FAQs
Bookkeeping Service FAQ's
Bookkeeping services involve maintaining accurate records of all the financial transactions such as cash, sales, expenses, and bank transactions of a business and updating them on a regular basis. Bookkeepers also prepare monthly financial reports, record payments, and make general ledger entries. At Bookkeeping For You the complete range of bookkeeping services we offer includes:
- Recording of financial transactions
- Bank account reconciliation service
- Managing bank feeds
- Handling accounts receivable
- Handling accounts payable
- Working with your tax preparer and assisting with tax compliance
- Preparing financial statements
- Taking on certain payroll and human resource functions
- Making technology and process streamlining recommendations
Read our article about why bookkeeping is important for more information.
There are two main types of bookkeeping: the single-entry system and the double-entry bookkeeping system. The single entry system is suited for sole proprietors and small business owners who have low volume transactions. The expenses and earnings as they are incurred are recorded in this method. There is only one entry made for each transaction.
Double-entry bookkeeping is ideal for businesses with complex transactions. Each transaction has two entries: debit and credit.
The cash basis of accounting is where the bookkeeper records when cash is received and cash payments are made. Bookkeeping service providers use two kinds of journals to track cash activity: cash disbursements and cash receipts. The cash method of accounting helps you track how much cash your business has at a given time. With this, you will know the resources you have at your disposal to make informed decisions. Accounts payable or accounts receivable are not recognized in this method of accounting. If you are the sole person operating your business or you are just starting out, the cash basis of accounting is the ideal method.
The accrual basis of accounting is appropriate for complex transactions and a growing business. In this method, purchases, invoices, and sales are recorded even when cash exchange has not happened at the time of recording. Bookkeeping service providers utilize the accrual basis of accounting to track accounts receivable and accounts payable.
To start working with our team to experience the difference our superior bookkeeping services bring to your business, simply contact us.
We are here if you would like to learn more about how our small business bookkeeping services can help your business or to answer any bookkeeping questions you may have.
When you choose Bookkeeping For You, we are committed to assisting you in obtaining a 360-degree view of your finances, making informed strategic financial decisions, creating a smart budget, and saving both money and time.
Your total bookkeeping costs will depend on the bookkeeping services that you need. The cost of hiring a bookkeeper depends on many factors, such as:
- Types of tasks the bookkeeper handles
- Whether you want part-time or full-time bookkeeping services
- The volume of financial transactions and their complexity
- Your bookkeeper’s experience
- The accounting software used
- Your business’s location
Bookkeeping services are vital to any business as bookkeeping is the first and the most crucial step in accounting. While the work of accountants and bookkeepers can overlap, bookkeepers are involved in recording and organizing a business’s financial data. Accountants are qualified to audit, analyze, and interpret financial data. They also advise business owners on taxes and financial decision-making.
Absolutely any business and many individuals can find great value in the tax bookkeeping services we offer at Bookkeeping For you. We offer services for:
- For-profit organizations
- Sole proprietorships
- Limited liability companies
- Freelance professionals
- Consultancies and other service providers
- Manufacturing companies
- Share/stock market traders
- Not-for-profit organizations
- Religious organizations
Our full-service bookkeeping helps you with all the bookkeeping activities in a business. However, it does not include other accounting functions like sending invoices, inventory management, or managing accounts receivable or payable. Bookkeeping services can, however, help you organize these records and tally them every month.
We also don’t offer financial advisory services, tax advice, income tax or sales tax return filing, creating or sending Form 1099, or payroll management. We do help small businesses with bookkeeping for taxes though, helping you have your financial statements better prepared for tax time.
You can also enjoy full-service payroll management at an added cost with QuickBooks Online.
There is no contract and no fixed duration you get to spend with your bookkeeper. From our experience, most SMBs set up video conferencing appointments with their bookkeepers once or twice a month. Our clients mostly connect to discuss their questions and review month-end results. You can arrange for one scheduled appointment at a time, making sure that the schedule is convenient for both you and your bookkeeper.
However, certain services like document sharing and live chat with a member of your bookkeeper’s extended team are available any time without an appointment.