Bookkeeping Services - BRB Business Solutions
Bookkeeping is vital not only to track the financial position of your business but also for its regulatory compliance. However, it is time-consuming to create and maintain detailed bookkeeping records. Therefore, accountants must be skilled and diligent in their bookkeeping abilities to make it simple for you to keep your books of accounts.
The core functions of your company can be too much for you to handle as a business owner. As a result, the lack of time to manage payroll, control spending, or pay invoices promptly can be a difficult challenge. That is why hiring an accounting firm for your small business is one of your most crucial decisions as a business owner. Working with BRB Business Solutions means that our bookkeepers will handle all these duties on your behalf so that you gain more time to expand your business.
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Bookkeeping Services Explained
Bookkeeping involves a technical method of recording and monitoring a company’s financial activities. Bookkeepers must regularly compile financial reports that reflect the company’s operations. These reports indicate the financial position as well as the performance of your business. In addition to managing financial records, bookkeeping services comprise:
- keeping track of performance indicators
- organizing financial records
- keeping track of accounts payable and receivable
- comparing the bank statements with the financial statements
- preparing a budget or doing a cash flow analysis
- administrative reporting
It’s crucial to remember that bookkeeping services are distinct from accounting services. The keeping of ongoing financial records is referred to as bookkeeping. So, to compile financial statements or books of accounts, bookkeepers gather the financial data. Conversely, accounting describes the preparation, reporting, analysis, and summarization of financial data collected by bookkeepers. The accounting reports provide a quick snapshot of your company’s performance and financial situation.
Typically, the bookkeeping follows a double-entry method in which every transaction or occurrence is recorded at least in two different nominal ledger accounts.
What is Included in Bookkeeping Services
In order for the accountants to create annual financial reports and tax returns for your company, a bookkeeper must deliver accurate, current financial data. Business owners and stakeholders use these accounting reports to help them make business decisions. Here are the bookkeeping services we can provide to your business:
Accurate Data Entry
Data entry is recording financial transactions or keeping track of the money that comes into and goes out of your business. This is vital in bookkeeping and accounting services since producing accurate financial data is required. This is done so that other stakeholders and you, the business owner, may get an accurate and fair image of your company’s operations.
The process of comparing the financial transactions on your bank statements and those recorded in your accounting books is known as bank reconciliation. Making sure that the financial transactions shown on bank statements and those reported in your accounting books correspond is the aim of completing bank reconciliation. Your business needs bank reconciliation because it helps you find and correct data entry errors and missed transactions.
Payroll, Accounts Receivable, and Accounts Payable
Ensuring that your clients’ invoices, payments, and company bills are paid on time is one of the functions of a bookkeeper. They also see that any outstanding invoices for supplies are paid quickly and without running out of money. Bookkeepers avoid any delay in delivery or holding back supplier credit. They manage payroll in addition to managing accounts payable and accounts receivable. This comprises calculating employee pay, modifying deductions, and ensuring that the workers receive their net salary by the due date. On-time wage payments will ensure that your employees are happy. Correct payroll is essential both from a compliance and operational standpoint.
Monthly Financial Reports
Financial reports are submitted monthly by the bookkeeper to the business owner to track the progress of your business. Here are a few of these financial reports:
- A balance sheet – indicates your company’s current financial status.
- A profit and loss statement – tracks revenue and expenses to determine your company’s profitability.
- A cash flow statement – includes a list of all cash transactions and displays the amount of cash on hand for the business.
- Accounts Receivable – a statement that contains information about the debtors, the sums owed by clients, and the due dates for those accounts.
- Accounts payable – a statement that lists the creditors, the amount owed to suppliers, and the due dates for those payments.
These reports demonstrate the profitability of your business and the amount of cash available to pay for ongoing expenses. If the bookkeeper fails to maintain the accuracy of these reports, it may affect your company’s spending, customer payment terms, and forecasts.
Why Should I Outsource Bookkeeping Services
It can be challenging for a small business owner to decide if and when to hire bookkeeping services. The ideal time to hire a bookkeeper is as soon as your company is up and running. Otherwise, tracking several months’ worth of bills and transactions wouldn’t be possible. But be sure the bookkeeper you choose is someone you can put your trust in.
It’s always wise to pick a bookkeeper with the exact bookkeeping and accounting software as your accountant. Then, both parties can easily communicate information and keep records. In addition to this, you should also check that the bookkeeper provides bookkeeping services online. That is, all the financial statements may be accessible online. This will enable collaboration and access to your company’s financial information for all parties involved, including you, your accountant, and your bookkeeper. And it is possible to do this at any time, anyplace.
Outsourced bookkeeping gives you precious time to concentrate on managing your business, finding new opportunities for expansion, or just unwinding from the pressures of being an entrepreneur. The vital financial reports and statements every business owner should be familiar with are also made available with outsourced bookkeeping: balance sheets, income statements, and cash flow statements.
Beyond day-to-day operations, having an expert handle your bookkeeping speeds up the tax filing procedure. You will be able to quickly complete the forms with IRS-compliant reports for your tax return because you will have all the necessary data.
Why Bookkeeping Services Adds Value
A bookkeeper might offer value-added services like bespoke reports and regular bookkeeping services. Businesses will be able to analyze their costs and revenue more effectively thanks to these customized reports. With the use of QuickBooks online accounting software, bookkeepers may offer the following customized reports to their clients to enhance the value of their bookkeeping services:
You can use this data to identify your most lucrative clients. These consist of:
- aging information for accounts receivable
- collections reports
- customer balance detail
- invoices and received payments
- by customer detail, sales
- worker reports
These reports help you determine personnel expenditures. These consist of:
- activities from a recent or modified time
- information on employee time activities
- Payroll for employees
- Expense Statements
- expense breakdown by supplier
- by product/service detail purchases
- details of supplier purchases
- List of transactions by provider
Frequently Asked Questions
Are Bookkeeping Services Taxable?
Professional services like bookkeeping are typically exempted from taxes.
Can Auditors Provide Bookkeeping Services?
The SEC often forbids auditors from offering accounting and bookkeeping services to their audit clients in order to prevent the auditor from having to audit their own work.
What is Outsourced Bookkeeping?
Outsourced bookkeeping is a service that provides a whole accounting department experience for small enterprises. Daily transaction coding, accounts payable, accounts receivable, payroll, management financial reporting, and many more tasks are all handled by an accounting department.
Best Bookkeeping Services in Savannah, GA
To free up our clients’ time to concentrate on running their businesses, BRB Business Solutions offers outsourced services that cover the entire range of the financial reporting and accounting process, from recording transactions and keeping accounting books to preparing statutory reports, financial statements, and other management reports. BRB Business Solutions continues to serve as an accounting and bookkeeping services provider. We are known for our razor-sharp accuracy, extensive professional experience, and unwavering dedication to the assistance we provide to clients.
Need Bookkeeping Services for Your Business?
Call BRB Business Solutions Today at
BRB Business Solutions
212 Quail Hollow Rd
Savannah GA 31419