Looking to Outsource Your Bookkeeping? Here’s What You Need to Know
From mom-and-pop shops, to startups, to Fortune 500 companies, every business needs bookkeeping. Good bookkeeping is essential to understand and maintain the health of your business. It allows you to keep track of all transactions, monitor expenses, and apply money-saving deductions come tax season. And, a dedicated bookkeeper can use that information to prepare monthly financial statements that can guide your strategic decision making.
New businesses with relatively simple books may opt to keep their bookkeeping in-house. But as your business grows and its transactions become more complex, it might be time to consider outsourced bookkeeping. In this guide, we’ll show you how outsourcing your bookkeeping can save you time and money while eliminating costly inaccuracies.
Why Outsource Bookkeeping Services?
Maintaining accurate books takes time and effort each month. In a business with limited resources and personnel, your time is better spent growing your business. After all, why waste time tracking your transactions when you could be landing new clients?
Outsourcing your bookkeeping frees your time for functions that grow your business. It also protects you from costly mistakes. A full-time outsourced bookkeeper is more likely to catch inaccuracies than an over-extended startup founder. If left uncorrected, accounting errors can warp your financial statements, lead to bad business decisions, and cause major tax problems down the road.
Don’t let it happen to you. You can protect yourself, your time, and your business by outsourcing your bookkeeping.
How Does Outsourced Bookkeeping Work?
If you’re behind on several months of bookkeeping, an outsourced bookkeeper can help you get caught up, maintain your books month-to-month, and prepare the financial documents necessary for tax preparation. Here’s how it works at Boxelder Bookkeeping:
Outsourced historical bookkeepers can clean-up months, even years of overdue bookkeeping. A dedicated team can filter through past transactions and prepare the necessary tax documents to get you completely up-to-date. The whole process can take one to two months depending on how much historical bookkeeping you need.
After your past-due months are cleaned up, an outsourced bookkeeper can handle your day-to-day bookkeeping so that you can be sure that your books are completely balanced, accurate and current each month. A monthly maintenance package at Boxelder Tax also includes payroll services, and monthly bank reconciliation.
Each quarter, Boxelder Bookkeeping will prepare an accurate cash flow statement and balance sheet for your review. Once your financial documents are prepared, our team can go over their findings with you, discuss your business growth, and help plan for the future.
Boxelder Offers Outsourced Bookkeeping For Small Businesses
Maintaining complete and accurate financials is vital to making sound business decisions. That’s why we offer fully outsourced bookkeeping to small and medium sized businesses. We can free up your time, balance your books, and provide accurate financials to inform your decisions.
When you hire Boxelder Tax to outsource bookkeeping services for your small business, we do more than just keep your books wired tight.
Your personalized team of Boxelder bookkeepers and tax analysts will conduct detailed financial reporting. We’ll calculate your business net profit, EBITDA, ROI, gross margin, job costing, and profit and loss. If you’re trying to qualify for a loan, or seeking new investors, compiling this financial data is essential. We can help you prove to investors that your business is healthy, and worth investing in.
Outsourced Bookkeeping Companies For CPA Firms
Everyone needs bookkeeping, including accounting firms and CPAs. At Boxelder, we began our business as a tax relief & CPA firm, so as bookkeepers we have a deep understanding of the tax accounting industry.
As a CPA firm, you have your own client list to handle – don’t waste your bandwidth on your own bookkeeping. Outsourcing your bookkeeping can help refocus your attention toward client work. That’s why Boxelder offers top notch outsourced bookkeeping for accountants and CPAs.
Outsourced Bookkeeping For Contractors
Most contractors start their business with in-house bookkeeping. But as your business grows, and you hire new employees, your bookkeeping will become more complex and more time consuming.
Eventually, keeping track of your books will take valuable time away from your contract work. If this is the case, it may be time to outsource your bookkeeping. That’s why Boxelder Bookkeeping specializes in bookkeeping for independent contractors.
Outsourced Bookkeeping for Nonprofits
While nonprofit organizations benefit from outsourced bookkeeping in the same ways that for-profit businesses do (freeing up time, eliminating errors), their specific accounting needs are vastly different. That’s why nonprofits should look for outsourced bookkeepers with experience specific to the nonprofit sector.
Nonprofits need an outsourced bookkeeper that can handle fund accounting. This allows you to track your money in separate accounts, allowing you to distinguish between funding sources. Your outsourced bookkeeper needs to understand how to record in-kind donations (such as a donation in the form of volunteer service).
And, your outsourced bookkeeper needs to be able to prepare nonprofit specific financial statements: a statement of activities, a statement of financial position, and a statement of cash flows. Boxelder has bookkeepers dedicated specifically to nonprofit accounting, so that you can be sure that your books are done right.
Outsourced Bookkeeping for Startups
Startups seeking funding from new investors need clean bookkeeping records to prove the health of their business. But, since most startups are short on resources and personnel, it can be difficult to handle startup bookkeeping in-house.
If you want to free up your time to focus on growing your startup, outsourcing your bookkeeping is a necessary step. Boxelder Bookkeeping began as a startup – so we intimately know the ins and outs of startup bookkeeping.
Contact Boxelder Bookkeeping For A Free Month of Outsourced Bookkeeping
If you’re ready to finally take your bookkeeping out-of-house, you’ve come to the right place. Boxelder Bookkeeping is offering one free month of outsourced bookkeeping for new clients! That way, you can find out if our services are right for you before committing to a month-to-month payment.
Not sure where to start? Talk to a licensed bookkeeper today for a free consultation of your bookkeeping needs. And, if you’re looking for tax accounting services, we have an entire department dedicated to tax planning and tax return preparation. Whatever your accounting or bookkeeping needs, we’re happy to help!