If you own a small to medium sized business, you know the importance of bookkeeping. It is not only essential for keeping track of your profits and losses. It is also a crucial part of filing your taxes. Below, we will show you the basic steps to bookkeeping services to keep your business as accurate as possible.
1. Choose Your Filing System
You may have heard of QuickBooks, FreshBooks, and the like. Paper receipts and hand-written spreadsheets may have been the norm in the olden days. However, these days everyone right up to the IRS expects you to use some form of digitized bookkeeping service. Be sure to choose the one or more bookkeeping tools that are tailored to the specific needs of your business. These tools should be able to generate the reports you need when you need them.
2. Choose Your Bookkeeper
Unfortunately, keeping the books isn’t something most small to mid-sized businesses can do themselves. Hiring a professional bookkeeping services firm is helpful for saving both your precious time and keeping an eye on your assets and expenses. Do a thorough research on your bookkeeper. They should be local. They should be available for phone calls and face to face meetings. Bookkeepers should have many satisfied clients. They should also have various bookkeeping service options to meet your business’s and financial needs.
3. Beyond Bookkeeping
In addition, your business may need other services. These bookkeeping services can include:
- Managing payroll.
- Keep track of bank and credit accounts.
- Generate monthly, quarterly, and yearly financial statements.
- Prepare and file taxes for the business and individual.
- Accounts receivable and payable.
- Corporation set up.
4. Follow Ups
Once you have chosen a bookkeeper, be sure to follow up with them. You may have changes. They may have recommendations. Remember they are professionals who may do the books for businesses like yours or even the competition. They can provide valuable insight on a variety of topics and strategies. You can also come to them for spending while minimizing your tax burden and other related topics.
The Basic Steps to Bookkeeping Services in Houston
Does the above sound like something your Houston-based small to mid-sized business needs? Our bookkeeping services are professional, accurate, and fairly priced. Feel free to contact us to learn more on how B&J can help with your bookkeeping needs.
