Important Weekly Bookkeeping Tasks for Your Small Business

It can be tedious to keep up with weekly bookkeeping tasks for your small business, especially if you are managing many other things in your company. But, don’t make the mistake of getting behind on your financial tracking, because you could cause problems for your business in the future.

Whether you are handling the bookkeeping tasks on your own, or you see the benefits of hiring an outsourced bookkeeper, it is important that certain tasks are addressed each week. Make sure that you are covering your bases by taking care of these tasks for your company:

Check Ingoing and Outgoing Transactions

Keep an eye on the transactions that are moving through your accounts, and make sure that everything is properly categorized for your reports. Depending on the accounting software that you are using, you might need to sort through digital transactions as they come through. In some instances, it might be necessary to do a little bit of data entry to enter in transactions that didn’t show up.

Look at the money that is coming in and make sure that you have enough cash flow to cover the expenses that will be due in the future. If you don’t have time for this busywork, it can be helpful to hire a bookkeeper to assist with these tasks.

Send and Pay Invoices

As you receive invoices from vendors, it is important that you pay attention to the due dates. Paying these bills on time will help you avoid interest costs and late fees. Additionally, you need to be proactive to send invoices to your customers, so that you can be sure that the payments are coming through.

Make sure that your invoices are clear and easy to read. Most accounting software programs will offer an automatic invoice template that can be generated from the information that is entered into the computer. You can choose to email these invoices for immediate delivery. In some cases, it might be necessary to mail out hard copies if needed.

File Receipts and Documentation

For each transaction that is recorded, it is important to make sure that you have documentation to back up the expense. As the receipts come in, put together a system so that you can file the paperwork. If an audit is done in the future, you will be able to easily identify the receipts that line up with the transactions.

Do you need help keeping up with daily and weekly bookkeeping tasks? Call us at Easier Bookkeeping for details about the services that are available. We are here to help! (888) 620-0770

Are You Making These Common Business Bookkeeping Mistakes?

It can be a big responsibility to run a small business, and many business owners find it difficult to keep up with the daily tasks. Unfortunately, one area that is often neglected is bookkeeping. These financial details are essential to ensure the future success of your company.

Here are a few common bookkeeping mistakes faced by small business owners:

1. A Do-It-Yourself Approach

Business owners often wear many hats, especially when the company is within the first few years of being in business. A business owner might be the recruiter, bookkeeper, front desk, and manager all in the same day. The problem is that many small business owners don’t have experience with all of these tasks.

When it comes to bookkeeping, a do-it-yourself approach might result in missed transactions, messy files, and incorrect financial reports. These problems can have a domino effect to impact all aspects of the company negatively. Instead of trying to handle these details on your own, it is better to hire a professional team to help.

2. Choosing the Wrong System

The software that you select for your business finances will have a direct effect on how easy it is to keep up with daily, weekly, and monthly bookkeeping tasks. Some business owners make the big mistake of tracking their accounting on a spreadsheet instead of using an actual accounting system.

Instead of trying to do everything by hand, choose a bookkeeping software that will do the heavy lifting for you. Talk to an experienced bookkeeper to make sure that your software choice will work well for the structure of your business.

3. Wrong Transaction Categories

The categories that you select for your business transactions will impact the way your tax return is filed for the year. Even if you are tracking every penny that moves through your bank account, the categorization can cause confusion.

If you are planning to take business deductions, then you need to be sure that the categories are correct. When it comes time to do your taxes, your accountant might be dealing with a big mess if the categories are incorrect. Save yourself a headache by ensuring that the right categories are used throughout the year.

Are you ready to let a professional bookkeeping team handle your business finances? Call us right away at Easier Bookkeeping to learn more about the financial services that we offer. Our team is always available to help: (888) 620-0770

Why Hiring a Bookkeeper Will Save You Money

Some small business owners avoid hiring a bookkeeping service because they want to save money on monthly business expenses. Even though it might seem logical to save the cash that would be spent on a bookkeeper, the truth is that you might be leaving even more money on the table.

Instead of looking at a bookkeeper as an additional cost, it is essential to take a step back and see all of the ways the bookkeeper will help you reduce expenses:

Stay Current with Payments and Invoices

How much did you pay in interest and late fees because you forgot to send a payment that was due? As a business owner, you have a lot of responsibilities to manage. It makes sense that some of the smaller details fall through the cracks, such as keeping up with costs and invoices.

A bookkeeper can keep track of the outstanding invoices to ensure that you are staying current with the payments that are due. As a result, you can avoid hundreds or even thousands of dollars in interest fees and late payment charges.

