Biz Bookkeeping Blog
Not Enough Time for Bookkeeping?
When you are running your business, time is at a premium. Every second has been earmarked. Too many small and mid-sized business owners find that the one task that gets crowded out is bookkeeping.
Often this is done hit and miss, because there are not enough hours in a day to keep things organized when you have to oversee all other aspects of your business. You don’t realize that there is a problem until you can’t put your hands on a critical document.
Today businesses of all sizes are turning to “virtual” bookkeeping. As nebulous as that sounds, it is actually a practical and dependable way to keep your accounts, payroll, inventory, and taxes at your fingertips—and you don’t have to do the work!
Virtual bookkeeping is done by an outside company that specializes in record-keeping for businesses like yours. Your documents and records are secure and protected. Often much of your communication can be done via email and the Internet. A financial consultant helps you organize your paperwork and payroll, and usually utilizes a program like QuickBooks to set up spreadsheets and generate reports for your business. You just provide the source documents, like checks paid to vendors, employee hours, and sales reports.
A good virtual bookkeeping company should offer free consultation, help with organizing your files, enter your data from checks and monthly bank and credit card statements, reconcile everything, keep track of split amounts, income, and ACHs. Your tax documents and records should be logged for easy retrieval at tax time. Your consultant should also suggest options to help you prepare your business for future growth.
When you “go virtual,” you free yourself up from the accounting details that have been stressing you out. Virtual bookkeeping companies, like Express Tax and Bookkeeping Services, give you a wide range of options and let you select the services that best fit your needs. You may not need your checks written for you, but you probably need to see exactly where money is coming in and going out. Your consultant will design a package that relieves you of the tasks that you don’t want to do, but still lets you be hands-on with the ones that you do.
Written by Liz Soria, CPB, ATP Express Tax & Bookkeeping Services
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