Income is the life-blood of your business. Many factors determine whether your business has the level of income needed to make your business profitable. Just as payments come into your business from sales and services, you will also be making payments to vendors, employees, and tax agencies.
As a business owner, you have enough on your plate without having to keep a constant watch on incoming and outgoing funds. You’ve considered hiring a bookkeeper to keep track of incoming and outgoing funds, but you’re not sure how to determine their ability (or honesty). Perhaps a payment processing service is what you’re looking for. Let us offer a few of the ways Payment Processing Can Benefit Your Bottom Line.
Better Bookkeeping
With payment processing, you will have a clearer picture of your business’s financial standing. Instead of trying to guess what your net income might be, payment processing can keep track of exactly how much money you have coming in and how much is owed to vendors.
A system of bookkeeping, financial analysis, and financial accounting can be personalized for any type of business, large or small. Here are the services that should be a part of payment processing.
- Accounts payable – bill paying is streamlined by setting up a plan, either through your bank or a system designed to make payments for you. If you’re using checks to make payments, payment processing will provide you with checks needing only your review and signature.
- Accounts receivable – invoices are created which can be emailed or sent by regular mail. Payment processing also keeps track of monthly due dates and will contact customers who are past their due date.
- Payroll processing – so much time and effort can be expended in trying to keep up with the many aspects of payroll. Whether you need to obtain a Federal Tax ID number, file paperwork for employee W-2’s or 1099’s, set up garnishments, or setting up a Direct Deposit account, a service that handles these time-consuming tasks for you will be invaluable.
- Preparing business tax returns – your business tax payments must be made in a timely manner. Payment processing ensures that these payments are always made on time.
Payment processing can ease the burden of running your business. More importantly, a reputable service can make it possible for the business owner to know exactly what monies are coming in, and what monies are going out. Yes, you started your business because you believe in the product or service you’re providing, but you would also like to make a profit from your time and energy. If you’re ready to take the step to payment processing, please contact us!
