Bookkeeping Frequently Asked Questions
Having good bookkeeping will ensure you have efficient accounting systems. This helps you manage critical components of your business.
Bookkeeping is an ongoing, integral part of your business. It is important that the work be maintained to provide you with essential reports to see the financial status of your company.
Most small and medium size business owners do not have the knowledge, time or ability to effectively perform their bookkeeping duties. Outsourcing a bookkeeper will provide you with the time required to focus on your businesses operations.
Start by calling JBS. We can organize your records, set up the chart of accounts and get your accounting and bookkeeping up and running.
There are different reasons to hire a professional bookkeeper. Some of them are as follows:
- Your business has grown, and the bookkeeping volume and complexity is more than you can handle.
- Your accountant’s/CPA’s rate keeps increasing each year, because of many bookkeeping mistakes.
- You dislike keeping track of your income and expenses, tracking down invoices, statements, bills, and receipts, which is time consuming, so you keep delaying your bookkeeping on a weekly or monthly basis.
- You’re about to go through an IRS Audit.
- Select a simple accounting system
- Set-up chart of accounts
- Open business bank account
- Keep business and personal expenses separately
- Keep records of receipts and invoices
- You will be able to make informed business decisions as your financial records will be current. This will provide comfort to the stakeholders, creditors and investors.
- The right accounting system will be identified and the chart of accounts or ledger will be set-up to ensure that transactions are correctly recorded.
- You can manage the financial aspect of your business by reviewing and analyzing various reports, such as Profit & Loss, CashFlow and Balance Sheet Statements.