Reduce the Cost of Employment Taxes

When it is time to hire an employee, it is essential that you consider the full tax burden of having an additional person on the payroll. Not only will you need to pay higher employment taxes, but you will also have extra costs for benefits, office space, and other related expenses.

A better solution is to hire an experienced outsourcer. You will have access to the bookkeeping skills that are needed for your company, without the added cost of managing another employee.

Improve Business Success

When you are spending your valuable time on tasks such as data entry and financial accounts, it is taking your attention away from other tasks that will help your business grow. Let an experienced bookkeeper handle these details for you. As a result, you can dedicate your time and focus on the activities that will bring in more business and boost sales throughout the year.

It might seem like a small detail to have someone handle the bookkeeping for your company. But, the time adds up and makes a big difference to your efficiency on a daily, weekly, and monthly basis.

At Easier Bookkeeping we want to help you save money. Contact us right away to learn more about the quality bookkeeping services that are available for your business: (888) 620-0770

Simple Steps to Reduce the Risk of Embezzlement and Theft

In an ideal situation, customers and employees are honest and supportive of your company. Even though small business owners want to believe that their employees are trustworthy and loyal, there are situations that occur where an employee might try to steal money from the company. If you want to minimize risk, then it is essential that you have systems in place to reduce this type of activity.

Here are a few steps that you can use to decrease the chances of theft and embezzlement within your company:

Check Preparation and Signing

When paychecks or other costs are paid, make sure that there are at least two sets of eyes on every check before it is sent. The best solution is to have one person cut the checks and another person who has signing power for the checks.

Many businesses choose to have an employee or outsourcer that manages the check processing. Then, a business owner or manager is the one to look through the checks and mark their signature before the checks are distributed.

Divide Out Responsibilities

Don’t have the same employee manage all of the office tasks that involve money and transactions. For example, if an individual opens the mail and does the data entry into the computer system, then there might be an opportunity for that person to change the numbers. Look for ways that you can separate job functions or even take these tasks out of the office by hiring an outsourcer to help.

Run Background Checks

Before you hire a new employee, there are advantages to checking their criminal history. Even if someone doesn’t look like a criminal, you never know if you can judge their past by their appearance. There are many background check companies that offer these services for a reasonable price, giving you the peace of mind to know that you aren’t hiring a criminal.

Keep Credit Cards and Checks Locked Up

Leaving the company checks or credit cards laying around the office is a recipe for disaster. These items need to be treated with respect, and you should keep them out of reach. Invest in a safe for your office and keep the door locked at all times. Don’t hand out the safe access information to employees within the office.

At Easier Bookkeeping, our team can help you put systems in place to reduce the risk of fraud and theft. We invite you to contact us right away for more details about the services that are available: (888) 620-0770

Why You Need to Improve the Efficiency of Your Small Business Bookkeeping System

How much time do you spend each month on mundane bookkeeping tasks? Many business owners don’t realize how much time is invested in bookkeeping. The small tasks can add up during the week, including payroll processing, invoicing, vendor communication, data entry and more.

As a business owner, you shouldn’t be spending your precious time on bookkeeping. You have other responsibilities that need to be addressed, so there are many benefits to working with a bookkeeper who can handle these details for you. More often than not, small businesses with in-house bookkeeping systems are inefficient with their system. Talking with a bookkeeper can be beneficial to improve your bookkeeping records and help you prepare for the future.

Save Time and Money

Without the right bookkeeping system, it is likely that extra time is being spent on seemingly simple tasks. For example, some small business owners think that they can crunch the numbers in a spreadsheet instead of using a bookkeeping software. As a result, they spend hours and hours every month trying to figure out the right financial overview for their company.

Instead of re-inventing the wheel every month, it is better to spend the time right now to get a good bookkeeping system in place. Look at the way the daily, weekly, and monthly tasks can be set up to minimize the amount of work and maximize the results. Having a good bookkeeping software and an experienced bookkeeper is the best recipe to help you put together an effective system.

Even though it might sound like an extra expense to hire a bookkeeper, the truth is that you can save time and money. Instead of paying employees to manage mundane bookkeeping tasks, you can pay an outside bookkeeper. As a result, you can reduce your payroll tax burden and give your employees time to focus on other important tasks within the company.

Finding the Right Bookkeeper

The trick to setting up the best bookkeeping system for your company is to find the right bookkeeper who can help. Choose someone who has experience working with small businesses because that individual will have the knowledge to know the proven systems that have worked with other clients.

