loss statement, cash flow statement and balance sheet. These statements need to be updated regularly. Preferably, this should be done on a monthly basis.

The expenses incurred through operations are shown in the profit and loss statement. This statement also shows the bottom line of a business. The balance sheet, on the other hand, shows the liabilities and assets of a business. Cashflow statements show how much money is coming into and out of a company.

Businesses need bookkeepers to process their payrolls. A bookkeeper is able to help a business prepare its payroll. He or she can input data into the payroll system. This happens after reports are submitted by the payroll provider. Alternatively, data can simply be imported.

Tax payments can also be made by a bookkeeper. Management of timesheets can also be done. This can be for hourly workers or for overtime.

Tracking and managing bank feeds is important for every business. A bookkeeper is able to manage the bank transactions of a business. Linking the bank accounts of a business with its accounting software enables this to happen. A business owner can monitor transactions in real time through this.

Small businesses need bookkeepers for many reasons. UptoDate Bookkeeping prides itself in offering quality, accurate and efficient bookkeeping services. Whether it is outsourcing that you require or just setting up and organizing your bookkeeping, we are here to help you. Visit www.uptodatebookkeeping.com for all solutions regarding bookkeeping for your business.

The 3 Signs You Need Help With Your Payroll

payroll services minnesota

payroll services minnesotaWhen you first start a business, processing payroll seems to be the easiest task that you will have to perform. If you are currently reading this, then you have probably come to the conclusion that payroll is a process that involves more than simply paying employees. Trying to do payroll on your own can take up a lot of mental bandwidth. So, if you feel as though you are ready to outsource your payroll, the following are some signs that now may be the time to hire a bookkeeping company to manage it for you.

Late Payroll

It probably goes without saying that most of your employees do not have a lot of breathing room when it comes to their finances. In fact, reports from the Federal Reserve estimate that over 40% of households in the United States do not have the funds available to cover an unexpected $500 expense.

This means that if you are late running payroll, this can not only mess up their lives, but it can also destroy any credibility and trust you have established as an employer. So, if a bank holiday will throw you off from processing payroll on time, or it slips your mind, consider outsourcing the job to a payroll service.

Missing Tax Deadlines

In the majority of states, small businesses have to make at least eight separate payroll filings annually. These filings include state filings and quarterly filings of the IRS Form 941. Making sure these filings are processed on time is another task that can be forgotten by small business owners. Filing late and/or making late deposits can become costly over time.

Cash Flow Issues

Even small businesses that are successful can occasionally experience cash flow problems. If your business goes through seasonal cycles of ebbs and flows, or you have a major one-time expense, your budget may be destroyed. Whatever your specific problem is, a bookkeeping or payroll service can help you manage your cash flow in several ways such as:

Withholding the taxes for payroll so you do not have to come up with the money at once
Paying your employees through direct deposit
Providing you with accurate payroll data so you are able to make better projections for cash flow

This is list is by no means complete, but it should provide you with a few red flags that you should be on the lookout for. Simply put, an experienced and professional bookkeeping service will give you more time to focus on other areas of your business while minimizing risks that could occur from you doing payroll on your own.

Our Primary Goal Is To Help You With Your Bookkeeping

bookkeeping services

bookkeeping servicesIt is so important to keep track of all of your finances if you have a business. If you do not know how to do this properly, you may need to hire a bookkeeper that can keep your finances in order for you. There are likely many companies in your area that do provide bookkeeping services. You will need to find a competent business that can help you out. The best way to do this is to research all of the companies to find out how much they charge and if they are available. Your other option is to simply call UpToDate Bookkeeping.

The Services That We Offer

Our company is an accounting service that can help you maximize your profits. Whether you need to use our services one time to set up your accounting program, or if you need a regular bookkeeper, we can provide all of this and more. We not only provide bookkeeping services but we also do payroll services. We want to make your job as easy as possible. Instead of designating one employee to handle all of this for you, our company can help you save money and eliminate any worries about the bookkeeping process. We will give you personalized, cost-effective and comprehensive services that can help your business succeed.

