BOTTOM LINE Financial Services Inc.
|Posted on May 1, 2015 at 11:00 AM||comments (440)|
Outsourcing is when you contract with an individual, a company or a firm to provide services for your business that would otherwise be performed in-house by an employee.
The driving force behind the decision to outsource is the ability to focus on core competencies. Outsourcing also allows your organization to be MORE EFFICIENT, MORE EFFECTIVE, and it REDUCES COSTS.
Outsourced bookkeeping and accounting services is best suited for ANY small business (regardless of the type of business or the industry) that has less than 30 employees. Outsourcing is actually more cost effective than paying to employ a part-time, or even a full time bookkeeper or accountant. The decision to outsource also means saving time. It means you don't need to worry about the difficulties of finding and retaining qualified help. It gives you the opportunity to update the quality of your bookkeeping work while cutting costs.
|Posted on May 1, 2015 at 10:50 AM||comments (732)|
Bookkeeping is one of the most essential tasks of any business. It is the process of recording all of the financial transactions and events that occur in your business. Purchases, payments, sales and receipts are recorded so that all of the money that flows in and out of your business is accounted for.
There are 3 primary reasons why bookkeeping is so important:
1. This information is all necessary to prepare financial statements and to analyze the financial state of your business. Without bookkeeping records, you won't be able to see how much money you are really making (or how much money you have lost). You also won't be able to determine whether or not you are meeting your financial goals.
Bookkeeping allows you to see whether your earnings are enough to cover your expenses and gives you information that guides your financial decisions. Financial Statements help business owners to make "good" decisions.
2. If you are interested in taking out a loan or some other form of bank financing, your bank will most likely require financial data from you that will prove to them your business is in good economic standing. Banks will want to see copies of your financial statements, cash flow budgets, and other financial data.
3. Proper bookkeeping is extremely important for preparing an annual tax return. Without good bookkeeping practices, tax return work is more difficult and it is also more likely that discrepancies will occur on the tax return -- which then, in turn, can lead to an IRS audit.
|Posted on April 19, 2015 at 7:25 PM||comments (7)|
Three Reasons To Hire a Bookkeeper
1) Times Savings.
There are only so many hours in a day. If you are doing your own books, you are spending hours each month that could be better spent growing your business.
2) Lack of Knowledge.
None of us would attempt to provide our own medical services in order to save money. If debits and credits are confusing to you, you could be doing yourself more harm than good. At best you aren't getting the information you need to run your business well. At worst, you will be getting a letter from the IRS or the state with issues that will lead to penalties and interest.
3) Cost Savings.
It's less expensive to hire an outside bookkeeper than to add another employee. There are no payroll taxes or benefits to worry about. And, depending on your situation, you might not need to buy expensive software and continuous upgrades.