Bookkeeping services have evolved tremendously over the years. Thanks to advancements in technology and changes in the industry, these services are available for anyone who needs help managing their finances or working their taxes.
It’s important to know what kind of services you will be receiving before choosing a bookkeeping service provider. In fact, bookkeeping in Aventura, FL, can include a number of different things, depending on the level of service you are looking for and the needs of your business.
The following is a list of common services provided by bookkeeping professionals:
Managing your company’s books
The primary function of a bookkeeping professional is to keep track of your business’s income and expenses, maintain financial records, and prepare reports. This includes collecting invoices and payments, maintaining records of revenue, making deposits, and writing checks.
Formulation of your financial transactions
Financial transactions are basically made up of income and expenses. The process of formulating these transactions includes budgeting these expenses, obtaining customer invoices, and collecting payments.
Reconciling bank accounts
This service is primarily performed to ensure that the appropriate funds have been transferred to and from your bank accounts. Reconciling bank accounts is also essential to ensuring that taxes are being paid on time.
Monitoring all financial reports for accuracy
Since financial reports are often used to make decisions about your company’s future operations, it is crucial that they are prepared correctly and contain all information relevant to your business. There also must be consistency among the reports prepared each month or quarter by your bookkeeping service provider.
Creating balance sheets
A balance sheet gives you a comprehensive view of how your business performed financially throughout the year. It is created by first calculating your income and expenses, then subtracting one from the other.
Quarterly tax planning
In most cases, your bookkeeper will prepare your taxes for you. However, it’s important to have a plan in place each quarter and work with your bookkeeper to ensure that the necessary information is provided so that all your taxes can be paid on time.
Financial forecasting
This service is useful to have a good idea of what is going to happen in the coming year. Having a financial forecast in place allows you to plan for any major expenses you might encounter in the near future. Financial forecasting also allows you to better budget for key expenses, such as payroll and marketing.