Businesses must consider bookkeeping a high priority, not an afterthought. Financial records provide business owners with in-depth insights, helping them make prudent business decisions. You need to make sure your financial records are accurate and up-to-date.
As a business expands and the number of stakeholders increases, it becomes increasingly difficult to track financial transactions. If your team is overworked, it makes sense to outsource your bookkeeping.
Many business owners wonder if they need a bookkeeper or accountant. The confusion is understandable as both terms are often used interchangeably. However, there is an important difference between these two processes. A bookkeeper maintains books and an accountant uses them.
A small bookkeeping service near you will help you record, classify, and organize financial transactions.
What Do Bookkeepers Do?
A bookkeeper records all financial transactions. They maintain financial records of purchases, sales, receipts and payments, and accruals for payables and receivables. A bookkeeper’s role can vary depending on the size of the business.
At a small business, for instance, a bookkeeper will have more extensive responsibilities. These responsibilities typically include tracking and recording transactions, maintaining accounts receivables, and payroll processing.
Bookkeepers at larger companies are usually expected to perform data entry tasks, do bank reconciliation, and prepare monthly reports.
A bookkeeper will help perform the following tasks.
➢ Managing accounts payable
➢ Maintaining accurate and up-to-date records
➢ Managing bank feeds
➢ Conducting stock takes
➢ Ensuring financial compliance
➢ Managing foreign currency transactions
➢ Managing cash flow
➢ Sending invoices to customers
➢ Preparing the books for the accounts team
➢ Payroll processing
Some Benefits of Outsourcing Your Bookkeeping
Many small and mid-sized business owners think that only big businesses need bookkeeping services. The truth is that businesses of all shapes and sizes can benefit from bookkeeping services in Sonoma County. Here are some compelling reasons to outsource your bookkeeping
➢ You will save time and money: Your bookkeeper will perform day-to-day bookkeeping tasks. You won’t have to hire permanent employees and can avoid costs associated with hiring and training them.
➢ Reduce errors and maximize accuracy: Your in-house bookkeeping team can commit errors such as entering data incorrectly, missing entries, and mixing different types of entries. A professional bookkeeper is less likely to make such mistakes. Many bookkeeping services use accounting software with built-in features designed to help users steer clear of bookkeeping mistakes.
➢ Your team will have more time: Your team will have more time to focus on more critical tasks that help grow the company.
Virtual Jeannie Bookkeeping Services is a top-rated bookkeeping firm in Santa Rosa. We will design a bookkeeping solution to fit your business’s specific needs. To make an appointment with us, call us at (707) 664-1425.