Frontpage Article Archives - BlureFire Accounting

5 Benefits of Remote Bookkeeping Services

April 3, 2023/0 Comments/in Frontpage Article /by Neha Patel

The days of pen-and-paper bookkeeping have been over for years. There is no longer a need for your accounting services to sit at a desk in your office and slave over documents. This is an expense that your office doesn’t need to have on the payroll.

Instead, remote bookkeeping services will more than suffice for all of your financial needs. Don’t pay anyone to do a position that can be done remotely. An online bookkeeper can handle accounting services on a need-to-be-done basis.

Ready to learn more about the benefits of a remote bookkeeping service? Continue reading below for more information.

1. Save on the Service That Saves You

Hiring a bookkeeper to be in your office all the time gives you another employee that you need to worry about. You have to have PTO, benefits, and all other aspects of a hire figured out for a position that could be done remotely. This adds more to your office bills than you need to be spending every month.

2. Efficient Work on Hand

Instead of your bookkeeper needing to handle other positions on top of their job, they’re able to focus directly on maintaining your books and keeping everything organized. With all of the paperwork and documentation on hand, they can pull your numbers and make sure that everything is being kept in a fashion that enhances your business. There is no need to struggle to pick up the phone or greet clients while they worry about making sure your business is in order.

3. Care When You Need It

The questions you have can be asked and responded to when you think of them. Simply send an email to your bookkeeper at any time of the day or not and they will respond in a timely manner.

4. A Focused Bookkeeper

The bookkeepers you’ll be working with are accounting guides who know how to handle your business. They’ve been skilled in the areas that will keep your books put together in a way that makes them easily accessible if an audit or other questions ever arise.

5. Results You Can Depend On

Finally, the hire isn’t on your hands. Instead, there is a business that knows what you need and what you’re looking for. You’re working with a professional who has been carefully hired for their job. This is a profession that they have been vetted for and trained to understand.

Remote Bookkeeping Services Are Beneficial

Instead of spending too much money keeping your bookkeeper in the office or hindering their ability to find suitable work, remote bookkeeping services are the way to go. Rethink the best way your financial concerns can be fostered. The benefits of a remote service free up time and hard-earned cash to be allocated to other areas of your business.

If you’re ready to take your financial help seriously and change how you do things, please let us know. We’re here to help you find the right way for you to keep control of your business.

5 Ways to Reduce the Tax Liability for Your Business

March 28, 2023/0 Comments/in Frontpage Article /by Neha Patel

Depending on your personal feelings, tax time can either be a relieving or a highly stressful time of the year. Most Americans are split on their feelings toward tax season.

If you’re operating a small business, tax time can often be even more complicated. The money you have to pay out can put pressure on your small business finances, which is why it’s important to try and lessen your overall tax liability.

What are some of the best ways to reduce the business taxes you might owe? Read on and we’ll walk you through the basics.

Take Advantage of Tax Deductions

Tax deductions are a way to reduce your taxable business income, which can lower your tax liability.

There are many deductions available to businesses. This includes deductions for business-related travel, equipment purchases, and charitable contributions. Depending on the type of work you do, there might be a wealth of deductions available to you.

This is often not a one-size-fits-all scenario, so it’s important to do research based on the specifics of your business.

Be sure to keep accurate records of your expenses and consult with a tax professional to ensure that you’re taking advantage of all available deductions.

Work With Independent Contractors

Hiring independent contractors instead of employees can be a tax-efficient way to reduce your tax liability. It can also make your bookkeeping work a bit easier.

If there are certain positions at your company that you don’t need to have as full-time employees, outsourcing this work might prove beneficial during tax season.

Independent contractors are responsible for paying their own taxes. This means you don’t have to withhold payroll taxes or provide benefits such as health insurance.

Additionally, you can deduct the cost of their services as a business expense. This can also help lower your taxable income.

Use a Retirement Plan

Contributing to a retirement plan, such as a 401(k) or a Simplified Employee Pension (SEP) plan, can reduce your tax liability.

These plans allow you to defer a portion of your income, which can lower your taxable income and reduce your tax bill.

Additionally, employer contributions to these plans are tax-deductible, which can further reduce your tax liability. There are many retirement plan options available, and you can read about them via the IRS website.

Determining what will be best for your staff and your business is a task worth taking on ahead of tax season.

Lowering Your Tax Liability

If you’re running a business, focusing on saving money is an everyday task. Determining how best to lower your tax liability can be a major part of this work.

The above are just a few ways to consider lessening the burden of your business taxes. There will be different options for every business, so it’s important to do your own research as well.

Need help managing your taxes? Looking for more ways to save? Give us a call anytime and speak with a professional who’s ready to help.

Important Questions to Ask When Finding a Bookkeeper

March 22, 2023/0 Comments/in Frontpage Article /by Neha Patel

It’s a very busy time for small business owners, which can make it difficult to handle all the tasks that come with running a business. One way to help handle this environment? Bring on outside help with some of the more important business-related tasks.

If you’re a business owner or manager, one of the most important helpful steps you can take is finding a bookkeeper.

Bookkeepers are responsible for maintaining your financial records, keeping track of transactions, and ensuring that your books are accurate and up-to-date. A good bookkeeper can help you make informed financial decisions and keep your business on track.

What should you ask a potential bookkeeper before you hire them? Read on and we’ll walk you through what you need to know.

What Are Your Qualifications?

Bookkeeping requires a certain level of skill and knowledge, so it’s important to ask about a bookkeeper’s qualifications.

Ideally, they should have some formal training in bookkeeping, accounting, or a related field. You can also ask about their experience and any certifications or licenses they may have.

While you might feel like you’re overstepping a personal boundary by asking this – you aren’t! As a potential client, you have a right to know what the person in question’s qualifications are, and they should be happy to provide them.

What Software Do You Use?

Bookkeeping software is essential for keeping accurate records, so it’s important to ask which software your potential bookkeeper uses.

They should be familiar with a variety of software options, such as QuickBooks, Xero, or FreshBooks. They should also be able to explain the benefits and drawbacks of each.

An online bookkeeper should also walk you through how they’ll keep you in the loop with these programs from afar. If you already have a program that you’re familiar with, it might be worth seeking a professional who is willing to use that program.

How Will You Protect My Data?

As a small business, it’s important to take your cybersecurity seriously.

Your financial records contain sensitive information, so it’s important to ask how your potential bookkeeper will handle data security.

They should be able to explain their protocols for keeping your data safe. Examples of their methods might include using encrypted software, backing up data regularly, or restricting access to sensitive information.

This is not something to overlook when speaking with a bookkeeping professional!

Finding a Bookkeeper for Your Business

Running a small business can require wearing many hats, but a bookkeeper doesn’t need to be one of them. However, it’s important to take the task of finding the right bookkeeper for your business seriously.

The above are a few important questions to keep in mind when looking to bring someone on for your business. Finding a bookkeeper you like for your business can be easier with this information at your disposal.

Ready to talk to someone about providing bookkeeping services for your small business? Give us a call anytime – we’re ready to talk.

