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How do You Manage and Track Reimbursable Expenses?

It can be a challenge to keep up with the small expenses that move through your business each day. Many business owners find that reimbursements and expense reports are time-consuming and tedious, which means that these tasks often fall to the bottom of the priority list. If you are neglecting the financial tracking of your expenses and write-offs, then it is possible that you are missing out on essential tax benefits each year.

Why do Reimbursable Expenses need to be Tracked?

Why is it necessary to keep up with all of the busy work? The tax benefits are the most obvious reason that you need to make sure that you are keeping up with reimbursable expenses. Taxes are calculated based on net income, so you can manage your tax burden by leveraging the expenses as much as possible.

For example, if you are spending money each month on business meetings with potential clients, then these small expenses can be used as write-offs. Whether you spent money on a lunch for the client or invested in Christmas gifts for your business contacts, these expenses need to be tracked so that you can provide a detailed outline of costs to your bookkeeper or accountant.

A Bookkeeper Can Help

When you have an experienced bookkeeper helping with the financial tracking for your company, then you don’t have to stress as much about the details of the cash flow. The bookkeeper can manage and categorize transactions that are moving through your business accounts. Then, you can provide the supporting documentation, such as receipts or other paperwork that is needed to verify the transaction.

Your bookkeeper will keep this information organized and filed. A small business bookkeeper can provide you with detailed financial reports throughout the year, as well as other financial information that might be needed. You don’t have to worry about the small, tedious tasks because a bookkeeper will take care of those details for you.

Streamline Your Bookkeeping System

If you want to reduce your stress levels and maximize the financial results for your company, then you need to hire a professional team to help. By organizing your tracking system and maintaining consistency throughout the year, you can easily provide details about your reimbursable expenses when it is time to file your taxes. Additionally, you will have the peace of mind that you have a reliable filing system to identify receipts and documentation if it is needed.

Are you ready to learn more about how a good bookkeeping system can be beneficial for your company? Contact us at Easier Bookkeeping. We are here to help: (888) 620-0770

The Benefits of Getting Rid of Paper Files and Using a Digital System Instead

Do you have filing cabinets overflowing with papers that have collected over the years? Even though paperwork gives you something tangible to look at, it isn’t an efficient system to manage the business finances for your company. If you want to set your business up for success, then right now is a great time to shred those papers and move to a digital system instead.

Drawbacks of Paper Files

There are multiple drawbacks that you might encounter when you are working with paper files. First of all, you need to invest money into the filing cabinets and office space to hold those files. Your monthly expenses will go up because it is necessary to manage a big office so that you have enough storage space of all of the files.

Another drawback is the filing mistakes that can cost time. If a paper is misfiled and you need to access the information, then you might spend a lot of time digging through stacks of paperwork to find the single file that you need.

Benefits of Digital Filing

When you choose to transition to a cloud-based accounting system, you won’t be limited by location. Paper files can only be accessed if you are on-location. But, digital files allow access to anywhere in the world. A cloud-based bookkeeping system means that you can manage your business financial information anywhere you can access a strong internet connection.

Additionally, digital filing gives you the opportunity to work with financial professionals who are located anywhere. Instead of hiring an employee to manage on-location bookkeeping tasks, you can reduce expenses and access experienced bookkeeping teams through cloud-based systems. These bookkeepers can offer excellent services, giving you instant access to current financial reports throughout the month.

Many business owners find that they are better equipped to make good business decisions when their financials are kept up-to-date. These files are always current with a digital system so that you always have access to the latest information.

Making the Transition to a Digital System

If you are using a paper filing system for your business financials and you are ready to make the transition to a digital platform, then it is essential that you hire a professional team to help. Having an experienced team will reduce the stress of the transitioning, making it easier than ever for you to access the best bookkeeping tools that are available.

For more information, we invite you to contact our team at Easier Bookkeeping. We are here to help with anything that you need: (888) 620-0770

Is 2017 the Year that You Should Hire a Bookkeeper?