Why You Should Consider Using UpToDate Bookkeeping

Our company was founded at the turn of the millennium. All of our employees have a combined amounts of experience that extends beyond six decades. We understand the ins and outs of bookkeeping, payroll, and job costing. Our team is thoroughly committed to providing you with a personalized service that will allow you to simply focus on your business. We can also help you establish financial goals for your company, and discuss your financial statements with you. Our job is to help your business become as profitable as possible, and that can begin by taking advantage of our bookkeeping services.

If you do not have a bookkeeper for your business, certainly consider using our company. UpToDate Bookkeeping is providing these services for many other businesses. If you would like to speak with us, you can contact us by phone, or send us an email so one of our representatives can get in touch with you promptly. Even if you have never used a bookkeeping service before, you will be glad that you started working with us. Our objective is to always provide our clients with the best possible bookkeeping and payroll services available. You can learn more about our business at: https://uptdodatebook.wpengine.com

Outsourcing Bookkeeping

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Quickbooks TrainingRunning a successful business and being the owner of one are two completely different things. You may have hundreds of regular customers and adequate capital but you could be putting your business at jeopardy if you do not utilize a reputable and effective bookkeeping service as well.

Bookkeeping is simply a vital role that must be done properly. Some business owners have the time to do their own bookkeeping. Unfortunately, however, other business owners think that they have the time to do their own bookkeeping but in reality, they do not. These type of business owners need to retain the services of a reputable bookkeeping service.

There are many actual advantages of outsourcing your bookkeeping requirements rather than hiring an internal bookkeeper. Internal bookkeepers can become emotionally involved in the daily running of the business. They also will require other considerations such as vacation pay, sick days, personality issues, and so forth. An external bookkeeping service, on the other hand, has nothing personal to do with your business. Their goal is not to pat you on the back and tell you that everything is fine but rather to provide you with a clear insight of the financial position of your business.

Another key reason to outsource a bookkeeping service is conflict of interest. This will be especially true if the company has more than one owner. It can often be a sticky situation if one owner is entrusted with the accounting and bookkeeping duties. An untrained owner could easily make an error when accounting or record-keeping. This could cause dissension between the owners or other employees in the company may wonder what was the true reason why the financial error was made?

Try to select an external bookkeeper that has a wide variety of bookkeeping and accounting services. Look for a service that has the experience in your type of business. The better bookkeeping services will possess excellent overall skills. They will be able to help you determine financial issues so as to increase the company’s profits. Finally, it is financially better for your business to pay the outsourcing costs of a bookkeeping service rather than hiring a full-time, internal bookkeeper.

Simply talk to a few keeping services and ask them a variety of questions to help you determine which bookkeeping service is perfect for your business. In the long run, an external bookkeeping service may be the best solution for your company’s to profits and growth.

Do You Need Help From A QuickBooks ProAdvisor?

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Quickbooks TrainingIf you find yourself in need of a QuickBooks ProAdvisor, you will want to consider hiring us. We offer over six decades of bookkeeping and accounting experience. We know how important it is to have a professional team working on your behalf. Our team is fully committed to providing you with the most up to date and personalized service to handle all of your accounting needs. We take the guesswork and the time-consuming nature of bookkeeping out of the equation in order to help you maximize your time and energy to focus on your own business. Below, we will be going over some of the reasons you should consider choosing us to handle your bookkeeping efforts.

Reasons To Choose Us:

1. Experience.

As mentioned previously, you will be able to trust us with all of your bookkeeping needs because of the vast amount of experience we offer our clients. We know exactly how important it is having a company that you trust handling your books. We are professionals that are experienced in bookkeeping and we are certified Quickbooks Pro Advisors. Therefore, you will be able to trust that our entire team is qualified to handle your books.

