Tag: Bookkeeping Services Mpls

Find Your Perfect Bookkeeper with Outsourced Bookkeeping

bookkeeping services near forest lake mn

When you’re ready to outsource your bookkeeping, it can be an attractive option. What can you expect a bookkeeper to actually do for you? How much will a bookkeeping service cost? How much can you save just using bookkeeping software alone?

This article discusses: How to figure out the best bookkeeping solution for your business.

  • The advantages of outsourcing bookkeeping as opposed to using bookkeeping software or hiring a bookkeeper in-house
  • A bookkeeping service covers what tasks
  • Outsourcing your books how the process actually works
  • How much does quality outsourced bookkeeping cost?

We will cover everything you need to know about outsourcing your bookkeeping.

Does Your Bookkeeping Need to Be Outsourced?

The benefits of moving bookkeeping off your plate are obvious if you’ve already made the decision. For starters:

  • You get to concentrate on growing the company instead of spending time and patience on it.
  • When you leave it to a professional, you don’t need to worry about inaccuracies or falling behind on your books.
  • Whenever it’s time to get a loan or file your taxes, you can be confident that your books are all in order and ready to hand to a CPA.

You can also hire a bookkeeper in-house, but outsourcing your bookkeeping is the better option. What are some reasons to outsource instead of hiring in-house?

  • Outsourced bookkeeping services are more flexible, allowing you to tailor your service to suit your changing needs.
  • The cost of outsourcing bookkeeping can often be substantially less than paying an employee’s salary plus benefits.
  • Someone else is in charge of vetting and hiring qualified, professional bookkeepers.

Bookkeeping services can handle a variety of tasks for you.

It turns out there is a lot of confusion between bookkeeping, accounting, and taxes. So if you decide to outsource your bookkeeping, what does that cover?

Bookkeeping services can handle any and all of these tasks:

  • Importing financial information from bank statements, credit card statements, payroll records, invoices, and more .
  • Making sure all transactions have been properly categorized and reconciled
  • Manage the tracking of bills and income yet to be recognized (which typically includes accounts payable and receivable management)
  • Making sure your books are always up-to-date and accurate
  • A monthly or quarterly statement of cash flows, profit & loss, and balance sheet for your business.
  • Explaining your financial statements and other aspects of your bookkeeping in terms you can understand
  • Providing information to investors, tax preparers, and other interested parties with complete and accurate financial reporting.

The details will need to be worked out with the person or service you choose. Ask questions in advance and make sure your expectations are aligned with theirs before signing up.

How Does Outsourced Bookkeeping Work?

When you choose to outsource your bookkeeping to an independent professional bookkeeper, a human-only service, or a hybrid bookkeeping service, the process looks a little different. Here’s how the process works when you use a service.

  • Step 1: Your dedicated account manager will help you set up all the integrations and connect all the financial accounts and software your business already utilizes.
  • Step 2: Bookkeepers and software work together to record, categorize, and reconcile transactions. Meanwhile, you don’t have to worry about your books.
  • Step 3: We send you your financial statements each month.

If you have any questions about your monthly financial statements or anything else along the way, your dedicated account manager is always available to assist you.

Costs of Outsourcing Your Bookkeeping

If you’re looking for a hard and fast guide here, you’ll be disappointed. Business needs and financial circumstances vary widely, so it’s impossible to give a blanket answer. number that businesses can expect to pay for outsourced bookkeeping. But we can give you a few guidelines as to bookkeeping costs.

Rates depend on factors such as:

  • Whether the service relies on software, humans, or both
  • How many transactions and expenses your business incurs (either by the number of transactions or the dollar amount)
  • Whether you want accrual or cash-based bookkeeping
  • How many financial accounts you need to connect
  • How often do you receive financial reports?
  • The caliber and time commitment of support you will receive
  • Other features include accounts payable and receivable, inventory management, and more.
  • The complexity of your financial situation (i.e., revenue recognition for multiple entities).

The more complex your organization is, the higher your bookkeeping costs will be — and the more likely you are to need a good bookkeeper.

Increase the productivity of your bookkeeping by outsourcing

Accurate financial records are essential for every business — but managing them shouldn’t consume your time and patience. If bookkeeping is taking you away from growing the business, it is worth the investment to give it to a professional.