As a small business owner, is it essential to ensure that you are keeping up with financial management to set your company up for future success. If you have delayed outsourcing for certain tasks, such as bookkeeping, then you might consider the benefits of bringing on someone to help this year.

Here are a few reasons that you need to hire a bookkeeper to help with your business finances:

Simplify Your Workflow

How much time are you spending daily on busy work? If a portion of each day is dedicated to managing the financial details of your company, then you need to consider the benefits of hiring someone to help. When you are focused on these small details, then you are losing valuable time that should be spent working on strategy and management.

Your daily workflow can be simplified by outsourcing the busy work to free up your time. When you hire a bookkeeper to help, then you don’t have to deal with issues such as data entry or account reconciliation.

Industry Expertise

Even if you are capable of keeping up with the data entry and other tasks, you might be missing out on the benefits of knowledge and experience. A bookkeeper is immersed in the financial industry, giving you the opportunity to tap into their continuing knowledge and advice to handle specific situations.

If a financial problem arises, you don’t have to handle the issue on your own. Instead, you can learn about strategies that have worked in the past. This process eliminates the guesswork in financial management, giving you a proven system that will be best for your company.

Manage Expenses

It might seem counterintuitive to pay money for someone to handle a task such as bookkeeping. But, there are other financial benefits that your business will be able to gain from these services. For example, a bookkeeper can help with cash flow management, which reduces the amount of interest costs that you are paying for credit lines. By avoiding late fees and staying current with billing and invoices, your bookkeeper can maximize the use of your money and reduce the unnecessary costs that might pop up along the way.

Are you ready to hire a bookkeeper to help your company this year? Talk to our team at Easier Bookkeeping to learn more about how we can help with your small business: (888) 620-0770

Self Employed? Here are a Few Bookkeeping Tips for You!

It is both exciting and scary to choose the road of self-employment. Many people love the idea of working for themselves, but it can be overwhelming to handle the business financials throughout the year.

As a contractor, you don’t have to stress about having a boss looking over your shoulder throughout the day. You work as a contractor, giving you the ability to manage your time and the services that are offered. But, you don’t receive benefits, insurance, or retirement plans that are often offered through corporate employment.

Whether you already have a home based business or you are thinking about self-employment, there are a few things that you need to keep in mind:

Manage Financial Records

Are you consistent with tracking every transaction that moves through the business? The documentation is essential if you are ever audited in the future. You need to be sure that you can provide documentation of the write-offs and business expenses. Without this documentation, you might end up in a situation where you need to pay taxes and penalties.

The best thing that you can do is put together a financial tracking system. Then, have a file folder where you keep relevant receipts and anything else that applies to the costs for your company.

Don’t Mix Personal and Business Finances

Make sure that you have separate bank accounts setup so that you don’t have to worry about mixing personal and business expenses. Keeping these transactions separate will ensure that you are compliant, and it simplifies the bookkeeping process throughout the year.

To keep things clean, it is best to have a business checking account, savings account, and a credit card. All business transactions and revenue should move through these accounts. Then, you can pay yourself by cutting a paycheck for yourself or making a funds transfer from the business account to a personal account.

Hire a Bookkeeper to Help

As a freelancer, you are carrying a lot of responsibilities to keep your business running. Most freelancers don’t have bookkeeping experience, which results in a situation where the financial tracking is mishandled. Or, in some situations, no effort is put into tracking the financial details of the business.

Instead of harming the success of your company, it is better to hire a professional to help. With the right bookkeeping service, you can relax and focus on other important parts of your company. A bookkeeper will offer assistance with transaction management so that you don’t have to worry about it.