Common Bookkeeping Mistakes That Small Businesses Often Make

March 16, 2023/0 Comments/in Frontpage Article /by Neha Patel

Running your own business can be incredibly rewarding. There’s a reason that small business owners are consistently ranked as some of the most satisfied workers around.

That doesn’t mean this kind of work comes without many challenges.

Small businesses often have limited resources. One aspect of running a small business is bookkeeping, which involves keeping track of financial transactions such as sales, purchases, and payments. However, many small businesses make common bookkeeping mistakes that can have serious consequences.

What are some of the most common mistakes to be aware of and avoid in your own work? Read on.

Mixing Personal and Business Finances

One of the more common bookkeeping mistakes small businesses make is mixing personal and business finances. The smaller a business is, the more the lines might easily blur between these two parts of one’s life.

This mixing can lead to confusion when trying to keep track of expenses and can also lead to tax issues.

To avoid this mistake, it is a smart idea to keep separate bank accounts for personal and business finances. This can help ensure that personal expenses are not included in business expenses.

Losing Track of Financial Transactions

Another one of the most common bookkeeping mistakes small businesses tend to make is not keeping track of all financial transactions.

This includes cash transactions, credit card purchases, and even online transactions.

Failure to keep track of all financial transactions can lead to inaccurate financial statements, which can be detrimental to a small business. To avoid this mistake, it is important to record all financial transactions in a timely manner.

On top of that, you’ll want to keep organized records that are easy to look through and find information. This should be a basic tenant of your business accounting.

Being Unaware of Deadlines

There’s a lot to handle as a small business owner, and your mind isn’t always on accounting. It’s easy to fall behind on or be completely unaware of financial deadlines that will be important to your business.

This can include deadlines for filing taxes, submitting financial reports, and other similar tasks.

Failure to meet these deadlines can result in penalties and fines, which can be costly for a small business. To avoid this mistake, it is important to keep track of all deadlines and to ensure that all necessary paperwork is filed on time.

If you aren’t aware of what these deadlines are, or what the requirements are for your business, it’s important to educate yourself. Talking with a professional small business accountant can help.

Bookkeeping Mistakes to Avoid

If you’re running a small business, you’ve got a lot on your plate. Still, you don’t want to let this hecticness push you into a business accounting blunder.

The above are some of the most common bookkeeping mistakes made among small business owners. Being aware of these issues can help you to avoid them in your own work.

Need more help with your small business bookkeeping? Give us a call anytime for assistance.

The Importance of Business Accounting Software

March 11, 2023/0 Comments/in Client Testimonials /by Neha Patel

Every year, the average American spends around 13 hours doing their taxes. But if you’re running a small business, you might find yourself spending far longer on your tax returns.

Business accounting software can help you to improve efficiency and cut out mistakes. And there are many more benefits to using this technology. But many people don’t know all the benefits.

Want to learn more about the ways business accounting solutions can help your company? Keep reading to find out everything you need to know!

Get Help With Common Tasks

If you run a small to medium-sized business, there are a lot of tasks you need to carry out every day. These can take up a lot of time, pulling you away from more important areas of your business. But good accounting software can help you with a range of tasks.

Paystubs and Timesheets

Paying your employees might take up a lot of time. You have to complete timesheets, then fill out payslips. It’s necessary work, but it can be frustrating.

Even if your company only employs one or two people, you’re still likely to spend a lot of time on payroll-related tasks. As your business grows and you gain more employees, this task will take up even more of your time.

Accounting software speeds up the process for you. It allows you to avoid many of the repetitive tasks involved with paying employees. This can help you to save time but it will also keep your employees happy since there are less likely to be mistakes or delays with their paychecks.

Invoicing

In an average month, you may send out dozens or even hundreds of invoices. Creating these by hand can be a major time sink, as you’ll need to hunt around for the necessary details and input simple information like dates and bank details.

Our software can speed up the process considerably. You’ll create a template that works for your needs, then add the relevant details in the blink of an eye. It all adds up to getting paid faster!

Bookkeeping

Bookkeeping is as important as it is difficult. You need to know about all the goods flowing in and out of your business. And if you’re running a business like a store, you might find yourself struggling to keep up with the daily changes in stock.

Bookkeeping is so much easier when you use quality software! You can keep track of everything digitally, updating the software at the end of every day or week to allow you to remain on top of everything.

Help With Taxes

Paying taxes can be something of a nightmare for small businesses. Tax season is a stressful time as you try to ensure you submit your information accurately and on time.

Our software can make the whole process far less painful. We can help you with keeping records of your income and expenditure, which will make filling out those forms much easier.

Using our software is a good way to help you avoid making any errors. Many people make mistakes when trying to fill out their tax forms, as the process is often difficult and complicated. Using state-of-the-art technology to create your tax return is like having a knowledgeable expert to help you out.

Improve Efficiency

Using accounting software allows you to increase efficiency in your business. You can breeze through administrative tasks without getting bogged down in the details.

Depending on how much accountancy work you do on a daily basis, our software has the potential to save you hours every week and cut out so much frustration from your life.

Whether you do accounting jobs yourself or delegate these tasks to an employee, it’s always good to save time. After all, time is money. So when you use our software, you’ll make real monetary savings in the long term.

Cut Out Mistakes

Good accounting software doesn’t just make the job go faster. It also allows you to cut out mistakes.

By using a computer program to assist you, you remove the likelihood of human error. Our software solutions can make calculations more accurately than even the brightest of mathematical minds could!

This can save you time, stress, and even money in the long run. Avoiding mistakes can even help you to avoid legal action in the future. Some companies find themselves in court thanks to a simple error in accounting, but using good business software allows you to reduce the chances of this happening.

Make Auditing Easier

When the time comes to audit your business, you could be faced with a mammoth task. Collecting all of your old documents and receipts can be a major challenge.

Modern accounting solutions make this process much easier. You’ll be able to keep records of all your transactions and digitize them, meaning you won’t have to keep track of reams and reams of paper.

Auditing is always stressful, but there’s no need to make things tougher for yourself. Using our business accounting solutions will help the process go by smoothly.

Quality Business Accounting Software to Help You

If you’re running a small or medium-sized business, you need every advantage you can get. Making use of business accounting software can help to speed up your processes and allow you to get ahead of the competition.

If you’re looking for help with your company’s accounting needs, we can help. We have the experience and resources to take your accounting practices to the next level. Schedule a free consultation today to find out more about how we can help.

5 Small Business Accounting Tips All Entrepreneurs Should Know

March 10, 2023/0 Comments/in Frontpage Article /by Neha Patel

There are over 33 million small businesses in the U.S. Starting a business can be incredibly challenging, resulting in long days, and not much time for anything else.

One of the most important aspects of owning a business is ensuring your finances are all in order. When it comes to small business accounting it can be incredibly difficult to do yourself, but you might not have a choice in the beginning.

When funds are tight it might not seem worthwhile to hire a dedicated accountant. There are some tips and tricks you can use to help you along the way until you can spend the money to hire an accountant.

So, keep reading to find out more about five small business accounting tips.

