Bookkeeping ServicesThe method of recording and keeping track of your business’s financial transactions is known as bookkeeping. Your bookkeepers must compile financial reports based on your company’s regular activity. These reports give you an idea of your company’s financial situation and its performance. Bookkeeping services keep track of your company’s financial status and secure regulatory compliance. However, making and maintaining bookkeeping and accounting records takes time and work. Therefore, chartered accountants must offer various accounting and bookkeeping services to make it more convenient to keep track of your finances. If you’re worried that your books aren’t in order, don’t worry. Innova Investments, LLC provides the top accounting services in Bluffton, SC, and can help you fix the situation. Call us for an appointment for all of your bookkeeping needs.
Best Bookkeeping Services
A bookkeeper’s job is to provide accountants with accurate, up-to-date financial data to gather annual financial reports and tax filings for your company.
You, the business owner, use accounting reports and other stakeholders such as managers to help them make business decisions.
Let’s look at some bookkeeping services and how they may help your company.
Data entry is simply recording financial transactions or keeping track of what enters and what exits your business. This service is the foundation of accounting and bookkeeping services because accurate financial data is required for financial statement preparation. This is because accurate financial records will provide you as a business owner and other stakeholders with a true and fair picture of how your company performs.
Reconciliation of Bank Accounts
Bank reconciliation is the process that refers to comparing the financial statements in your books of accounts to the transactions reflected in your bank statements. The objective of this practice is to ensure that the financial transactions recorded in your books of accounts match those reflected in your bank statements. Bank reconciliation is critical for your business because it assists in identifying and correcting data entry errors or overlooked transactions.
Payroll, Accounts Receivable, and Accounts Payable
A bookkeeper sees that your customers are invoiced and that their payments are collected on time. Aside from that, he ensures that any outstanding bills to suppliers are paid on time and have enough cash flow to avoid delivery delays or supplier credit holdbacks.
In addition to maintaining accounts payable and receivable, a bookkeeper also performs payroll services. This includes calculating employee salaries, adjusting deductions, and ensuring that net salaries are paid to employees on time. Your employees will be happy if their salaries are paid on time. In terms of compliance, proper payroll is also essential.
Monthly Financial Statements
Every month, a bookkeeper must create various financial reports to track your company’s performance. Among these financial reports are:
- Balance sheet – a statement that reflects your company’s current financial position, profit, and loss – a statement that tracks earnings and expenses and indicates whether or not your company is profitable
- Funding flow – a statement that records all cash transactions and displays the cash on hand at the company.
- Accounts receivable – a statement that shows the debtors or the amount owed to customers and when such receivables are due.
- Accounts payable – a statement that shows the creditors or the amount owed to suppliers and when such payments are due.
These reports indicate whether or not your company is profitable and whether or not it has enough money on hand to meet its daily operations. If the bookkeeper fails to maintain such reports accurately, it can impact your business forecasts, customer payment terms, and business spending.
Frequently Asked Questions
How Do You Define Bookkeeping Services?
Bookkeeping services refer to keeping records of financial activities and creating financial statements, such as balance sheets and income statements. A bookkeeper’s role in day-to-day operations is to ensure that staff is properly filing invoices and costs and handling payroll.
How Do Bookkeepers Get Paid?
The industry standard is to charge 1-3 percent of your client’s gross income, which is roughly what they usually spend on a monthly bookkeeper (or all of their bills paid and invoicing or other office tasks)
Is it Possible For Bookkeepers To Prepare Tax Returns?
Yes, competent bookkeepers can prepare accounts and tax returns for sole traders and basic self-assessment returns.
Best Bookkeeping Services AvailableGet Innova Investments, LLC to provide professional bookkeeping services for you. You will receive a basic service plan that will assist you in establishing complete bookkeeping and accounting practices by implementing the appropriate devices to assist you with frequently performed chores. Delegating your daily, monthly, and quarterly accounting chores to our dedicated bookkeeping and skilled accounting staff will make your life a lot easier. Don’t hesitate to contact us and set up an appointment with us; we guarantee you won’t be disappointed in choosing us for your bookkeeping needs.
To Schedule An Appointment,
Call Innova Investments, LLC At
Innova Investments, LLC
3 Godfrey Place, Unit A Bluffton, SC 29910