Creating Profits, Salary Payments, and Business Growth
Bookkeeping is a vital part of the business. Bookkeeping is the process of tracking financial transactions. As a business owner, you are responsible for tracking receipts, documents related to sales and spending. Many business owners believe if they hire an accounting firm they don’t’ have to participate in the bookkeeping portion. However, your bookkeeper would need a description of expenses. Keeping your accounting software up to date will help you increase the quality of internal reporting, money management, forecasting, invoicing, billing, customer management, payment tracking, tax payments, and tax planning.
Bookkeeping is the recordkeeping creating, tracking, and management portion of accounting. Accountants need the information obtained from bookkeeping to assist business owners in better accounting processes, increase profits, handle payroll, handle taxes, and more for your business. You can’t skip the process of managing your money. Accounting software works best but business owners can benefit with the proper way to use your accounting software. How you make entries for the many transactions impact your tax reporting.
Hiring A Consulting Firm
Why would a business owner seek to hire a consulting firm? What does it mean to work with a consulting firm? What is a consulting firm?
I will start with the question, “what is a consulting firm?”
A consultant is a firm (a firm can consist of 1 person or up to hundreds of owners), company, independent contractor, or often known as a consultant? A consultant is someone with experience, knowledge, training, education, and skills in a particular field. I am an accounting consultant.
What Does It Mean To Work With A Consulting Firm?
When you hire Business & Personal Accounting Solutions, Corp, you consult me, the accounting firm representative, regarding my accounting knowledge, experience, training, education, and skills related to accounting and tax. You, the business owner, consult me to work with you to develop accounting processes and plans. Most business owners do not know what is required for accounting and therefore they oversimply accounting to just bookkeeping. Although bookkeeping is a very important piece because it the process of collecting the data, we need in one central hub to produce the information we need for reporting, sales, compliance, operations, payroll, and more. I work with you to become more compliant, profitable, and understand your accounting needs, benefits, and requirements.
Why would a business owner seek to hire a consulting firm?
A consulting firm provides the knowledge, experience and needs you need in a particular field that you need for your business. The firm or consultant is not your employee and does not work in house. The consultant firm would not provide the daily tasks that an in-house employee would perform. Instead of paying a salary to hire say a director of accounting you would hire a firm like my company, Business & Personal Accounting Solutions, Corp.
What Do I Do?
I work with the business owner to create accounting plans. I use a couple of formats to provide that knowledge.
- The accounting plans that I create conform to the standard and require federal, state, and, if applicable, local business financial accounting needs.
- Next, the plan will assist the business owner with internal reporting to guide better business management, money management budgeting, profit management, owners pay, payroll, tax planning, forecasting, and other financial tasks.
- The third goal is to create accounting processes (tasks and procedures) that work, for the business, to produce internal reporting needs.
Although I assist the business owner with cleaning up their accounting file, I am not a bookkeeping service. I can help you set up some automated services that can help you, but you will need to hire a bookkeeper if you do not want to perform those monthly tasks. I train business owners on their software and provide the professional documentation you need to implement them into your business.
Again, all business owners, regardless of your size, need accounting.
Accounting is your responsibility. I will not chase you down to provide the service. You will need to set up a system to keep in contact and complete your services. All payments are due upfront and are non-negotiable (more information listed in terms of Services). Make sure you understand your scope of services listed in the service agreement to avoid confusion and dissatisfaction.
I create and set up a bookkeeping processing plan for you. I offer two set up packages, depending on your stage of business activities that help to alleviate your daily tasks.
- Software - I will set up accounting software (click on the accounting software to review my top 4 accounting software recommendations). I review your entries twice a month or quarterly to make sure the software is working properly or to see if you need assistance.
- Virtual Office Conversion - Turn your office from paper overwhelm to virtually a paperless office and still stay up to date with record keeping. I train you on online or offline software. Do you need to travel? I show you how to take your accounting tasks on the road for easy tracking and monitoring. Such as, you can send an invoice immediately, accept payment, or pay a bill all in between client appointments, children's sports practices or games, or doctor appointments. I review all entries and transactions to make sure the software and systems are up to date for your current needs.
- Mileage - I help you understand mileage tracking. We work together for a system that works for you to help track the miles traveled for business.
- Receipt Tracking - I help you manage your receipts for better bookkeeping processing. (receipts are required)
- I will train you on banking reconciliations.
- Journal Entries- I assist wth journal entries if your the person you hire for bookkeeping is data entry only.
- Preparation for Financial Statement - I will review and discuss financials.
I can train you on your monthly bookkeeping tasks and the software. You learn to manage and I will show you how to complete those tasks. I help you automate systems and can training someone you hire to assist you with monthly bookkeeping. My job is to help you and your people review and manage your accounting processes and systems. I no longer accept new bookkeeping clients but will assist you with becoming and remaining compliant with bookkeeping. If you believe you have to train me on your accounting software you most likely don't understand accounting. Let us help you learn how to properly use your accounting software.
Do you need more than just bookkeeping. What do you do with all that financial information? Let's talk.
Did you know an accountant is a business consultant? We meet once or twice a month because I walk with you during your business journey! Why did you start the business? Where do you want to take the business? Where do you see yourself in 5 years? I will help you plan, budget, and monitor that vision with financial statements, tax planning, money management, accounting process management as well as business process management. I give easy to use tools and apps to help you track your information. If you are software applications type of person......I help you get to where you need to be with bookkeeping. Hop over to the Accounting Services page to learn more about accounting.
Read my blog "Elements of Accounting" for more information on the accounting steps! http://bit.ly/1C0ClAQ
Industries we service:
- Service Industries
- Child Care / Day Care Home or Facilities
- Lawn and Home Care
- Independent Contractors
- Retail (product sales)
- Online Stores
- Home Office Based Business