Book Keeping Services
What Are Bookkeeping Services?
In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? If you’re like most business owners, the answer is probably, “A lot.” From the time you first opened your doors. You collected your very first dollar, advisors, partners, and other well-meaning associates have undoubtedly weighed in and suggested a bookkeeping service to help keep your company’s books and finances on track.
If you have ignored that advice this far, it might be a good time to start doing your research before you dig the hole any deeper because a bookkeeping service does more than just record payables and receivables, they guarantee the security, power and success of your business.
What Does A Bookkeeping Service do?
A bookkeeping service offers a three-tiered approach to developing and maintaining your company’s overall financial processes and management. The accounting software specialist creates the first prong. He or she creates your accounting data file so that it’s tailored to the specific needs of you and your business. He or she will ensure that you have access to the software and reports you need.
Next is the full-charge bookkeeper. We all know the essential duties of a bookkeeper: to track payables and receivables and keep all your business’s financial transactions documented. Sounds simple enough, but there’s a lot more to this job than meets the eye.
A full-charge bookkeeper can also manage payroll, handle deposits, create and maintain monthly financial reports, manage the ever-changing world of sales taxes as well as quarterly taxes and withholding. Bookkeepers also reconcile bank statements to internal accounts and even help out during a civil or IRS audit.
Whether you want to get a business loan, answer an auditor, or design next year’s budget and business plan, you need the assistance of a full-charge bookkeeper. They can help ensure that each of these tasks is completed correctly, promptly, and that they are accurate enough to be truly useful.
Between the accounting software specialist and the full-charge bookkeeper, you will have begun to create a set of checks and balances within your business. Individual department spending will be recorded and analyzed by the bookkeeper, accounts receivables and payables reviewed and fulfilled by him or her, and the company’s spending is contrasted with its budget for review and analysis that can help identify inefficiencies and create more accurate future budgets.
Accounting Bookkeeping Services Digital Que LLC Offer:
- Accounts receivable services
- Accounts payable services
- Bank account reconciliation
- Invoicing Processing Services
- Manual Journal Entry Services
- VAT returns
- General ledger maintenance
- Assets/equipment ledger maintenance
- Expenses ledger maintenance
- Preparing accounts receivable reports
- Preparing accounts payable reports
- Preparing ageing reports & summaries
- Credit card reconciliation services
- Preparing financial statements
- Trial balance services
- Making income statements (Profit & Loss)
- Balance sheet services
- Preparing sales reports
- Preparing purchase reports
- Cash flow statement
- Entry of transactions
- Inventory services
- Accounting setup services
- Day-to-day bookkeeping and accounting
- Books balanced and reconciled quarterly
- Management accounts produced quarterly
- Annual accounts and tax returns preparation
- Submission to Inland Revenue
- Submitted to Companies House
- Expert tax advice to minimize tax liability
- Adjustments to year-end accounts
- Storage of documents at our offices
How a Bookkeeping Service Benefits Your Business:
While every task the bookkeeping service completes is vital to the financial health of your business, it’s the underlying structure they apply that makes a difference. You see, bookkeeping services implement—and maintain—a consistent financial process that strengthens the health of your company and helps to create and encourage uniformity in tracking, paying and reporting. The value of this is immeasurable as it insulates your business from many costly and dangerous risks.
Part of the benefit of the process comes into play when the full-charge bookkeeper coordinates with members of management from other departments to approve purchases and gather expense reports. Not only does activity this requires extreme organizational, management and math skills, but a bookkeeper must also have people skills to make this work.
The team also works to reduce your overall expenses. Not only do they ensure that books are adequately maintained to avoid costly mistakes, fees, and penalties, but they can also help alert you to waste and mismanagement of supplies and inventory. All while saving you time since you will no longer need to try and perform these tasks yourself.
Why You Need Bookkeeping Services?
This could help in enhancing the efficiency of the business organization and gaining an edge over competitors. Moreover, time will also be saved by eliminating activities like recruitment and overseeing of employees.
Helps in Cost-Cutting
It is a matter of common sense that by outsourcing the bookkeeping services to a third-party firm, you will be able to save money on infrastructure and payroll.
Access to a Proficient Team
The outsourcing firms are well known for having access to an expert team capable of fulfilling the unique requirements of the clients within the stipulated deadlines. By hiring the services of an outsourcing firm, you will have access to an accomplished team without having to hire them, pay them and train them.
Quick Turnaround Time
In case a firm based in the US requires urgent bookkeeping services, then an outsourcing firm based in India is the best option. The tasks assigned in the evening can be completed before the commencement of the next working hours in the US.
Access to the Latest Technology
By hiring the services of a bookkeeping outsourcing provider, you will have access to the latest software and other technology used for bookkeeping without having to purchase it and training the employees for using it.
From the points mentioned above, it can be concluded that outsource bookkeeping can prove to be extremely useful for business organizations that are busy in performing their core operations.