If you are a freelancer or you own a small business, then you should consider the benefits of hiring a bookkeeper to help. Call our team at Easier Bookkeeping to learn more about the services that are available: (888) 620-0770

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

Don’t Be Embarrassed about Asking for Bookkeeping Help

Small business owners carry many responsibilities throughout the week, and often there is a do-it-yourself mentality in an effort to save money. Instead of hiring employees or outsourcers, the business owner tries to do everything on their own. But, this approach can lead to problems in the future, especially if you don’t have the experience to handle certain tasks.

Keeping Up with the Bookkeeping

If you are behind on your bookkeeping or having a hard time keeping up with the financial tracking, then right now might be a good time to ask for help. As the business grows, these financial tasks get bigger. Eventually, overwhelm might cause you to ignore the bookkeeping because it is too much to handle.

Instead of ignoring the growing stack of paperwork, it is better to take a proactive approach by hiring a small business bookkeeper to help. If you are ever unsure about what you should do to handle certain financial aspects of your company, it likely means that you need to consult with a professional.

Benefits of Outsourced Bookkeeping

There is nothing wrong with outsourcing these tasks. In fact, hiring a bookkeeper could be the key factor that helps you grow your business in the future. When the bookkeeping service is handling the ongoing financial details for your company, it frees up your time so that you can focus on other responsibilities instead.

A bookkeeper will help you stay proactive with your financial tracking. Then, when a question or an issue arises, you will have someone there to offer advice and assistance. An experienced small business bookkeeper will watch for ways that you can maximize tax deductions or minimize spending. They also give you the peace of mind to know that you are staying in compliance with tax laws.

Employee or Outsourcer?

If you are feeling stretched too thin, then you know that you need to hire someone to help. There are many benefits to hiring an outsourcer instead of an employee. Outsourced bookkeeping services mean that you don’t have to worry about the burden of employee benefits, overhead costs, or payroll taxes.

Outsourced bookkeeping gives you access to the financial expertise that you need, without the requirement of hiring an in-house employee. You can save money and manage your business finances at the same time.

Do you want to learn more about the benefits of small business bookkeeping services? Call our team at Easier Bookkeeping for more information. We are here to help your company succeed: (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

Is there a Difference between an Accountant and a Bookkeeper?

The time has come to hire a financial professional to help with your small business. But, how do you know which type of services that you need? There are many possibilities that are available, and it is important that you understand the service differences before making your decision.

Even though the terms “bookkeeper” and “accountant” are often used as synonyms, you need to know that these are two different services:

Small Business Bookkeeper

A bookkeeper is there to help with the daily, weekly and monthly tasks related to managing your business financials. Their responsibilities are focused on tracking the transactions that come through the company. These transactions might include things such as payments, invoices, receipts, and sales.

Most small business bookkeepers will utilize an online bookkeeping software. The advantage of this system is that you can hire a remote outsourcer instead of bringing in a full-time employee. Also, you will be able to run bookkeeping reports from any location to see more about the financial health of your company.

The goal with bookkeeping is to improve record keeping accuracy. At the same time, these services increase the data accuracy throughout the year. Bookkeepers focus on the small details, helping to track all expenses and income down to the penny.

Accounting Services

After the bookkeeper gathers the data, an accountant can step in to analyze the data into usable information. Accountants focus on the big picture success of your business, helping you to find answers to overcome financial problems that you are facing.

Accounting services often include tasks such as tax return preparation, balance sheets, income statements, audits, cash flow analysis, and verifying the information submitted by the bookkeeper.

It is essential to have a professional focused on the big picture. These details will help you plan for the future. Additionally, a good conversation with an accountant can improve your financial decisions throughout the year.

Do You need Bookkeeping or Accounting?

As a small business owner, is it a higher priority to find a bookkeeper or accountant? The truth is that both of these services are essential. Bookkeeping and accounting go hand-in-hand, so it is best to have both.

Here at Easier Bookkeeping, we offer all of the financial services that you need. We invite you to contact our team today to learn more about the accounting and bookkeeping services that are available. We will talk with you about the options and put together a plan that is catered to the needs of your company. Call us today: (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