1. Plan for Major Expenses

The more time you have to plan for an upcoming expense, the more likely you are to be prepared for it. Time flies when you’re running a business, so annual expenses tend to creep up on you. If you didn’t plan for these expenses ahead of time you might need to take out a loan to cover yourself.

The best thing to do is put any expenses you’re aware of in a calendar, even if it will only matter in a few years. This helps you stay on track and plan for what’s coming. It also gives you an overview of your year’s planned expenses.

Doing this allows you to save up money in the flush periods without finding yourself short in slower months.

While planning your expenses you need to separate the necessities from the nice-to-haves. If you know you need to upgrade software soon, or replace equipment, it won’t make sense to spend money on upgrades that can wait until later in the year.

2. Don’t Forget About Taxes

A large percentage of Americans don’t understand how taxes work, for most people tax season is a nightmare. As a business owner, you need to remember to pay quarterly taxes.

When it comes to dealing with taxes, the best thing to do is put money aside every month for taxes. Also, make a note of the tax deadline in your calendar to make sure you make your payments on time.

It’s critical that you pay your payroll taxes. Not only will you not have paid your taxes, but the IRS views it as taking money that belongs to your employees.

3. Track Expenses

The best way to ensure you don’t miss out on any tax write-offs is to keep track of your expenses. To help you with this it’s a good idea to have a credit card, and maybe even a bank account, that is solely for business use. Most card statements categorize expenses, so you’ll be able to recognize the expense.

Make sure to always use your business card for business expenses, no matter how small or insignificant. If you pay cash for some pens and paper, you might lose the receipt and forfeit the tax write-offs.

When it comes to tracking your mileage, it’s a good idea to routinely write down all the trips you take, even if it’s a business lunch. This way you don’t need to estimate your miles. If you’re audited this will be useful as you’ll need to substantiate the miles you wrote down.

In the same vein, don’t mix your business and personal expenses. It’s crucial that you separate your payment methods for both personal and business costs.

This can make tax season a nightmare as you’ll need to review every transaction to determine what is company related.

4. Keep an Eye on Invoices

Bills that are paid late hurt your cash flow. If you don’t keep an eye on all your invoices, some might slip through the cracks.

One of the best accounting tips to ensure all invoices are paid is to either track your billing yourself or assign someone to do it. From there you need to make sure a second invoice is sent, and even make a phone call to ensure payments are made before the deadline.

Every late payment can be seen as an interest-free loan, so simply sending out an invoice once won’t cut it.

5. Have a Go-to Accountant

The best way to ensure your accounts are always up to date is to have an accountant. Taxes, bookkeeping, and finances are what they do every day. They know all the ins and outs of keeping to handle your finances, while also minimizing errors.

While it can be a big expense to hire a dedicated accountant, bookkeeping services offer you professional skills without needing to employ an accountant full-time. You can find the right fit for your budget without sacrificing quality.

Hiring an accountant will give you peace of mind, plus you won’t have to stay late or work on weekends just to make sure your finances are in order. This gives you time and energy to work on expanding and growing your business.

Small Business Accounting Tips Made Easy

Whether you’re just starting out, or you’ve been a business owner for a while, it’s always helpful to learn more about small business accounting tips and tricks. It’s never too late to learn new things to ensure your business accounting is in order.

If you’re ready to get started with a bookkeeping service, contact us today to schedule a free strategy session. We keep your books up-to-date so that you can make informed decisions, seize opportunities, and grow your business fast.

How Remote Bookkeeping Services Save You Money

March 10, 2023/0 Comments/in Frontpage Article /by Neha Patel

There are an estimated 32.5 million small businesses in the US. This number accounts for 99.9% of the businesses currently operating in the US.

If you own a small business, you understand how overwhelming this can be. After all, you have so many different aspects that you have to juggle at the same time.

This is where remote bookkeeping services come in handy for small businesses. This is a way to outsource your bookkeeping without having to rely on local options.

Keep reading to find out how remote bookkeeping services can save you money.

What Are Remote Bookkeeping Services?

Wondering what remote bookkeeping services mean for businesses? Remote bookkeeping is exactly the same as traditional bookkeeping.

Someone will keep records of your business’s finances. The only difference is that they do their work online instead of working in-house.

This not only gives the bookkeeper freedom, it gives you freedom as the business owner. It is much easier to find a bookkeeper when you aren’t limited to local options.

Remote bookkeepers are going to provide accurate and up-to-date financial information. Their reports will help you to better understand how your business is running and how to improve.

Some bookkeepers also help with strategy development. You to use their expertise to understand business structure changes you can make.

Some business owners try to do this themselves, but it isn’t a great idea. Accounting services are more dependable and provide an expert viewpoint.

Even if you have done your research, you are not an accountant. You won’t have professional results, and your business will most likely suffer from this.

This is why bookkeeping services are usually a necessary expense. In the long run, you will usually get your investment back in full.

How Do Bookkeeping Services Save You Money?

Now that you understand what remote bookkeeping services are, how can you save? This is a question that most business owners want to know since savings are vital.

One of the main reasons for hiring a bookkeeper is to help you with money. They can help you to save money in various ways by properly keeping your business finances in order.

Better Time Management

The biggest benefit of bookkeeping services is efficiency. With someone managing your business finances, you can focus on your actual business.

In the business world, time is money. If you are wasting time trying to bookkeep, other areas of your business are going to suffer from neglect.

Doing your books on your own is also going to take much more time. An expert can manage all of your bookkeeping needs without wasting time in the process.

This allows you to devote your attention to areas of your business that need it. You can do what you do best, while your bookkeeper does the same.

More Cost Options

Another benefit of this business guide is cost options. When you look at local bookkeepers, you most likely have a narrow list of options available.

You may have a dozen or two dozen different options, but that is it. If that is the case, you are limited to specific fees that these bookkeepers offer.

You may not be able to get the best rates when you have these limited options. This is especially true if you live in an area with higher rates for bookkeeping.

If you choose a remote bookkeeper, the options are literally endless. You can look through hundreds of bookkeepers to find the best price for the services you need.

Keep in mind that you don’t want to base your decision purely off on price. Even if the fees are low, this doesn’t always mean they are going to be the right fit.

Excessively low fees can sometimes indicate low-quality work. If that is the case, you could actually lose money by trying to go with a cheaper option.

Bookkeeping Accuracy

A bookkeeper is going to ensure that your finances are accurate. They have the resources necessary for financial reporting and account reconciliation.

If you do your bookkeeping yourself, the chances of mistakes are much higher. This is because you are not an expert, and you probably don’t have the necessary software.

Some inaccuracies may not seem like a big deal, but they can add up. It will be impossible to track and manage your finances if the numbers aren’t adding up correctly.

This will also impact your business’s ability to scale in size over time. Business finances are the backbone of your company and help you to proceed forward.

How to Hire a Remote Bookkeeping Company

If you want to hire remote bookkeeping services, there are a lot of options. This is as easy as looking online at the options that are available to you.

You don’t even have to limit your search since the bookkeeper will be working remotely. You should create a list of a few options that you think are most suitable for your business.

Options like BlueFire Accounting are great options that provide all of the standard bookkeeping services you could need. This helps to take the pressure off of you, allowing you to outsource this work.

