Book-keeping services onsite and virtual

It is often said, that without bookkeeping, it's impossible to measure the true success or failure of your business dealings.
 
By definition, Bookkeeping is regarded as a first step in accounting process for recording your or a company’s financial transactions. Keeping accurate records of company’s spending and revenue is important in any business whether small or large sized however, sadly, this process is often neglected which has a direct adverse effect on the business. In fact, according to CPA Australia, some businesses fail due to financial mismanagement while other has weak or no accounting records or books on hand. The accounting process involves classifying, reporting and analyzing of data and none of it can take place if there is no organized and accurate bookkeeping.
 
Some small business owners decide to do their own bookkeeping to save on costs while others prefer to hire a trained accountant. Aside from making filing corporate taxes easier, there are advantages to doing accurate bookkeeping that every business owner should understand.
 
A bookkeeper helps you turn your business activity into business data, giving you day-to-day financials that has several undeniable benefits.
 

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

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. 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.

Compliance Benefits

No matter what type of business you have, compliance with business tax laws is a must. Certain benefits of bookkeeping, depending upon your situation, include 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 Risk-Reducing Benefits 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   To achieve all these, you can hire a bookkeeper or accountant to do it and keep your financial aspect intact and organized. Bookkeeping can spell the difference between success and bankruptcy and can also literally mean thousands of dollars for your business.

CheckedandBalanced operators are able to provide bookkeeping services that will free you to focus on the operational side of your business. Basic bookkeeping services include:

• Bank Reconciliations – compare your internal records with bank statements in order to identify and rectify any discrepancies
• Profit & Loss Statements – generated monthly and/or annually that reports the earnings of a business by stating all relevant income and all expenses that have been incurred to generate that income. Also referred to as an Income Statement.
• Cash Flow Management – manage your cash flow to ensure you have cash when you need it. This is the most critical aspect of business.
• Financial Reporting & Analysis – key information about the financial state of your business into language you can understand.
• Accounts Payable & Receivable – identify money you owe suppliers and money that is owed to you by your customers.
• End of financial year processes – take away all the pressure associated with ensuring your books are ready for the end of financial year.
• Budgeting – forecast your income and expenditure in order to identify how much you afford to dedicate to particular expenses.

Our Bookkeeping Services are available either at your Offices or ours depending on your preferences and service requirements -- Onsite Bookkeeping Services (at your offices)
Onsite Bookkeeping is an excellent option for clients who prefer to have one of our highly experienced Bookkeeping specialists conduct the work from your offices. Onsite bookkeeping is the best option for small businesses with a great amount of detail, paperwork, and information within the walls of the business.

Offsite / Virtual Bookkeeping Services (at our offices)
Many small businesses these days are taking advantage of the opportunities presented by virtual services and cloud technology. Virtual bookkeeping is a great option for our clients who hire us to manage their books. The biggest advantage of using our virtual bookkeeping, is that you are not restricted to using local based bookkeeper. Our virtual bookkeeping option keeps you up-to date on all aspects of your business finances from anywhere in the world. Owing to the new cloud accounting technology, now you can review or even edit your business book anywhere, anytime, and at the same time we are doing your bookkeeping.. This is a fantastic option for business owners who don’t want to worry about our log of hours, and are comfortable with the cyber-setup.

“Good record keeping should be the lifeblood of your business.”