The basic role of a bookkeeper is to track revenue and expenses for a company or organization. Bookkeepers also prepare financial reports that summarize transactions, such as a profit and loss statement (or P&L). A reliable bookkeeper will also identify and correct errors before submitting final documents.
Bookkeeping is an extremely important part of any business’s success and growth. Simply put, the health of a business is reflected in its financial records. But, if you’ve never received outside bookkeeping support before, you might not know what it entails, how the process will work, or why it’s superior to doing your own books. Here’s some helpful guidance on what you can expect from these essential services.
What You Need to Know About Quality Bookkeeping Packages
Bookkeepers are responsible for the accuracy of accounting records for an organization. This typically includes maintaining accurate data on cash receipts, invoices, accounts payable and receivable, payroll, bank deposits, and other key financial information. If there are any discrepancies between what should be recorded in the books and what actually appears in them, it can lead to serious problems down the road. This is especially true if your business is selected for an IRS audit. For this reason, you want to make sure that you have a quality bookkeeping package for your business.
But it’s not just about damage control. Accurate numbers are essential for financial forecasting and calculating cash flow. Good bookkeeping packages will help you keep up with the financial details to keep things running smoothly month to month, as well as plan ahead for future expenses.
As for your time and convenience, the right bookkeeping package will allow you to easily review past transactions and generate reports that highlight trends and patterns regarding your spending and/or revenue. When you hire a qualified bookkeeper, you relieve yourself of the tedious task of manually entering each transaction. The result? More time you can spend on other aspects of your business.
Bookkeeping packages vary from one provider to the next, but the most reliable options will provide access to a wide range of features. Some of these may include:
- A calendar view that allows you to see when payments were made and when bills were paid.
- Accounts payable and accounts receivable functions that let you quickly identify outstanding bills and collect overdue payments.
- Reports that give you a big-picture view of your profit and loss, which can also be used to court investors or help you in getting a business loan.
- And more.
In addition, your books will be professionally and actively managed by an accounting professional. They’ll keep a watchful eye on your accounting records to ensure there are no discrepancies or other red flags that can come back to bite you in the future.
The Importance of Quality Bookkeeping Packages for Small Businesses
If you’re looking for a way to streamline your accounting processes, then a bookkeeping package is the right answer for you. An expert bookkeeping service will give you access to all of the financial support and tools you need to manage your business finances efficiently. Not only will you have more time to focus on growing your business, but you’ll also have the peace of mind that comes with putting your record keeping in the hands of a professional who can keep them IRS compliant.
Running a business can be complicated and your time is valuable. Why burn through it doing your own books? Save yourself some headaches and extra time with a bookkeeping package for your business.
Why Fusion Legal & Tax is the Right Fit for You
If you’re doing your own bookkeeping, there’s a chance that your books are inaccurate, outdated, or both. These issues can cause financial troubles and will undoubtedly create a headache for you at tax time. And you don’t have the luxury of losing precious time running your business to deal with data entry and reconciling discrepancies. At Fusion Legal & Tax, we offer several monthly bookkeeping packages for small and medium-sized business owners to organize accounting processes and make your life easier.
Fusion Legal & Tax’s bookkeeping department offers unique benefits that you won’t find anywhere else. When you sign up for our bookkeeping packages, we’ll start off by cleaning up your books and getting them up to date, so you can get a fresh start. On top of that, our bookkeeping department is overseen by an experienced tax attorney, meaning you can rest easy when it comes to IRS compliance. In addition, we can customize your bookkeeping package to your needs to make sure you get what you need from our support. All of these services come together to create the best possible bookkeeping packages for your business.
Ready to Let Fusion Legal & Tax Get Started
Schedule an appointment today and get started with your monthly bookkeeping service.