List of bookkeeping services
Every small business owner has experienced the struggle and frustration that comes with managing their business’ financials on their own. This is a normal part of building a business, and every business requires the basic functions of bookkeeping to stay organized and accurately understand expenses, overhead costs, and even revenue. As small business owners hustle to provide valuable services and/or products, many constantly feel behind on their books. If that latent bookkeeping gets out of hand, tax time can be a nightmare.
This is why many business owners leverage dedicated and trained support from bookkeeping services for a small business. If you’re reading this article, you’re probably already considering the pros and cons to hiring an accountant or accounting service and whether it’s worth the added expense. Let’s take a look at what bookkeeping services traditionally provide clients.
What do bookkeeping services do?
Bookkeeping services take on the responsibilities of accounting like recording transactions as they happen to maintain a well-organized, up-to-date overview of finances. What do bookkeeping services include? Let’s look at a standard list of bookkeeping services that outsourced professionals and companies typically offer.
Bookkeeping services list
In practice, bookkeeping involves the recording of all financial transactions and other financial operations to track a business’ revenue and spending. Maintaining an organized record of all transactions is an essential process for any business that has to pay taxes, support employees, or even seek funding or loans. For a business to understand how profitable it is, it first needs to understand what it’s brought in from sales and what it spends to stay afloat. As you’re looking for outsourced bookkeeping services, look for the following:
- Recording customer payment and invoice collections
The most common way of receiving payment for goods or services is through credit card transactions and invoices. Good bookkeeping services will take over the responsibility of processing and recording those transactions.
- Reconciling bank & credit card accounts
Bookkeepers should compare bank statements with their own records to pinpoint any discrepancies or missing money. This is a vital component to ensuring that every dollar is accounted for, which can be a long and tiresome process for business owners after a busy month.
- Maintaining Accounts Receivable
Tracking and recording customer invoices is a standard bookkeeping service that accounts for due, past-due, and even paid debts for your rendered services. In theory, every business would be diligently keeping track of these but if business gets busy it’s not difficult to understand how some invoices may become neglected or fall through the cracks entirely.
Online bookkeeping services for small business
Many accounting firms offer virtual bookkeeping services, which enable small business owners to employ dedicated finance professionals via online platforms for a monthly fee. Many of these services offer flexible pricing plans with access to support as needed. One downside that can come with online bookkeeping services is there is often limited person-to-person interaction. Meeting face-to-face is helpful for bookkeeping services specifically, but isn’t as much of a barrier with more advanced accounting tasks and consultation.
Finding the right fit
When you’re looking for dedicated bookkeeping and accounting services for small businesses, consider what all the company offers before making a final decision. Most companies start with bookkeeping, but end up needing outsourced accounting and fractional CFO services as they grow. This is why it’s important to consider what your business needs to ensure stable financial infrastructure.
At Milestone Business Solutions, we treat every client with a unique, partnership-oriented service regardless of the size of the business. Our goal is to make all of our clients’ lives easier while also helping them build successful businesses. Contact us today.
When it doesn’t make sense for your business to hire a full-time CFO but you are still facing challenges ...
Owning a business means that you wear many hats, which can be a daunting prospect. In fact, 60% of small business ...
When you hire an accountant or an accounting service provider to manage your finances, you’re investing in a vital ...
Stay in the know