Have a question about our bookkeeping services?
Find answers to common queries below.
As professionals, maintaining the confidentiality of your data is our top priority. Therefore, we assure you that we will keep your data secure with us while offering the following options to share your financial data for bookkeeping purposes:
- Granting access to your accounting software, such as QuickBooks Online, Xero, Gusto, Zoho Books, etc.
- Manually providing your bank statements.
Yes, even if you already have an accountant, it can still be beneficial to have a bookkeeper. While accountants and bookkeepers both deal with financial data, they perform different functions and have different areas of expertise.
Bookkeepers are responsible for recording and organizing daily financial transactions, such as sales and expenses, and reconciling bank statements. They ensure that your financial records are accurate, up-to-date, and compliant with accounting standards.
Accountants, on the other hand, analyze financial data, prepare financial statements, and provide advice on tax planning and financial management. They use the data that the bookkeeper has recorded to provide financial insights and help you make informed business decisions.
By hiring a bookkeeper, you can free up your accountant’s time to focus on higher-level financial analysis and planning. This can help ensure that your financial data is accurate and up-to-date and that you have the information you need to make informed decisions about your business.
As part of our bookkeeping services, we provide you with monthly income statements and balance sheets to help you keep track of your company’s financial performance. These reports are essential for monitoring your business’s financial health and making informed decisions about its future.
The income statement we provide gives you an overview of your company’s monthly revenue, expenses, and profit. It lists your total sales revenue, cost of goods sold, and operating expenses, such as rent, utilities, salaries, and taxes. The income statement subtracts your total expenses from your total revenue to give you your net profit or loss for the month. This information can help you identify trends in your revenue and expenses, and make decisions about pricing, marketing, and cost-cutting.
In addition to the income statement, we also provide a monthly balance sheet. The balance sheet is a financial statement that compiles other important financial information, such as cash available, assets, liabilities, and equity. It provides a snapshot of your company’s financial position at a specific point in time, and can help you track your company’s progress towards financial goals.
The balance sheet is divided into two sections: assets and liabilities. The assets section includes items such as cash, accounts receivable, inventory, and property, plant, and equipment. The liabilities section includes items such as accounts payable, loans, and taxes owed. The difference between the total assets and the total liabilities is the company’s equity.
By providing you with these reports each month, we can help you stay on top of your company’s financial performance and make informed decisions about its future. You can use the information in these reports to identify areas where you can cut costs, invest in growth, and make other strategic decisions that will benefit your business.
Protecting clients’ confidential financial data is our top priority. We take appropriate measures to safeguard this sensitive information, including:
- Using secure technology: We utilize secure technology and software to store and transfer data. We also implement strong passwords and two-factor authentication to protect access to our devices and accounts.
- Limiting access: We restrict access to financial data to authorized personnel only. We use role-based access control to ensure that employees can only access the data they need to do their job.
- Encrypting data: We use encryption to protect sensitive data during storage and transmission. This ensures that even if unauthorized persons gain access to our systems, they cannot easily access the data.
- Implementing backup and recovery processes: We have backup and recovery processes in place to ensure that data can be restored in case of data loss or damage.
- Educating clients: We educate our clients on the importance of safeguarding their financial data and the steps we take to protect their information.
- Regularly reviewing and auditing access: We regularly review and audit access to financial data to ensure that only authorized personnel are accessing it.
By following these best practices, we ensure that our clients’ confidential financial data is always secure and protected with us.
Yes, we would be happy to assist you in preparing your budget. Please let us know the details of what you are looking to achieve with your budget and any specific requirements or constraints that you may have. Based on this information, we can provide you with tailored guidance and recommendations to help you meet your financial goals with a realistic budget.
We can offer bookkeeping services using various popular accounting software such as QuickBooks Online, Xero, Zoho Books, Homebase Payroll, Gusto Payroll, and A2X.
At present, we do not handle tax matters. Nevertheless, we can assist you in accurately calculating your sales and payroll taxes through meticulous bookkeeping. Once the calculations are complete, you may consult your tax consultant for further guidance on submitting your tax returns.
Yes, it is still necessary for a smart startup to acquire bookkeeping services. Regardless of the size of your business, maintaining accurate financial records is crucial to its success. Bookkeeping services can help you keep track of your finances, monitor cash flow, and make informed decisions. It can also assist with tax compliance and ensure that your financial statements are accurate.
There are several signs that indicate that you may need the services of a bookkeeper. These include:
- You struggle to keep track of your financial records and transactions.
- You find it difficult to balance your books and reconcile your bank accounts.
- You do not have a clear understanding of your business’s financial health or cash flow.
- You are making financial decisions without proper information or analysis.
- You are spending too much time on administrative tasks, such as data entry and record-keeping, rather than focusing on growing your business.
If you experience any of these issues, it may be beneficial to hire a bookkeeper to assist you with managing your finances.
Still, have more questions or need further clarity? Feel free to contact us!