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.