How Do Bookkeepers Help Small Businesses To Maintain Their Finance?

Producing invoices, chasing payments, getting ready for tax deadlines, and payroll processing – these are among the several accounting services that a company has to take care of. Many times, owners try to single-handedly manage the jobs, but it is not quite easy. Reaching out to bookkeeping services for small business is a better option to go for.

Bookkeeping services majorly focus on the important areas in finance and accounting. The service providers cover financial reporting, tax returns and strategy, and CFO services for the small business with the aim to keep the businesses thriving successfully while the owner focuses on the other important things apart from accounting.

Main services provided by the bookkeeping agencies:

1. Daily Management of Accounts

A bookkeeper keeps track of every sale on purchase for your business’ accounts daily for all transactions. With a regular track maintenance of accounting, it becomes easier to record your cash flow and at the same time to save data entry time.

2. Recording Up-to-Date and Accurate Data

A bookkeeper’s job is to make the business records up-to-date. They also make sure to flag up any inconsistencies between the books and your business accounts so that you resolve the problems at the earliest.

3. Business kept aligned with laws

Tax is a sensitive area where one single mistake can lead to letter from HMRC. A bookkeeper ensures that your business is kept aligned with the relevant laws.

4. Tax deadlines are met

 Tax deadlines are strict and must be followed like laws and regulations. Business owners often fail to take up bookkeeping as a priority which makes the tax deadlines drop. A bookkeeper will ensure that your records are accurate, and that you are always prepared for tax.

5. Manage Bank Feeds

Bookkeepers do manage transactions via software or app. That includes the bank feeds which are checked and maintained via software with your business bank account thereby allowing you to follow each transaction in real-time.

6. Accounts Payable Handled Well

Bookkeepers often make payments on behalf of your small business which includes everything from payment of supplier invoices, petty cash and expenses.

7. Invoices and Managing Accounts Receivable

Bookkeepers take responsibilities of preparing invoices and sending them to your clients to get a payment on time. They also manage the accounts receivable ledger, and chase up late payments to make your records accurate at any time

8. Prepare Financial Statements

Bookkeepers prepare significant financial statements for small businesses including a profit and loss statement, balance sheet and cash flow statements. These reports show a bottomline of the business and its operating expenses along with the balance of assets and liabilities, and at the same time project the cash flow in and out.

9. Process Payroll

Bookkeepers can take care of the payroll and HR functions for small businesses. The functions include assisting business with the pay check processing as well as tax payments to employees.

10. Dealing with Foreign Currency Transactions

It is the responsibility of bookkeepers to maintain accurate foreign currency accounts, with the use of current exchange rates. This becomes easier with the use of compatible digital bookkeeping apps to instantly analyse exchange rates without wasting much time.

11. Stocktake Performance

Bookkeepers produce inventory reports for small businesses by counting stock items. In case of any discrepancies, they report to the business asking them to address problems quickly. This is mostly done at the end of the business’ financial year with the figures featuring in reports such as profit and loss statements.

12. Check on Cash Flow

Among the most important things a bookkeeper does for small businesses is making sure that they don’t run out of cash flow. For this, they keep a close eye on the balance of revenues to expenses, and if needed, they do advise if the business needs more available cash to operate.

13. Books for an Accountant

Last but not the least, it is the job of the bookkeeper to keep the accounts updated, valid, and up-to-date when handing over to the accountants. The further processes ensure that the knowledge to make business recommendations and fulfilling tax returns are met properly.

If you are running a small business, and finding it difficult to cope up with the finances, it is time to contact agencies that offer bookkeeping services for small business. Gangaaur Accounting Services is a reliable name that can be contacted. Visit their website http://gangaauraccounting.com/ or call them up at +1-321-465-2361 to talk to their team.