By doing so, you’ll be able to focus on what you do best.

 

Bookkeeping Consulting Services

Bookkeeping Company Minneapolis

Your job as a business owner is to get things done. So you do exactly that. You manage payroll and keep your accounts receivable updated. You reconcile your bank payments and deposits to ensure you have enough money to pay all of your bills.

You even prepare your own business tax returns and take on hundreds of other tasks both small and large. You work very hard. You always do whatever needs to be done, and you rarely ask anyone for help. This is why you need to have a bookkeeping consultant.

It’s about money sometimes

When you have limited cash flow, it is critical to save money wherever possible. This can mean no bookkeeper, no office manager, and no marketing department. When you do everything on your own you will have money that can be invested into your business. That is a sure way to ensure that your business continues to grow. It is also a very easy way to overlook things that are critical.

It’s about control sometimes

As the main investor, CEO, owner, and the person who has the most to lose or gain, you take on many important tasks. It can make sense to want to do things yourself if you are worried that somebody else will mess everything up. Of course, this means having to spend long hours at your office and being able to take few vacations, if any. However, if you want to have things done exactly your way then it is best to do it yourself.

This is why you need to have a bookkeeping consultant

Things could still get messed up unless you are very experienced in every task you are handling yourself. You may not want or need full-time administrative staff. However, getting solid professional advice is still something you can greatly benefit from. A consultant can provide you with this.

A bookkeeping consultant will not do all the things you do in your business. They will just help you keep everything on track. This is accomplished through becoming familiar with your business and provide you with advice on management, financial, and organizational strategies. A consultant can implement solutions and provide services that will help your business continue to grow and succeed.

We Provide Consulting and Bookkeeping Services

We are dedicated bookkeepers. However, we also provide small and medium-sized businesses with professional consulting services. You can outsource your work o us so you don’t need to pay for a full-time professional. Our services are conducted remotely so we will not be invading your office.

Trying to do everything yourself is never a good idea. Our bookkeeping consultant experience and expertise can provde you with the financial services and advice that you need while you remain in control of your business.

The Main Reasons 8 Out Of 10 Small Businesses Outsource Their Bookkeeping

payroll services minnesota

While outsourcing bookkeeping services was once considered reserved for larger companies with bigger budgets, it’s now become much more accessible. The modern business landscape has ultimately made this practice increasingly common and practical. Nowadays, the majority of businesses have at least a fraction of their bookkeeping and accounting being handled by an outside organization.

1. It’s More Cost Effective

A primary reason a lot of companies have started to outsource their accounting rather than keeping it completely in-house is to experience the cost savings that come with it. While professional accounting services don’t come cheap, hiring staff to do it in-house can be even more expensive. After all, by hiring your staff of full-time accountants, they will require desk space, benefits, payroll, and even equipment. When you hire an accountant that is outsourced, you will be able to get all of this built into the base pricing. Perhaps best of all, you only have to pay for it when you need their services.

2. Dedicated Team

By outsourcing your bookkeeping efforts you will be able to gain access to a variety of professionals who are experienced and who will be dedicating their time to save you money. They will be working around the clock to ensure your books are kept in order. As a business owner, you may be tempted to keep your books to yourself and under your control, but having a professional and experienced accountant is something that cannot be understated.

3. Business Growth

A lot of businesses end up choosing to outsource their accounting efforts once they have been able to sustain a level of growth. For instance, when you begin to approach around one million in revenue, keeping your books in order completely in-house can become unrealistic and improbable.

4. Outside Investment Capital

One of the other reasons businesses end up sending their accounting to another company is due to the fact they have received a lofty investment directly from an outside source. These investments typically come with their terms that outside investors place on them to ensure they are spending their money wisely.

5. Focus On Business

You started your business to make money by selling either a product or a service. By effectively outsourcing your accounting efforts, you will be able to place greater focus on the core elements of your business. You will be able to redirect all of you and your staff’s focus to result-producing activities within your business. It will help give you much more guidance on the overall financial health of your business which can help you maintain profitability. Any business that outsources its books will have a much better ability to focus on various result-producing activities like sales and marketing while having the assurance that your books are being handled by professionals in the field.

6. Access To Better Technology

Outside accounting services will have access to the best possible technology and equipment in the industry. After all, that is what they do. Their entire company is structured in a way to position themselves as the best accounting provider. Because of this, they will have the highest standards set forth which you can leverage as a business.

