Bookkeeping services for small business
As a small business owner, you must be very busy, with no time to keep track of your accounts, invoice customers, and compile annual financial reports. You will even have to file taxes on time or manage the payroll of your workers. Our bookkeeping services for small businesses come in handy in this situation.Small company bookkeeping facilities
SERVICES FOR BOOKKEEPING
Service providers have a long history of offering bookkeeping services for small businesses across a wide range of industries.PAYABLE ACCOUNTS
We handle everything for you, from invoice receipt, downloading, and sorting to disparity management and reconciliation.RECEIVABLE ACCOUNTS
Our tailored accounts receivable services will support the company’s cash flow while lowering operating costs.REPORTING ON FINANCIAL MATTER
Our financial reporting services are tailored to your company’s needs and are intended to help you improve your results.PAYROLL PROCESSING SERVICE PROVIDERS
Provide small businesses with accessible, friendly, and cost-effective payroll processing services.PREPARE FOR TAXES
Your small company will no longer have to deal with the tax enforcement workload thanks to Cogneesol’s tax preparation services.Why does a small business use bookkeeping services?
Time and money are saved.
Cost savings, a lack of local experts with appropriate skills, and the opportunity to utilize a practical, developed technical infrastructure are the top three reasons companies outsource. According to studies, outsourcing will help a business save up to 40% on operating costs. Outsourcing also gives small businesses access to the same stable technical platforms that larger companies use. Companies without needing to invest heavily or worry about the associated information security requirements.Pay for just what you require.
Based on their financial resources, businesses may change the level of support or services provided. Analytics will help you to customize the level of support your company needs as you need it, including support for online accounting systems and cloud-based accounting solutions, whether you need full-time expertise in a particular field or just a few hours monthly on a project basis.Quickly scale
End-to-end outsourcing firms have a variety of services and immediate access to individuals with the talent and skill sets needed to meet the evolving accounting and bookkeeping needs of growing businesses.Maintaining Business Continuity
The majority of small companies do not have the time or money to create business continuity plans. Working with a reputable outsourcing firm reduces the risk of losing internal employees by ensuring that the work and related business expertise are not dependent on a single employee.The 8 Steps of Small Business Accounting Services
Step 1: Identify Transactions
The first step in the accounting cycle is identifying transactions. Companies will have many transactions throughout the accounting cycle. Each one needs to be appropriately recorded in the company’s books.Step 2: Record Transactions in a Journal
The second step in the cycle is the creation of journal entries for each transaction. Point-of-sale technology can help combine steps one and two, but companies must also track their expenses. The choice between accrual and cash accounting will dictate when transactions are officially recorded. Keep in mind that accrual accounting requires matching revenues with expenses, so both must be booked at the time of sale.Step 3: Posting
Once a transaction is recorded as a journal entry, it should be posted to an account in the general ledger. The general ledger provides a breakdown of all accounting activities by account. This will allow a bookkeeper to monitor financial positions and statuses by account. One of the most commonly referenced accounts in the general ledger is the cash account, which details how much cash is available.Step 4: Unadjusted Trial Balance
At the end of the accounting period, a trial balance is calculated as the fourth step in the accounting cycle. A trial balance tells the company its unadjusted balances in each account. The unadjusted trial balance is then carried forward to the fifth step for testing and analysis.Step 5: Worksheet
Analyzing a worksheet and identifying adjusting entries make up the fifth step in the cycle. A worksheet is created and used to ensure that debits and credits are equal. If there are discrepancies, then adjustments will need to be made.Step 6: Adjusting Journal Entries
In the sixth step, a bookkeeper makes adjustments. Adjustments are recorded as journal entries where necessary.Step 7: Financial Statements
After the company makes all adjusting entries, it then generates its financial statements in the seventh step. These statements will include an income statement, a balance sheet, and a cash flow statement for most companies. Step 8: Closing the Books Finally, a company ends the accounting cycle in the eighth step by closing its books at the end of the day on the specified closing date. The closing statements provide a report for analysis of performance over the period.