At Easier Bookkeeping, we want to make it easier for you to manage your small business. Instead of wasting your time on bookkeeping tasks, you can save both time and money by hiring a bookkeeper to help. Contact us to learn more about the high-quality bookkeeping services that we offer: (888) 620-0770

Bookkeeping Services: Is it better to Hire an Employee or Outsourced Contractor?

Many business owners understand the benefits of hiring a professional to help with financial services, such as bookkeeping and other accounting related tasks. Do you have the right team in place to support the financial needs of your company? It is possible that you might be hindering the growth of the business if you don’t have the right bookkeeping services to keep track of the finances.

Employee vs. Outsourced Contractor?

The first inclination for many people is to hire an employee to help with these financial tasks. Before you start the hiring process, consider all of the options that are available so that you can choose the right services that are needed for your company.

There are some conveniences to having an employee in your office handling the bookkeeping services. But, you need to consider the amount of work that is available for that person and how much you will need to pay for the services. The costs of an employee are more than just their hourly rate because you will have additional expenses such as employment taxes, benefits, and the additional office space and supplies that will be needed for their desk.

On the other hand, bookkeeping services from an outside company are provided with all of the costs factored into the price. When you hire a bookkeeper as an outsourced contractor, you don’t have to worry about the expenses of providing benefits or office space for the person to work.

Benefits of Hiring a Bookkeeping Service

Many companies are finding that it is very beneficial to hire an outside company to help with financial tasks, instead of going through the process of hiring an employee. You will be able to access all of the financial services that you need, without worrying about the administration required for hiring an employee.

Additionally, bookkeeping services offer all of the experience that is needed for your company. There is no need to spend time on training or setting up the systems because the bookkeeper will know what needs to be done and they will have hands-on experience from other clients that they work with.

If you are interested in learning more about the small business bookkeeping services that are available, then we invite you to contact our team at Easier Bookkeeping. We specialize in all types of bookkeeping tasks, and we are here to help! Call us today for more information: (888) 620-0770

Is Outsourcing a Good Solution to Help You Grow Your Business?

It is essential to have the right workforce to support the growth of your company, and many business owners mistakenly think that they need to hire employees. But, you might not need a full time employee, because our digital world has created many opportunities for freelancers and outsources to offer the services that you need.

In fact, it is possible that you will likely save money and receive higher quality work by searching for freelancers instead of hiring more employees. Before you hire anyone, you need to evaluate the needs of your company and the type of work that will be performed by the individual.

The Difference between Contractors and Employees

There are some distinct differences in the way contractors and employees are managed, so you need to make sure that you understand these differences when hiring your workforce. The IRS really frowns upon the idea of hiring freelancers to avoid the costs of full-time benefits for employees. But, there are certain situations where freelance services can be helpful if you don’t need the assistance of a full-time employee.

Make sure that your freelancers have other clients, and they need to show evidence of running a real business instead of only working for your company. Additionally, freelancers are typically hired based on project goals, instead of helping with open-ended work without a deadline. Freelancers shouldn’t be working from your offices, and they need to handle their own schedules and other work details. You can talk with your accountant or small business bookkeeper to learn more about the differences between a contractor and an employee.

Save Money and Improve Work Quality

The biggest advantage to hiring contractors is that you have the ability to hire the people that are a perfect match for the specific task that needs to be completed. For example, if you need someone to help with invoicing and financing tracking for a few hours per week, then it is probably easier to hire a professional bookkeeping service rather than going through the hassle of employee paperwork, employee taxes, and trying to find work to keep an employee busy for the rest of the week.

There are a variety of options that you can consider when it is time to hire new talent for your small business. If you need additional support, then you should take the time to consider the tasks that are needed and the people that can help achieve the business goals.

Do you need assistance with small business bookkeeping and other financial services? We are here to help, and we will gladly cater the services to match your needs. Contact us Easier Bookkeeping at: (888) 620-0770

Tips for Choosing the Right Financial Services for Your Small Business

As a small business owner, it is essential that you are proactive with your financial planning and tracking, because a good financial plan will set your company up for success in the future. One of the biggest reasons why a small business might fail is because of poor financial tracking and cash flow issues. Many business owners can benefit by bringing on a financial professional to assist with tracking, reporting, and planning for the future.

What Type of Financial Professional Do You Need?

Before you choose a person or company to work with, it is important that you first consider the needs of your company. In many situations, it can be beneficial to hire several different services to meet specific needs. For example, you might hire an accountant to assist with tax preparation, a bookkeeper to help with ongoing tracking and cash flow management, and a financial planner to help with retirement planning.