Remote Bookkeeping Services for Business Savings

Business bookkeeping can become very overwhelming for business owners. That is why finding remote bookkeeping services is one of these accounting tips.

This allows you to outsource this job so that you can focus on the rest of your business.

Are you interested in hiring a remote bookkeeper? Contact us today at BlueFire Accounting for bookkeeping and payroll services.

4 Reasons You Should Consider Bookkeeping Services

March 10, 2023/0 Comments/in Frontpage Article /by Neha Patel

In 2020 there were more than 8 million establishments in the U.S. Whether you’re just starting out, or already a beloved brand name in your community, all businesses need to stay on top of their business bookkeeping. This can be tricky if you don’t have much accounting knowledge.

Luckily, bookkeeping services exist to help you out. If you’re struggling to stay on top of your business accounting, or simply don’t like doing it, you should think about using accounting services.

Keep reading to find out more about the four reasons you should consider hiring a bookkeeping service.

1. Helps You Budget Accurately

Bookkeeping is a vital part of your business. If you keep your income and expenses organized it will be much easier to plan your budget and review your financial resources and costs.

Your budget is the financial roadmap of your business. It helps you plan for future expenses and growth. You also need your paperwork in order if you’re planning to apply for funding in the future.

Without an accurate budget, you’ll simply be guessing when it comes to the extent of your expenses.

2. Be Prepared for Tax

A large percentage of Americans don’t understand how taxes work, and that’s solely when it comes to personal tax. Businesses also have to file their taxes at the end of the tax year, so being prepared will save you some time and stress. Bookkeeping services will ensure you have all the financial information you need for tax season.

3. More Time

Do you often find yourself staying late or working on the weekends to ensure your accounts are all up to date? With a business accounting service, you can hand over the responsibility to them. They’ll handle all the little details that keep you up at night.

You’ll have more time to spend on the things you love and growing your business.

4. Manage Risk

No matter how long you’ve been doing your own books, non-professional bookkeepers are bound to make mistakes. Data entry errors or miscategorization can easily slip through the cracks if bookkeeping isn’t something you do every single day. When it comes to small businesses, small bookkeeping errors can have big consequences.

When you hire a professional bookkeeper, you minimize the likelihood of errors, and in turn, manage the risk of being penalized by the IRS.

The best part of hiring a bookkeeper is they’ll be able to help you with tax-deductible business expenses. As they know the industry you won’t need to wonder if your expenses can be deducted.

Bookkeeping Services Made Easy

When it comes to bookkeeping services, you need to consider all the pros and cons. The cost will be the main thing to consider if you’re just starting out, but a professional bookkeeping service will be worth its weight in gold in the long run.

If you’re ready to get started with a bookkeeping service, look no further than BlueFire Accounting for professional and certified bookkeeping services in Charlotte, NC. Contact us today to schedule a free strategy session.

What Is Full Charge Bookkeeping?

March 7, 2023/0 Comments/in Frontpage Article /by Neha Patel

Tracking revenue and expenses and preparing for tax time is a necessary business practice that every enterprise needs to maintain. Believe it or not, there are over 32 million established businesses in the US (one for every 10 people), all of which have to file taxes each year.

Fortunately, there are bookkeepers out there to help. However, you can’t just hire any bookkeeper to manage your ledger year-round. Here’s what you need to know about full-charge bookkeeping services and how they can help your business!

What Is Full-Charge Bookkeeping?

A traditional bookkeeper, well, “keeps the books.” They organize and maintain your company’s financial records to make them easier to access and review for tax time, financial statements, and more. However, their job is quite limited in this respect.

Conversely, a full-charge bookkeeper manages all of a company’s accounting needs, including the roles of a traditional bookkeeper. They then go on to help provide financial insights, analyses, and recommendations based on your finances.

On top of the typical task of maintaining the business ledger, full-charge bookkeepers offer other services. While it depends on your needs, common examples include:

Preparing financial statements
Preparing tax returns
Recording complex transactions
Processing payroll and time sheets

Again, they may offer other services depending on your needs. These are just the most common examples.

Does Your Business Need Full-Charge Bookkeeping?

Choosing between a traditional bookkeeper and a full-charge bookkeeper poses a challenge for many organizations. As you would expect, full-charge bookkeepers typically charge more.

Even so, the product that they offer is more valuable. This is especially true for certain businesses.

For example, small businesses looking to scale will need all of the financial services they can get. This is true even if (or especially if) they have a tight budget.

Also, the role of traditional bookkeepers has changed. In today’s world, everything is electronic. This makes it a lot easier for companies to record and maintain their ledgers.

Consequently, many businesses no longer need traditional bookkeepers. Unless they have a cash-intensive business, then they may need more thorough accounting services to make it worth it. Let’s talk about why it is worth it.

Benefits of Hiring a Full-Charge Bookkeeper

You may still be unsure whether your business needs a full-charge bookkeeper. Here are some of the key benefits of hiring one today!

Tax Assistance

While full-charge bookkeepers are not CPAs, they can help you prepare your tax returns. Whether you pay monthly, quarterly, or annually, a full-charge bookkeeper can lighten the load.

Moreover, they will have prepared your financial statements and records for tax time throughout the year. When tax time comes around, they can handle the preparation and filing. All you’ll have to do is review and sign!

Payroll Services

Most full-charge bookkeepers offer payroll services. Writing out a couple of checks and signing them is no big deal when you only have a few employees. However, as your business grows, payroll quickly becomes overwhelming.

With the right services, you can quickly set up a comprehensive payroll system to manage your employee and contractor-related expenses. The right services will also help issue W2s and 1099s to make it easier at tax time.

Preparing Financial Statements

The right bookkeeping services can also help you prepare financial statements for investors, government agencies, or internal use. This can help you make sound business decisions, comply with the law, and offer detailed reports to shareholders.

Expertise

Bookkeepers are very useful in any business. However, traditional bookkeepers don’t offer the same level of expertise as full-charge bookkeepers. With a full-charge bookkeeper, you’re essentially hiring an accountant at a discounted rate.

With the right bookkeeping services, you can have access to financial insight and expertise at any time. This can prove invaluable when you need to make important business decisions.

How to Find a Full-Charge Bookkeeper

Now that you know the key benefits of hiring a full-charge bookkeeper, let’s put their skills to use. You have three options for choosing a bookkeeper. You can hire a new employee, a contractor, or an agency.

An employee may cost the least per hour. However, while their salaries are lower, you still have to cover benefits and liability costs. For a full-time bookkeeper, this can add up.

A freelancer will almost certainly charge more per hour than an employee. You should expect to pay anywhere from $25 to $50 an hour, and even up to $100 per hour for a full-charge bookkeeper. For context, the average rate is $37 for a traditional bookkeeper.

Conversely, hiring a bookkeeping agency is a great way to save money without sacrificing quality. This is because you’ll have a full team of professional bookkeepers with various backgrounds and you will share the expenses with their other clients.

Moreover, this offers the ability to contact the agency whenever you have questions or need additional services, updates, or anything else. In most cases, a professional bookkeeping agency can manage your entire financial services for the lowest prices and with the highest efficiency.

