If you are thinking of starting a new business or recently have started a business, chances are you have thought about how you will be keeping your books.
You may have thought how there was no way you would do it yourself and you started to look into outsourcing it. Or you may have thought, “I can do the books myself” and think you would like to keep it all in-house. Both options have their pros and cons, and we will discuss them here today.
Hire a Bookkeeping Service
Many business owners would prefer to hire a firm like Beyond Balanced Books to do at least some portions of the bookkeeping work. We have several bookkeeping packages that offer different levels of service. This means that you can choose the package that fits your needs and your budget.
Some of the tasks that we include in our bookkeeping packages are: verifying that the bank feeds are accurate, entering bank transactions, reviewing the general ledger, generating reports, verifying that payroll is coming over accurately, reviewing for and preparing 1099s, and even more. We also include regular scheduled virtual sessions where we discuss any questions you may have, look at reports together, and help you to make sense of all of your numbers.
The benefits of having a professional involved in the bookkeeping work include having peace of mind that your books are accurate and also having your bookkeeping done in a timely manner. Think of how great it feels, to know something is off your shoulders and being taken care of by a professional. We feel it’s very important to have your books up to date and we like how Xero utilizes bank feeds to assist with that. When your books are kept current and are accurate, you have good information to make good decisions.
Do It Yourself
Perhaps you have had some education or experience with accounting and you want to do your books yourself. Oftentimes when people first start out, they want to keep the books themselves. If this is the case, it is important to have everything set up properly, such as the chart of accounts, payroll, and the like. Understanding how your accounting software works is very important too.
By doing it yourself, you can save some money but we want to caution you. BE CAREFUL! Too many times we have seen where business owners have set up their accounting file incorrectly and then later they have engaged us to clean up the books. Most times they would have saved money and a lot of headaches if they had worked with a firm like ours at the beginning.
The BBB Team can help you to get your Xero file set up correctly. We offer Xero Setup packages that include setting up your Xero file correctly, one-on-one education virtual sessions, and additional support. We have found that many clients have benefited from these packages.
We have quite a few clients where they have engaged us for a Xero Setup and then have proceeded to do the books themselves. The best client success stories have been when the clients have some ongoing support, especially as the business grows and before closing their books at year-end.
How to Get Started
Are you ready to take the step in getting your books going for your new business? Whether you a looking for a full-service solution or a DIY approach, the BBB Team is here for you. Contact us [email protected] to schedule a complimentary session with us to see how we can help.