7. Gain More Control

By having your bookkeeping controlled by a third-party company, you will be able to take better control over your business. You will be able to hire them to do the job and focus on other things that you need to. You will be able to rely on having a dedicated team of accountants working around the clock on your books while you can focus on the bigger picture to ensure everything is being done the right way.

8. Make Your Life Easier

As a business owner, you are already wearing multiple hats as it is. You want to ensure that you can focus on the aspects of your business that need your attention. Running your business isn’t easy. By effectively outsourcing your accounting and bookkeeping, you will be able to minimize the stress you are dealing with and have your business running like clockwork.

Top Benefits Of Outsourcing Bookkeeping For Your Small Business

Quickbooks Training

Quickbooks TrainingAs a small business owner, you are likely used to having your day go in multiple directions. Small business owners have to wear a lot of different hats. One second you could be paying bills and the next you could be tasked with managing your employees. There are all kinds of different responsibilities you must take on as an owner. Unfortunately, there isn’t enough time in the day to deal with everything involved with running a business. If your end-goal is to grow your business, you will want to learn how to outsource things within your business. One of those you should be outsourcing is your bookkeeping efforts.

Bookkeeping is crucial to the scalability of your business. Not only is the task itself tedious, but it can take up a lot of your valuable time. While you could hire an employee to handle it in-house, it would end up taking you more time, energy, and money to do so. In this article, we will be going over some of the benefits of outsourcing your bookkeeping efforts.

A once dreaded task among business owners has become a lot more manageable with online bookkeeping services. Rather than hiring and training a bookkeeper to join your staff, you will be able to leverage the power of virtual bookkeeping to take your business to new heights.

There are so many different benefits you can gain from outsourcing your bookkeeping. Best of all, you won’t be sacrificing anything to do so. You may be able to realize even more benefits than you would have initially thought about once you do it.

1. Saving Time

It’s not hard to see how much time the traditional task of bookkeeping can take up. After all, the entire process from start to finish is designed to be time-consuming and tedious. The process involves logging transactions, analyzing data, and reconciling payments. Doing all of this and maintaining accurate financial records is something that takes a lot of time to complete. One of the most obvious benefits of outsourcing to a virtual bookkeeping service would be the ability to gain more time in your day. As a business owner, you need to think about the opportunity cost associated with handling the task in-house. You could be doing more result producing activities within your business or having your employees focus on things that grow your business rather than maintaining your business. This will enable you to improve your processes, operations, and even your customer service which can all play a part in improving your business as a whole.

2. Better Records

You won’t have your books kept on pen and paper. Any modern bookkeeping company is going to have this information centralized for easy and immediate access. This means you will be able to get a fully streamlined process that you will be able to use whenever you need it. Having all of your records centralized can end up allowing you to keep everything organized. Having your records organized will enable you to view or alter the data as needed.

3. Reduce Errors

The problem with hiring someone in-house is the fact that you will not only have to train them, but you will also have to outsee their productivity. As a result, you will be tasked with the training process which can be costly and time-consuming in itself. However, you will also have to deal with the inconsistency early on. When you outsource your bookkeeping to professional bookkeeping services, you will be able to get maximum efficiency from day one. After all, you are hiring a service that specializes in offering virtual bookkeeping to businesses. They will handle all of the training needed to ensure you don’t have to spend your valuable time doing it yourself.

4. Full-Service

By hiring a bookkeeping service, you will be able to leverage their expertise. These services will be willing and able to offer you not only bookkeeping but also accounting. They will be able to bring a lot more to the table than adding a bookkeeper in-house would. They will be able to offer comprehensive services that allow you to get an accurate and deeper analysis of the state of cash flow in your business. This will help businesses not only just starting but those looking to grow their operations.

5. Detailed Reports

You are going to be able to leverage the detailed information you can get out of the service. They will be able to offer you one-click reports which can help you gain access to your cash flow history, profits, and losses all in one location.

6. Tax Season Preparation

Your tax season doesn’t have to be stressful. When you outsource your bookkeeping to a professional service, you will be able to make things as simplified as possible. They will be able to offer you all of the accurate records and tracking needed to ensure your tax season goes as smoothly as possible.