Small business owners stand much to gain by working with bookkeeping and accounting professionals. At King Financial Services, our team has years of experience helping our clients track profits and losses, prepare financial statements, and prepare for tax season.
What is Bookkeeping?
Simply put, bookkeeping is the recording and tracking of financial transactions for a business or entity. Bookkeeping is a subfield of accounting, that involves the processing, record keeping, and interpretation of all relevant financial information. Bookkeeping is a continued process that records the ongoing, daily transactions of a business.
While your bookkeeper may not be the same person who deals with your business being audited or filing taxes, the reports generated by your bookkeeper will serve as the foundation for your accounting activities and can assist other professionals helping your business.
At King Financial Services, we offer comprehensive financial support services. This includes bookkeeping, payroll, and tax preparation.
Who Benefits From Bookkeeping?
Every business needs bookkeeping.
It’s one of the few services that no company can go without. Bookkeepers issue bills to customers, record receipts from clients, verify invoices from suppliers, monitor accounts, process employee pay, create financial reports, rectify accounting errors, and complete many other important tasks that keep a business running smoothly.
Cash Management Benefits
Certain benefits of cash management include the ability to manage supplier and customer accounts by seeing them on paper, create a business budget, and track deposits and payments. With cash management, you’re able to account for every dollar and cent your business spends. In “Bookkeeping for Dummies,” the author stresses the importance of creating a financial paper trail for your business. Bookkeeping provides the cash management you need to create a financial paper trail.
Business Decision Benefits
Bookkeeping records offer benefits that help you make smart business decisions. With bookkeeping, you can identify money-making opportunities, avoid cash-flow problems, and find ways to increase income or decrease spending. For example, your bookkeeping records might show that eliminating the non-productive late-shift would save your business $5,000 per-month. Your bookkeeping records also might show that business income would increase 50 percent by stocking more red socks instead of blue socks. Good bookkeeping records also are beneficial when you’re applying for a business loan. By keeping good and accurate records, you make it easier for lenders to make decisions about your business.
No matter what type of business you have, compliance with business tax laws is a must. Certain benefits of bookkeeping, depending upon your situation, includes the ability to pay income taxes, payroll taxes, workers’ compensation and sales taxes. You’ll be less anxious about your bookkeeping records if you find yourself facing an Internal Revenue Service audit. According to the American Institute of Professional Bookkeepers, bookkeeping records are valuable to have during an audit. You’ll have items such as canceled checks, receipts, tax returns, and other papers related to the audit.
Two risk-reducing benefits associated with bookkeeping are the ability to detect fraud and embezzlement. You might not want to think about, but there’s always a chance that your business will experience fraud or embezzlement if you have employees or business partners. If your bookkeeper is honest and good at the job, she’ll be able to spot suspicious business transactions. For example, if your business partner uses business funds to pay $1,000 per-month to a mysterious consultant you’ve never heard of, then the bookkeeping records will show the evidence. If you’ve hired a bookkeeper instead of doing it yourself, keep tabs on the bookkeeper to make sure he’s doing an honest job.
QuickBooks Online Services Near Me
QuickBooks is an accounting software package by the company Intuit. QuickBooks was designed with small and medium-sized businesses in mind. The goal of this software is to help businesses stay on top of tracking and recording their finances and business reports from their computer. Additionally, QuickBooks offers cloud-based versions of the software that also accept business payments, manage and pay bills, and payroll functions.
QuickBooks Setup Training Near Me
While QuickBooks is a program created with accessibility in mind, the initial installation and setup will need to be done without error in order for all of the information it records to be accurate and up to date. At King Financial Services, our team of bookkeeping professionals are here to help you come up with solutions for your record keeping. Let our certified QuickBooks advisors get you set up quickly, effectively and efficiently.
King Financial Services in Fort Worth
Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understand how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping.
Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.
King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
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