Gallatin & Nashville CPA answers the question, “Should I hire a bookkeeper?”
I hear so many entrepreneurs say they wish they hired a bookkeeper sooner than they did. There are many reasons why business owners are hesitant about hiring a bookkeeper though. Let’s review some of the typical questions business owners have about hiring a bookkeeper.
Q. What are the tasks that a bookkeeper performs, and how often?
A. Bookkeepers can take care of payroll, year-end payroll forms, government remittances, record daily/monthly financial transactions, prepare budgets, pay bills, and even some admin type tasks. How often depends on how many transactions you have, but the norm is at least monthly, if not weekly. Many bookkeepers can work remotely now with the help of QuickBooks Online and other online accounting programs.
Q. What are the benefits of having a bookkeeper vs managing it yourself?
A. The main benefit to hiring a bookkeeper is that it frees the business owner up to concentrate on running their business and generating income. Bookkeepers will be more efficient and will often complete the tasks in half the time the business owner would spend. Another benefit is having access to the bookkeeper’s knowledge. A bookkeeper typically has multiple clients and can give guidance on best pricing for services such as banking, insurance, etc.
Q. How does one get started working with a bookkeeper?
A. Many times, your accountant can refer a great bookkeeper if their office does not offer the service. Or ask other companies who they use and what services the bookkeeper performs for the company. These first two options are the best since someone else is recommending the bookkeeper based off their experience of working with them. But you can also find a qualified bookkeeper that is certified through the accounting software the company uses. For example, QuickBooks certifies individuals by making them take and pass tests on the software. So you know the individual is experienced using the accounting software.
Q. Is a bookkeeper and CPA the same thing? Should I have a bookkeeper and a CPA?
A. Bookkeepers and CPAs are not the same. Bookkeepers focus on the daily/weekly/monthly tasks, providing information but not any opinions. A CPA has a higher level of expertise, having completed additional certifications. They provide advice and other analysis, including certified year-end financial statement preparation, tax returns and dealing with the IRS. I like having the company’s CPA firm handle the bookkeeping as well as all tax work. Not only does it makes it more convenient for the business to have everything handled by the same office, it ensures the bookkeeper and CPA is working together and the CPA can spot any problem areas before tax season.
Q. What accounting software should I use?
A. If you run a small business and are seeking a more efficient way to do your bookkeeping, you’ve most likely considered using computer software. There are several ways to go when choosing accounting software for your small business, but QuickBooks is most often business owners’ first choice.
QuickBooks is perfect for small- to mid-sized businesses, because it’s affordable, customizable, and easy-to-use. At Jones & Associates CPA, PLLC we can help you with every aspect of QuickBooks setup, training, and use in Nashville and Gallatin.
Setting up QuickBooks for Your Business
We’ll take time to discuss your accounting and software needs before making recommendations about how to best use QuickBooks for your business. We’ll then help you:
• Install the QuickBooks software – We assist you in designing and setting up a system that works for you, including payroll processing, accounts receivable, inventory, and accounts payable.
• Load your chart of accounts and balances per your selected starting date
• Create a list of the items that you sell, including: services, inventory parts, non-inventory parts, other charges, and sales taxes
• Enter your outstanding accounts receivable and accounts payable details, as well as your ending statement bank balances, and outstanding checks and deposits.
We’ll even print a trial balance and compare it to the information from your old system. No matter what business you’re in, or how you’ve structured your accounting system, our team can design the setup of your QuickBooks accounting software in the way that makes the most sense for you and how you do business.
Getting the Most out of QuickBooks Every Day
Once QuickBooks is up and running, we train your employees on how to use it. We will come to your location and give you one-on-one support that helps you take advantage of QuickBooks’ many features, so you get the most out of the program.
And once we’re done showing you to use the program, we won’t leave you hanging – we offer QuickBooks tune-ups so small business owners can get a handle on their books. Whether you need to prepare for tax season, a financial review, or you just want to clean up some problem areas, our tune-up will help you organize your bookkeeping system.
Our QuickBooks tune-up allows you to:
• Review all of your transactions for the year
• Create customized reports
• Clean up stray entries
• Balance your general ledger
Using QuickBooks for Your Small Business? Get Help from a CPA!
TriStar Tax Team specializes in helping small businesses with all of their accounting needs. If you are looking to get started with QuickBooks or would like to know how to better utilize it schedule a free consultation.
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