2. Personalized.

Another reason to consider hiring us would be due to the level of personalized that we offer. We know that every business is unique. Therefore, we strive to offer full personalization of our services to ensure that we meet the specific and individual needs of each one of our clients. Being able to offer such a personalized service is crucial to our ability to provide the highest possible level of service to cater to our client’s specific needs.

3. Certified.

As mentioned previously, we are fully Intuit QuickBooks Pro Advisor and ProCore certified. Therefore, you can count on us to be able to handle even the most disorganized books.

4. Save Time.

We know how important it is to save time within your business. After all, time is money and the more time you put towards result producing activities within your business, the more money you will make. This is why we focus on saving our clients time over anything else. We pride ourselves on our ability to take all of the time-consuming tasks off of our client’s hands so they are able to focus on what makes their business more money.

There are plenty of reasons to hire us to handle your bookkeeping needs. By hiring UpToDate Bookkeeping, you will be putting your bookkeeping duties in the hands of certified and experienced professionals that can ultimately save you time and money.

Services Provided By Bookkeepers

bookkeeping services

bookkeeping servicesBookkeeping is without a doubt the backbone of the financial system of small business. It’s a process that involves recording, organizing and storing financial and accounting documents such as ledgers, financial statements, journals, income tax records and much more. In this read, we are going to take a look at the various services that bookkeepers provide.

Payroll Services

Companies with several to many employees usually find it hard to create an maintain an ideal payroll. Having a payroll in place that’s both accurate and done on time is crucial to running a business. It is easy to violate both civil and criminal laws by having a faulty payroll and that’s why it is imperative to have it done properly by professional bookkeepers.

Tax Preparation

This is a service that involves sorting out through tax forms, documents and receipts in order to prepare and accurate tax return. It ideally involves using the tax year’s rules in order to come up with the best solution. This is one of the most common and essential services to be done properly and that’s why it is crucial to have a professional bookkeeper on the task.

Monthly Bookkeeping Services

This is simply the handling of records, tax filings and books of a company. In addition to a monthly tally, some bookkeepers also provide weekly, quarterly or even annual breakdowns of revenues and expenditures. Such a detailed analysis is very useful as it helps you get a financial overview of your company’s money.

These services can also include:

  1. Creating vital financial documents
  2. Monitoring bank accounts for both legitimate and fraudulent transactions
  3. Altering for suspicious transactions and overdrawn accounts
  4. Creating and implementing a budget.

Corporation Setup

Whether you are self-employed, looking to launch a startup or own a family business, it is important that you know how to incorporate during the initial stages. The primary advantage of a corporation set up is allowances for deductions and lenient taxes. The benefits can even extend to asset protection, benefits for employees, etc. depending on the state.

Financial Services

Bookkeepers are also tasked with preparing financial statements including but not limited to balance sheets, income statements, owner or shareholder equity and cash flow statements. The purpose of these statements should be an accurate and easy to read snapshot of the finances of the company for the past, present and future.

These are the main services that bookkeepers offer. It is important to have one on your side if you want your business to be on the safe side and run smoothly.

Find Yourself Struggling With Quickbooks?

Are you having trouble keeping your books updated and organized? If so, you are certainly not alone. As someone that is running a business, you are likely already dealing with a vast array of different tasks. Typically, you have to worry about a multitude of things. Because of this, maintaining your books might be last on the list of your priorities. That is why a lot of businesses are choosing to outsource their bookkeeping to a third party service like UptoDate Bookkeeping.

By hiring a bookkeeping service to handle your bookkeeping and payroll needs, you will be able to complete relieve yourself from the time-consuming nature of the task. Below, we will go over some of the reasons you are going to want to consider handing off your bookkeeping efforts to a professional bookkeeping and payroll service.

Reasons To Hire A Professional Bookkeeping and Payroll Service:

1. Focus On Your Business.

As a business owner, you likely already have your head on a swivel dealing with various core business needs. By hiring and outsourcing a bookkeeping service, you will be able to focus a majority of your time and energy on those core business needs that effectively grow your business. This alone is reason enough to invest in these services because it is going to allow you to really maximize your efficiency.