Look at the services that are offered, and talk with each professional to learn more about how their services can be catered to meet your individual requirements. In many situations, you can choose the services that are specifically designed to help you get exactly what you need for your company.

Checking the Reputation of the Provider

Once you have found a service provider that you are interested in, it is a good idea to check their qualifications and learn more about the experience they have to offer. You can also look online to see if you can find reviews or other information that will give insight into the quality of services that you can expect from the company.

Doing the research in advance will give you the peace of mind to know that your business is in good hands. Once you have found a small business bookkeeper to work with, they can assist you with financial tracking and management for many years. As a result, you don’t have to worry about these monthly tasks, and you can focus on growing and managing your business. The information and reports that will be available from your online bookkeeper will be valuable to help you make the right decisions to plan for the future of your company.

At Easier Bookkeeping, we offer high quality bookkeeping services at a price you can afford. We invite you to contact us today for more information about the options that are available to help your small business succeed: (888) 620-0770

Tips to Get Started with a New Financial System for Your Small Business

There are a number of computer software programs that are beneficial to help small business owners keep track of their finances and stay on the right track. But, even if you choose the best computer software that is available, it is only as good as the person who is managing the system. You need to make sure to choose the right program, and also have the right person available to help.

Avoid Future Problems: Get it Done Right

If a business owner is trying to save money, then they might rationalize the idea of hiring a low-cost employee to handle the financial software. The problem is that these lower tier employees don’t have the proper training or expertise to know how to properly setup the software and manage it, causing ongoing tracking issues and reporting mistakes.

Setting up the system is one of the most important steps, and you need to make sure that information is being handled correctly throughout the year. A good bookkeeping service can help you get the computer software setup, and then ongoing virtual bookkeeping can help you stay ahead of the daily, weekly, and monthly tracking and reporting. Trust us, it will make a big difference to spend the money needed for a professional to help, especially since you will have the peace of mind to know that it is being handled correctly.

Train Your Employees

Do you have employees who will be interacting with the financial tracking software? For example, you might have people who need to access the information to view reports, enter invoices, or manage payment information. These employees need to have the proper training so that they can use the computer software in the right way.

Talk with your small business bookkeeper to learn about the tasks that need to be taught to the employee. Often, your bookkeeping service can help you with the training, or the bookkeeper will be able to point you to applicable training resources.

Stay Organized

Procrastinating the ongoing work and filing can result in a snowball effect, causing massive problems later on. As a business owner, you don’t have time to worry about filing cabinets and invoice data entry. Don’t spend your time on these tasks, because it is better to allow a bookkeeping service to handle everything for you. Enlisting the help of an experienced bookkeeper will create the time that you need to do what you do best: build your business.

At Easier Bookkeeping, we are here to help you setup an effective bookkeeping system. Contact us for more information about the benefits that you will receive from our affordable bookkeeping services: (888) 620-0770

4 Important Bookkeeping Tasks To Do Every Week

Managing the ongoing bookkeeping tasks for your small business doesn’t have to be an unpleasant task, especially if you have systems in place to track your finances on a regular basis. The most important part of running a successful business is to handle the cash flow, and weekly maintenance can set you up for success.

Here are four tasks that must be done on a weekly basis if you want to succeed. If you don’t have time to handle these tasks on your own, then you might consider the option to hire bookkeeping services:

  1. Transaction Recording: Make sure that daily transactions are being recorded in your accounting software. It is important to be managing both incoming and outgoing transactions. Keeping these records up-to-date will give you an accurate picture of your daily cash flow.
  2. Receipt Filing: In addition to tracking the transactions, you need to be sure that you are keeping copies of your documentation and receipts as well. This paperwork is essential to back up the business write-offs and show proof in case you are audited.
  3. Review Invoices: Are you waiting on payments from clients? Reviewing these details is necessary to follow up with other businesses and clients to ensure that payments are received in a timely manner. Have a system in place to send updates and reminders if payments are late.
  4. Paying Bills: It is also important to make sure that you are paying your own bills on time. Keep track of the due dates for payments such as rent, utility bills, vendor payments, etc. These items are essential to keep your business in good working order.

One of the biggest mistakes that you can make is to procrastinate these items and let the work build up over time. Keeping track of the transactions on an ongoing basis is essential for the long-term success of your company. Small tasks on a daily and weekly basis can save you a lot of time and effort in the long run, because you will be able to stay ahead of the work.

If you don’t have the time or desire to manage these bookkeeping tasks on your own, then one of the best things that you can do is to hire a full service bookkeeping company. At Easier Bookkeeping, we offer affordable bookkeeping services to help you stay current with your financial records. Contact us for more details: (888) 620-0770