With the growing innovation in the field of online accounting services, there are several platforms or services that an accountant can use today to help manage a small business. Some of the key services regarding accounting for small businesses include:
- Preparation of accounting write-ups
- Monthly financial statements preparation
- Credit sales reconciliation
- Bank reconciliation
- Accounts payable
- And accounts receivable
Highly rated accounting firms also offer additional services such as credit card statements, reconciliation of bank accounts, tax preparation, and payroll. In this post, we have compiled a list of essential services of accounting for small businesses that every entrepreneur needs to consider:
- Bookkeeping
Bookkeeping means recording all of your business’ financial transactions to ensure that your financial statements are accurate and all monthly expenses have been deducted. This is a basic requirement in accounting for small businesses.
- Tax Accounting Services
The majority of small businesses hire a Certified Public Accountant (CPA) or an accounting firm to file year-end tax returns. While this is obviously a critical service, there are several accounting for small-business services that accountants can provide including online bookkeeping services.
Hiring a virtual bookkeeper to help with tax accounting services can help save time and ensure the job is done right such as deadlines and tax reporting rules for income taxes, 1099, payroll tax, sales tax, and more.
- Payroll Processing
As the name suggests, these services are designed to handle everything related to payroll such as paying state and federal payroll taxes, submitting withholdings, and properly paying employees. It is a critical element in accounting for small businesses.
- Financial Statement Preparation
A lot of small business owners seem to overlook the preparation of financial statements like the balance sheet, cash flow statement, and income statement. These are important documents that provide you the financial reporting data you need to run your business. An accountant can prepare these documents for you and help you understand them so you can make better business decisions.
- Bank Reconciliation
Bank reconciliation services involve recording all financial transactions in the books properly so the owner can be alerted immediately in case of any fraudulent activity.
- Accounts Receivable
If you constantly find cash tied up in your business, it most likely means your business’ accounts receivables are frequently delayed. Since most small businesses do not have enough staff to manage this aspect, it takes longer to get paid. In some cases, they do not get paid at all. Consider hiring an accounting firm that provides accounts receivable services to help you with faster processing of invoices, better collection rates, and faster payment of invoices.
- Accounts Payable
Every business buys services and goods from other companies. Paying a bill that was not legitimate, paying a bill twice, or missing a payment are costly mistakes that many small business owners make. These services include bill organization and sorting and making payments on time to avoid these issues.
Outsource Your Accounting For Small Businesses to Experienced Professionals
At Remote Accounting Online, we can handle your accounting tasks much faster than you would on your own, resulting in time and money saved. Keeping track of your books is a full-time job and as a busy business owner, you already have a lot on your plate. Allow us to help you with strategic planning so you can make better business decisions and enjoy peace of mind. To learn more about our services, please give us a call at 541-772-5555 or send us a message online.