Choose the Right Bookkeeping Services Today

Now that you know what a full-charge bookkeeping service offers, find one for your enterprise today. Full-charge bookkeepers can do so much more than any bookkeeping app or software, which can prove invaluable to your organization. Financial management is nobody’s favorite topic, so find the right help and lighten the load today!

Stay up to date with our latest tips for your business, and don’t hesitate to contact us with any questions or for help with your bookkeeping needs!

What Is the Difference Between Accounting and Bookkeeping?

March 2, 2023/0 Comments/in Frontpage Article /by Neha Patel

So, your business needs some help keeping up with finances. You’re not alone. That’s why there are over 1.3 million bookkeepers, accountants, and tax preparers in the US.

However, choosing the right one for your business is not always easy. For that, it’s important to understand the difference between accounting and bookkeeping. Here’s what you need to know!

What Is Accounting?

Accounting is the measurement, processing, and communication of financial information of institutions, including businesses. Organizations of all sizes and industries may hire an accountant to help manage their finances.

Qualified accountants can offer a wide range of services and tasks to these enterprises. Some common accounting tasks include:

Analyzing the cost of operations
Preparing and adjusting entries
Advising business leaders through financial decisions
Performing financial audits
Assessing financial health
Creating financial forecasts
Providing tax advisory
Preparing tax planning and filing returns

The list goes on. Accountants may offer a wide variety of financial services.

To become a licensed accountant, one must obtain a minimum of a bachelor’s degree. This can be in accounting or a related field. The university granting the degree must be accredited by a recognized accounting board.

Then, they will need to obtain their Certified Public Accountant (CPA) license to operate independently. This requires that they meet the education standards and pass the CPA exam.

Technically, you don’t need a degree to call yourself an accountant. However, a bachelor’s degree is the minimum requirement for licensure. Therefore, if you need accounting services (as opposed to just bookkeeping), make sure to hire a CPA.

Types of Accountants

We’ve made a lot of statements so far about accountants, specifically CPAs. There are also government accountants or investment accountants that work with specialized clients. However, there are many more types of accountants that can offer value to your business.

For example, there are auditors that specialize in auditing businesses and organizations. This can help prepare you for tax time, discover financial issues in your business, and cut expenses.

Moreover, if you need limited financial advice, there are project accountants. These accountants work to manage the budget for specific projects within an enterprise. There are also forensic accountants who analyze, interpret, and summarize complex financial records to determine their accuracy and importance.

Of course, there are plenty of other examples. However, a CPA is typically the best option for businesses of all sizes that need long-term financial management services. Still, different types of accountants can help with different needs.

What Is Bookkeeping?

Bookkeeping is exactly what the title suggests; “keeping the books”. In financial terms, this is known as maintaining the ledger. Essentially, bookkeepers keep your financial record updated. This includes accounts payable, accounts receivable, and other basics of accounting.

Still, some bookkeepers may offer other services like payroll services or tax preparation. However, a traditional bookkeeper will primarily track and organize your business’s revenue and expenses.

Essentially, bookkeepers offer the basics of accounting services. They cannot offer financial advice or comprehensive tax services like a CPA.

Moreover, bookkeepers can still provide valuable services to a business. Some common examples of additional services include:

Send customer invoices and record payments
Payroll processing
Preparation for an accountant
Create financial statements (monthly, quarterly, etc.)
Conduct bank reconciliations

Again, the list goes on. Now, let’s identify the key differences between the two.

The Difference Between Accounting and Bookkeeping

While they are cut from the same monetary cloth, the key difference is that bookkeeping handles the essentials while accountants can handle a larger scope. Traditional bookkeepers are limited to maintaining your business ledger, payroll, and financial records. It’s an important service, but automation may make it obsolete in the near future.

In many cases, the role of the bookkeeper is to assist an accountant who can offer more comprehensive services. Accountants can help with just about every financial aspect of your enterprise. They can offer financial advice, tax preparation, and so much more.

Full-Charge Bookkeepers

Essentially, all accountants are bookkeepers, but not all bookkeepers are accountants. However, that’s not to say that all bookkeepers are limited to the basics. Much like accountants, there are different types of bookkeepers.

For example, full-charge bookkeepers take on many of the roles of accountants. They often charge similar rates to traditional bookkeepers. However, they can also help with tax preparation, offer financial insights, and more.

This is a great middle-ground between a bookkeeper and an accountant. For the best results, we recommend outsourcing your bookkeeping services. This way, you’ll have a dedicated team of diverse bookkeeping and accounting professionals. But, you’ll share the expenses with other businesses.

Remember, when you hire a full-time bookkeeper, you have to pay their salary, benefits, and liabilities. These costs can add up.

Conversely, a bookkeeping agency will only charge a flat monthly fee. They will then give you access to accounting professionals with all types of backgrounds when you need them. Without a doubt, it’s the best bang for your buck!

Choose the Right Services For Your Needs

Now that you know the difference between accounting and bookkeeping, you can make an informed decision as to which is right for your needs. Even with the rise of advanced AI technology, bookkeepers still play an important role in the modern economy. You just have to find the right services!

Stay up to date with our latest tips for your business, and don’t hesitate to contact us with any questions or for help with your finances!

How to Do Bookkeeping for Small Businesses?

February 25, 2023/0 Comments/in Frontpage Article /by Neha Patel

Did you know that bookkeeping involves financial reporting, recording depreciation, and processing employees’ payroll?

Bookkeeping is an important aspect of running a small business, as it helps you keep track of your financial transactions, monitor cash flow, and make informed decisions about the future of your company.

But many people feel overwhelmed and frustrated when they’re trying to do bookkeeping for small businesses. This is why it is so helpful to understand what it is and how it works.

To make things easier for you, we have put together a guide. Keep reading if you want to find out more.

Bookkeeping Terms to Know

If you want to understand small business bookkeeping basics, there are several terms that you’ll need to familiarize yourself with. Here is what you need to know.

Ledger

A ledger is a record of all financial transactions in a company. Ledgers typically feature income statements and balance sheets.

Accounts Receivable

This refers to money that customers owe to your business. This also might include other companies that made purchases or borrowed from your small business.

Accounts Payable

Accounts payable refers to money that a company owes to its suppliers and creditors. This includes supplier companies and governmental organizations.

Balance Sheet

A balance sheet is a snapshot of your financial position at a specific point in time. It shows your assets, liabilities, and equity. This document will help you understand what your small business owes and owns.

Cash Flow Statement

This statement shows the flow of money in and out of a company over a specified period of time. It is also helpful to have a profit and loss statement.

This will show your small business’s revenue, expenses, and net income over a specified period of time.

Bookkeeping

Bookkeeping is the process of recording, classifying, and summarizing financial transactions in a systematic and organized manner. It is an essential aspect of financial management for any business.

Bookkeeping helps you to keep track of financial data such as sales, purchases, receipts, and payments.

Payroll

This refers to the process of paying employees their salaries and wages. It also includes taxes that you’ll need to pay for your employees.

