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What is Bookkeeping?

Bookkeeping is the system of precisely recording the financial transactions of a firm. It is time-consuming to reconcile bank statements with receipts and invoices, generate financial reports, and perform bookkeeping tasks. Small-business owners can alleviate stress by delegating these responsibilities to a bookkeeping service.

Skilled professionals at Barron Income Tax bookkeeping services handled by who reconcile your accounts each month, prepare financial reports like balance sheets and cash flow statements and ensure that your tax records are in order.

Manage Your Company Business

When it comes to managing your company’s finances, bookkeeping is arguably the most crucial aspect. A general ledger is where you keep track of your financial records. When your books are up to date, thanks to professional bookkeeping services, you can use the information to make educated business decisions. Your bookkeeper will maintain the following documents in this section:

  • Customer transactions
  • Expenses
  • Company purchases
  • Overall gross income
  • Income
  • Assets
  • And more!

Does The Bookkeeping Service Implement The Appropriate Accounting Method For Your Company?

Two distinct accounting methodologies exist: cash basis vs. accrual basis. Following the cash basis of accounting, we will document expenses when you make your payment and revenues when payments are received.

Accrual accounting will represent both the cash on hand and the bills paid if you have a large amount of both. In contrast, accrual accounting acknowledges revenue and expenses as soon as earned and owing. For instance, bills are recorded when they are sent, regardless of when payment is received. When invoices are received, they are registered before cash payments are made.

Since accounting on a cash basis is simpler, several bookkeeping firms provide it at a reduced price. However, accrual accounting can give a clearer picture of the status of a corporation. The Barron Income Tax service appropriately accounts for your company’s size and complexity.

How much does it cost?

Make sure to include the costs of all the features you require when evaluating services and any extras like payroll, HR, and tax preparation. Include the price of the accounting software if the bookkeeping service you’re thinking about uses QuickBooks or Xero. Take advantage of our Barron Income Tax and initial calls to choose the best service for you.

Our skilled staff can assist if you need tax planning services, full-service bookkeeping, or just a financial plan with quarterly goals.

To get started, contact us immediately; we are excited to hear from you!