2. Make Fewer Mistakes.

When it comes to bookkeeping, you typically need a painstaking attention to detail to avoid small yet critical mistakes that can cost your business a lot of money or resources. By hiring a professional company that makes it a priority to have such painstaking attention to detail, you are going to be able to benefit from making fewer overall mistakes.

3. Maintain Positive Cash-flow.

As a business owner, you likely don’t have your eyes on the books at all times. By having a third-party dedicated to keeping your books up to date, you are going to be able to get alerted on cash flow constraints and they will be able to send out various reminders to ensure that your cash flow stays positive at all times.

Overall, there are so many reasons you are going to want to hire a professional bookkeeping and payroll service like UptoDate Bookkeeping. By doing so, you will be able to outsource a lot of the tedious nature of bookkeeping and focus more time and energy on your core business services.

Why you should hire a bookkeeper for your business

Bookkeeping Company MinneapolisThere can be no doubt that having a skilled bookkeeper on hand to assist your business has numerous benefits. Your company is growing and you need to pay attention to your business and handling Bookkeeping is taking up way too much of your time.

A bookkeeping firm is a good choice as there are multiple people that can assist you when needed. You won’t encounter service gaps that you might find with a freelance bookkeeper or even having one bookkeeper in house. Having sales and expense data properly categorized allows business owners to see where they are spending and making money.

How to determine if I need to hire a Bookkeeper

1. You are too busy categorizing transactions and are not focusing enough on your business
2. You are behind on collecting your accounts receivables
3. You are behind on sending out client invoices
4. You have a desk full of bills and receipts on your desk
5. You have too many accounts that inhibit you from gaining any business insights
6. You don’t have a clear idea of what you’re spending or making
7. You are spending more than 5 hours a month on bookkeeping.

The benefits of hiring a bookkeeper

A bookkeeper will provide you with regular finance updates, a clear Profit & Loss Statement, a Balance Sheet which will free you up to handle what you do best – run your business.

Ever wonder how much money you have – what is coming in – when it will arrive? A bookkeeper will provide you with a Cash Flow Statement. It will tell you who owes you money, how much they owe you and when you will get paid. You now have a snapshot of your business and how it is doing. Having this type is information takes time and takes you away from your business.

Another benefit is that you are assured that your books are accurate. You no longer have to worry that you have entered information correctly and that at tax time you won’t be scrambling to locate all of the correct information. Bookkeepers have the knowledge and experience to keep your finances organized and current.

Are you ready to focus on your business more and leave the bookkeeping to a professional? Give us a call today and schedule a consultation. Let us provide you with the freedom to do what you started out to do – run and grow your business.

Thinking about hiring an outside company to do your Payroll?

payroll services minnesotaThere are many benefits that you can expect from hiring an payroll service company. It allows you to make savings and free up time to use in other aspects of your business. Outsourcing tasks that are not the core services of the business can be a good idea, both for small and big businesses. Having an internal department to deal with these services can be more expensive than outsourcing to a third party. Additional costs like training also adds to the cost of an internal payroll department. Payroll presents challenges to businesses regardless of the size.

What can a payroll company do for you?

Payroll companies specialize in payroll service. We will make sure that employees are paid on time and all the legal obligations are met. Our focus is on payroll and human resource tasks, and this ensures that we will take the worry out of the payroll processes. You will now have the chance to focus on your business instead of having to worry about how and when your employees will get paid.

Payroll is more than just writing checks and making payments through direct deposit. Payroll companies are tasked with handling a wide range of duties such as;

• Monitoring employee time and attendance
• Ensuring overtime pay is paid
• Setting up and making adjustments to direct deposit accounts
• Calculating payroll taxes and ensuring correct deductions
• Integrating third-party 401 (k) and benefit plans
• Compliance with federal and state payroll laws
• Electronic payroll records to both employers and employees

We provide systems that ensure all necessary information has been captured. Employees are also able to log in and view, print and save pay stubs.

We will give you peace of mind.