Key Components of Bookkeeping

By understanding the key components of bookkeeping, you’ll be well on your way to managing your finances with confidence. Keep in mind that you’ll need to do some elements more frequently than others.

Here are the most important aspects of bookkeeping.

Recording Transactions

This is the foundation of small business bookkeeping. It involves keeping track of all financial transactions. This includes sales, purchases, receipts, and payments.

By accurately recording your transactions, it will be easier for you to keep track of your cash flow. This will also help you to monitor your expenses.

Sending Invoices

You will need to send invoices to your customers in order to assure that your customers pay their bills on time. Invoices also help you to keep track of your accounts receivable.

To streamline the invoicing process, consider using invoicing software that automates the process. And when you’re creating invoices, be sure to include all relevant information.

You’ll need to include the date, amount, and description of the goods or services that you provided.

Preparing Basic Financial Statements

These are key components of small business bookkeeping. They include the balance sheet, profit & loss statement, and cash flow statement.

These statements will provide a snapshot of your financial health. They will also help you make informed decisions about the future of your business.

To prepare these statements, you’ll need to have a solid understanding of your assets, liabilities, and equity.

Completing Payroll

Completing payroll involves paying employees their salaries and wages. It also involves recording all related tax deductions and contributions.

When completing payroll, be sure to keep track of all employee information. You’ll need to document your employees’ hours worked, pay rates, and any overtime pay.

Using Bookkeeping Software

Bookkeeping software for a small business can greatly simplify the financial management process. By using it, you will save time and reduce the risk of errors.

There are several types of bookkeeping software available. Each kind of bookkeeping software has its own set of features and benefits.

You should use cloud-based bookkeeping software is cloud-based if you want to access your financial data from anywhere with an internet connection.

This type of software is ideal for those who need to access their financial information while on the go.

If you are looking for a more comprehensive bookkeeping solution, consider using software that integrates with your accounting and payroll systems.

This type of software is perfect for small businesses that require a one-stop-shop solution for their financial management needs.

You can also use industry-specific bookkeeping software, such as retail or service-based businesses. This type of software is designed to cater to the unique needs of each industry.

These solutions tend to offer features such as inventory management and project tracking.

Finally, there are entry-level bookkeeping software options available for small businesses just starting out. These types of software offer simple and straightforward solutions for basic financial management needs.

When choosing small business bookkeeping software, make sure to consider your specific business needs, budget, and level of technical expertise.

This will make it easier for you to find a software solution that is well-suited to the needs of your business.

Outsourcing Your Small Business Bookkeeping

Many small business owners choose to outsource their small business bookkeeping when they are too busy to do it on their own.

There are various remote bookkeeping options to choose from. But it is important to choose a company that gets great customer reviews.

Contrary to what you might think, it is very affordable to outsource your bookkeeping. If you are interested in doing this, try to choose one that will offer you a small business bookkeeping template.

Bookkeeping for Small Businesses

It can be difficult to figure out how to get started with bookkeeping for small businesses. This is why it is so helpful to familiarize yourself with small business bookkeeping basics.

Are you ready to hire a bookkeeping service? If so, we are here to help you. Don’t hesitate to visit our Bookkeeping services page to find out more!

Why Is Bookkeeping Important?

February 20, 2023/0 Comments/in Frontpage Article /by Neha Patel

What’s the one task 58% of small business owners reported they hate doing the most? You guessed it, bookkeeping. If you’re reading this, chances are you’ve been trying to do your own bookkeeping and you hate it. This is why it’s critical to understand the importance of bookkeeping with a professional.

If your business needs some help in this area, we’re here to help. We’ve got some pretty good reasons why hiring a bookkeeper could be one of the best things that ever happened to your business. Let’s jump in and see if a bookkeeper is a right fit for you.

What is Bookkeeping?

Bookkeeping is the process of tracking and recording financial transactions. The bookkeeper is responsible for maintaining financial records and preparing financial reports, which are often required by business owners or investors as part of their accounting duties.

The role of a bookkeeper is also expanded to include filing tax returns, paying bills on time, and following up with customers who have not paid their accounts in full. Although you might be tempted to think that the most important thing is learning how to do it yourself, that’s not actually true.

Not only is bookkeeping difficult and time-consuming, but it also takes away from your core business activities. The truth is that bookkeeping isn’t an easy task for anyone who hasn’t been trained in this area of finance and accounting.

Why Use a Bookkeeper Instead of Doing It Yourself?

If you’re like most entrepreneurs, you probably have a lot on your plate. You’re busy running the business and making sure everything is going smoothly. You may even be trying to find time in your busy schedule for things like marketing or recruiting new employees.

But what about keeping track of all the numbers? Do you really want to spend hours each month looking at spreadsheets? There are plenty of good reasons why hiring a bookkeeper makes sense for most businesses these days.

Bookkeeping involves more than just entering numbers into spreadsheets or apps. It also includes understanding what those numbers mean and what actions should be taken based on them. In addition, once all those numbers are entered into their appropriate places within your financial system(s), someone needs to maintain them regularly so they’re accurate at all times.

How Does Bookkeeping Grow Your Business?

The benefits of using a bookkeeper are almost endless. With a bookkeeper on board, you can focus more on growing your business instead of worrying about mundane tasks like payroll or accounting. That means you have more time to spend doing what matters most.

You’ll be shocked by how much time and money you’ll save by automating processes that used to take hours every week. Think about how many other things you can do for your business in this time. Bookkeepers will work with you to make sure all of your paperwork is up-to-date and accurate so there’s no confusion or mismanagement going forward.

Bookkeeping Basics

Bookkeeping is important for businesses of all sizes, but especially for small to medium-sized businesses. Bookkeeping helps you to know how much money is coming in and going out, as well as what your business is earning and spending on a daily basis. It also helps you to know where your business stands financially so that you can make decisions about how best to grow it.

Whether you’re just starting your own business, or you’ve had it for years, bookkeeping is vital. Bookkeeping is the only way to have an accurate picture of your finances at all times. In order to do this, bookkeepers must be able to understand accounting software and use it effectively.

This means that they need training in how to use various types of accounting software. Bookkeepers also need extensive knowledge about tax laws so they can file accurate tax returns on time every year. It’s impossible for you to keep track of this on your own.

Accounting vs Bookkeeping

You may have heard the term “bookkeeping” and thought it was something different than accounting. And while they’re both related, they actually mean very different things.

Bookkeeping is the process of recording transactions and financial data. This includes recording sales receipts, payroll expenses, bank deposits, and more. Bookkeeping is more detail-oriented.

Accounting is the broader field that includes analyzing financial statements, preparing tax returns for clients, or preparing financial reports for investors or regulators. Accountants also make sure all this information gets stored correctly so it can be accessed later on when needed by management teams or shareholders.

Bookkeepers Become Part of the Team

Bookkeepers are the record keepers of a business. This makes them vital partners and part of the team. They are responsible for keeping track of all financial transactions. Bookkeepers are often involved in financial reporting and analysis and may also assist with payroll and tax preparation.

What you may not have realized is that this also helps with business planning, marketing, administration, inventory control, and more. Great bookkeepers are flexible enough to adapt their skillset as needed by each business they work for. Before long, they will be a valuable member of any team.

Book Bookkeeping Services Near Me Today

While you may know the importance of bookkeeping, it may be hard to get started. Many small businesses don’t have the resources or knowledge to do this alone. Hiring a bookkeeper can actually save you money, time, and stress.
We know all the latest software trends and tax laws which means you don’t have to.

To get started with professional bookkeeping services, fill out the contact form here. We’ll help you spend more time growing your business and less time on your books.

What Is Double-Entry Bookkeeping?

February 15, 2023/0 Comments/in Frontpage Article /by Neha Patel

Every business keeps track of its sales, expenses, and accounting. As a result, the accounting industry generated $110 billion in 2020.

It’s a large industry because most companies hire accountants to handle their bookwork. After all, accounting is a challenging task for most people.

One aspect of accounting is double-entry bookkeeping. Have you ever wondered what this is and what it means?

If so, keep reading to learn what double-entry bookkeeping is.

It Uses 5 Types of Accounts

Accounting, or bookkeeping, is the process of recording financial transactions. Through proper accounting methods, a business can track its income and expenses. They can also track other financial details.

Most businesses hire bookkeeping companies to do this for them, as it can be complicated. There are several key principles of double-entry bookkeeping to understand.

The first is the accounts. Most businesses track their accounting records with accounts. There are five primary types:

Assets

Assets are the things you own with value. Cash is an example of an asset, but there are many others. Other assets include buildings, vehicles, inventory, equipment, and office supplies.

Liabilities

Every business has debts, called liabilities, in a double-entry accounting system. Liabilities include all debts your business owes. Some examples include payroll, utilities, and equipment payments.

Equity

Equity is an accounting term referring to the value of the business. You find your equity by subtracting your liabilities from your assets.

Income

Every business is in the market of making money. Accounting systems use income accounts to record this money. Income can refer to money you earn from selling things or providing services.

Expenses

Expense accounts record the money you spend. For example, a utility expense account tells you how much you spend on utilities.

These are the five categories of accounts. Within each category, you might have many accounts. Each account is for a specific thing.

It Uses Debits and Credits

So what is double-entry booking? Additionally, what’s the difference between single and double-entry bookkeeping?

Single-entry systems only record one thing for each transaction. On the flip side, double-entry systems record two entries. These entries consist of debits and credits.

Each time a transaction occurs, a double-entry system involves debits and credits. Of course, you must follow the rules when using debits and credits. However, the rules work differently depending on the account type.

The rules for asset and expense accounts are:

Debits to these accounts increase their balances
Credits decrease their balances

The rules for liability, equity, and income accounts are:

Debits decrease the account balances
Credits increase the balances

Some accounts also carry their balances from year to year. These accounts are assets, liabilities, and equity accounts.

Other accounts start at $0 each year, and these accounts include expense and income accounts.

A company’s accounting record includes a list of all these accounts. The balances reflect a category’s total.

For example, you can learn the value of your company’s assets by adding the balances in each asset account. You can also learn how much your company earned by looking at the balances in your income accounts.

Every Transaction Requires Two Entries

So, how is double-entry booking used? The simplest way to understand is by looking at some double-entry bookkeeping examples:

Example 1: Asset Purchase

Suppose your company purchases $500 of office equipment with cash. Double-entry accounting requires an entry like this:

Debit to Office Equipment for $500
Credit cash for $500

When you debit office equipment, it increases the balance of this asset account. On the flip side, crediting cash reflects the decrease in cash for the expenditure.

Example 2:

Imagine your company buys a new vehicle with a loan for $25,000. The entry would look like this when you make the purchase:

Debit to Truck account for $25,000
Credit to Accounts Payable – Truck Loan for $25,000

This transaction reflects the increase in your assets through the debit to an asset account. It also reflects the amount you owe, which is accounts payable. This account is a liability account, which means it’s money you owe.

You will also make an entry in your accounting records each month when you make the truck payment. This entry would look like this:

Debit to Accounts Payable for the payment amount
Credit to cash for the payment amount

This entry reflects a decrease in the liability account (your truck loan). It also reflects a decrease in cash as you spent money to make the payment.

You can view your loan balance by looking at the accounts payable account. Of course, this account balance should decrease monthly as you make payments.

The Rules of Double-Entry Accounting

Double-entry accounting is logical and systematic. As a result, it might be helpful to know a few rules of the double entry system:

Debits Must Equal Credits

The first rule is that debits must always equal credits in transactions. A transaction might involve more than two accounts, but they must always stay in balance.

As a result, you must debit the same amount as you credit for every transaction.

The Accounting Equation Must Balance

Secondly, the double-entry system uses an equation: Assets = Liabilities + Owners Equity.

In fact, the best way to check your accounting records is to see if it balances. You can do this by adding up all your assets. Then, add up your liabilities and equity accounts.

Do these balances match? If so, you have balanced books.

One thing to note is that this equation doesn’t include your expense and income accounts. Those accounts are separate, as their primary purpose is to track amounts for a set period.

Learn More About Double-Entry Bookkeeping

Do you own a business? If so, do you want to start using the double-entry bookkeeping system? You can purchase accounting software to use it or hire an accounting firm.

Contact us if you need help. We offer accounting services in Charlotte, NC, and can help you with your business bookkeeping services.

How Much Does Bookkeeping Cost?

February 10, 2023/0 Comments/in Frontpage Article /by Neha Patel

Bookkeeping is one of the most foundational practices in any business. It helps you file taxes, make sound business decisions, and so much more. Consequently, it’s easy to understand why there are nearly 700,000 bookkeepers employed in the US.

Even with today’s technology, hiring a bookkeeper is still well worth it for most businesses. So, how much does bookkeeping cost, and how can I determine what’s right for my business? We’re glad you asked!

What Do Bookkeeping Services Include?

While this largely depends on the agency or professional you choose, you can expect the essentials. Bookkeepers keep records of your finances by tracking expenses and revenue throughout the fiscal year. These services likely include:

Processing vendor bills and other payments
Tracking credit card transactions
Assisting in the collection of past-due invoices
Preparing customer invoices and updating related deposits
Reconciling bank, creditor, and/or merchant accounts
Posting and tracking payroll

Some bookkeepers may offer more or less, but these are the most common bookkeeping services. This helps with reporting, tax filing, wage management, and making financial decisions.

Are There Different Types of Bookkeepers?

Yes. Standard bookkeepers “keep the books”, meaning that they update and maintain your financial records. Their roles are quite limited in this respect.

However, there are also full-charge bookkeepers. These may take on the roles of accountants, offering more details and insights into your finances. Depending on your needs, this may be the right fit for your business.

How Do I Know Which Type Is Right For Me?

Remember, bookkeepers are different from accountants. Some may have accounting experience or education, which could allow them to offer business advice. However, you can’t expect this from every bookkeeper.

Therefore, if you’re deciding between a bookkeeper or an accountant, determine your needs. Do you need someone to track your financial records or to provide detailed insight and analysis of your business finances and operations? If you chose the former, a bookkeeper is right for you!

How Are Bookkeepers Paid?

Bookkeeping rates and payment structures vary. It largely depends on the type of bookkeeper(s) you employ. Some may prefer to be on your payroll, while others will prefer direct payment through check or electronic transfer.

Moreover, their experience and employment status will play a major role in how much they’re paid. Let’s talk about that.

How Much Does Bookkeeping Cost?

The cost of bookkeeping services varies widely depending on experience, location, and other factors. However, the biggest determining factor is whether you outsource or hire a full-time bookkeeper. Let’s break down the different structures and find the lowest bookkeeping cost per month!

In-House Bookkeeper Rates

Hiring a full-time bookkeeper is quite common. Whether you’re hiring an administrative assistant with bookkeeping experience or a full-time bookkeeper, you should expect to pay between $18 and $25 per hour or $37,440 to $52,000 per year.

On top of that, you will also need to pay for benefits for a full-time bookkeeper. If you have a part-time bookkeeper, then this depends on your company’s policy, but you still may need to cover paid time off, sick time, and more depending on local laws.

Still, a full-time bookkeeper may require health, dental, and vision insurance, a retirement plan, and more. Then, there’s liability insurance, office space, and other overhead expenses. This could add up to thousands more each year in additional expenses.

Freelance Bookkeeper Rates

Freelancers are one of the most common options for small businesses, as bookkeeping can be done remotely. While the average freelance bookkeeper rate is $37 per hour, you should expect to pay a freelance bookkeeper anywhere from $25 to $50 per hour.

However, some freelance bookkeepers will charge based on the size of your project or for certain services. Around tax time, you should expect to pay a little more if you’re playing catch-up.

Generally speaking, a small business with a normal amount of accounts should expect to pay anywhere from $500 to $2,500 a month for bookkeeping services. Still, this depends entirely upon the freelancer’s rates.

Bookkeeping Agency Rates

Finally, hiring a bookkeeping agency or accounting firm to manage your books may be the least expensive option. Typically, you’ll pay a flat rate each month for your services. This depends on the size of your business and the rates offered by the agency.

However, outsourcing tends to be the most economical option. Essentially, you share the costs of bookkeepers with other businesses like yours without sacrificing the quality of your services.

Overall, you could expect to pay anywhere from $250 to $2000 each month for outsourced bookkeeping services. The best way to find out is to reach out!

Also, agencies may offer other services. For example, if you need help with payroll services, an accounting firm can help with that.

On top of that, you can always have a point of contact. An agency will be the most responsive, giving you around-the-clock access to a team of dedicated bookkeepers. This is the best for when you need accounting information, as you’ll have access to a diverse team of knowledgeable professionals.

Get Help With Your Business Needs Today

Now that we’ve answered the question “how much does bookkeeping cost?”, you can make an informed decision as to what’s right for your business. Every enterprise is different, so choose what’s best for your needs and get your business ready for tax time!

Stay up to date with our latest tips for your business, and don’t hesitate to contact us with any questions or for help with your bookkeeping needs!

By the Books Accounting: How to Choose the Best Accounting Service

September 28, 2022/0 Comments/in Client Testimonials /by Neha Patel

Not everybody thinks that accounting is especially fascinating, but there is no denying that it provides an incredible amount of value to our society. In fact, the industry for accounting services in the United States alone is worth more than $119 billion every single year! At the end of the day, our ability to keep society functioning depends on our ability to keep a careful accounting of our resources and transactions.

Of course, just because you need an accountant doesn’t mean that you need just any accountant. When you are looking for quality by the books accounting services, the higher the quality the provider you can find, the better.

However, it can be difficult to tell a good accountant from a bad one when you are not acquainted with the industry of accounting. How can a layperson tell which accounting service they should go with?

With these simple tips in mind, you will be able to find the best accounting for your unique situation. Read on to learn all about the best ways to choose between accountants!

Be Crystal Clear About What Your Accounting Services Will Cost

When it comes to a proper accounting service guide, finding the right accounting service for you comes down to a lot more than just picking the first result when you Google for “accounting services near me”. For one thing, you can quickly cut down your shortlist of prospective accounting services to hire by asking about their fees.

Before you call up different accounting services to ask them about their fees, sit down and decide what you are willing to pay. This way, you can quickly ask each potential agency what they charge and sort out the agencies that charge too much for your particular situation.

You should keep in mind that different agencies will charge different kinds of fees. For example, some places will charge by the minute or the hour. Other places will charge a certain amount per specific task that they perform.

Check Out Ratings and Reviews

Another way to quickly get down to a shortlist of top prospective accounting agencies to work with is to look into the ratings and reviews that each agency has received. In general, the higher the rating, the better the agency.

However, it is not always that simple. You should read the reviews as well as look at the overall score. Sometimes, the review will change your mind about an agency you are considering.

For example, if one agency gets amazing reviews for tax filing, then that will give them a high rating. But what if you don’t care about tax filing? Maybe you have other reasons for hiring an accounting service.

In that case, you might want to sort out an agency that bases its rating on tax services. This is the kind of insight that comes when you read the reviews rather than depend solely on the ratings.

Find an Accounting Agency With the Right Specialty

You can save a lot of time by only looking at agencies that specialize in what you need. Lots of accounting agencies work with specific kinds of clients. That can mean the farming industry, a law firm, or a small business.

In general, the more experience an agency has, the better for you. But that experience has to be with situations as close to your own as possible. Find an agency that works with lots of other clients that are similar to you.

Make Sure You Find Bookkeeping Services With Proper Certification

Some accounting services require professional certification. For example, you will need a certified public accountant if you want to receive serious advice about your small business.

If you need an accounting service that requires certification, then make sure to be clear about that with any agency that you speak to. If an agency is not properly certified for your needs, then you can quickly sort them out of consideration.

Find a Service That Offers Accounting Service Tips

Different accounting agencies will focus on different things. Some agencies focus only on a list of accounting tasks. They stick solely to those tasks and do not account for any other services that you might desire.

In contrast, some agencies are more flexible. They are willing to focus on the personal relationship with each client. That can translate into providing a lot of extremely helpful advice if you are interested in it.

If at all possible, it is great to find an accounting firm that will be willing to offer you advice. They can tell you about the best equipment to buy and when you should do it, along with other tips that can come in handy.

Find Out Who Will Provide What Services

In general, you want the highest quality service possible at a price that makes sense. When it comes to accounting, you should keep in mind that CPAs will generally cost a lot more than bookkeepers.

CPAs are necessary for some things, but in other cases, bookkeepers can do just fine. If you have work that a bookkeeper can do, then you probably want a bookkeeper to do it. There is no reason to pay extra to have a CPA do the same task

Make sure to as each accounting agency if they have bookkeepers who will handle appropriate tasks. If they tell you that CPAs will be handling everything, then you can expect to pay more for that.

Find the Best by the Books Accounting Service for You

We hope that some of the ideas in this article on how to find the right by the books accounting services have been helpful for you. To find the best services around, you may have to spend some time examining the landscape of possibilities. However, the extra time that you spend finding a great accounting service will pay off in improved quality down the line.

To learn more about how to find the best accounting services for your situation, feel free to reach out and get in touch with us here at any time!