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Phoenix Bookkeeping Services - Your Guide to Finding the Best

Phoenix Bookkeeping Services – Your Guide to Finding the Best

Whether you’re just starting your business or you’re fine-tuning your financial strategies, a professional bookkeeper can be a tremendous help.  They can balance your daily expenses and earnings, and manage your invoices. By handing these jobs over to a Phoenix bookkeeping service, you can lower your risk of error and use those extra hours to create strategies to grow your business.

Why You Need a Bookkeeper

Regardless of the company’s size, having a great bookkeeping service is an essential part of any business. Efficiently kept books do a lot more than make filing your tax returns easy. Bookkeepers can expertly put together a balance sheet or profit and loss statement that can help determine credit worthiness when you apply for a loan. They can also show you where you need to spend less or more money, how much you’re making, how much you’re spending, who takes the longest to pay you and who gives you the most business.

But where do you find a bookkeeper, and what do you need to know to ensure that you hire the best? Well, here are four keys to finding the best Phoenix bookkeeping services.

Experience

Bookkeeping services vary, so it’s a good idea to find a Phoenix bookkeeping service that knows your accounting software, and understands your industry and clients. Some bookkeepers focus on corporate businesses, where they typically become proficient one thing, like accounts payable. There are also bookkeepers that specialize in small businesses, with experience in all facets of bookkeeping.

Technology Skills

The best bookkeeper will have strong technology skills. During the interview process, make sure that they not only have experience with your software, but the same version. Also ask them how if they stay current with new technology.

Business Acumen

Choose someone who has a strong business acumen and exercises sound judgment. They are a valuable addition to any business because they can assimilate information and innovate bookkeeping related strategies and solutions. These abilities ensure a more profitable future.

References and Reviews

Since you’re going to be entrusting the bookkeeper with sensitive financial information, make sure they’re trustworthy. Ask the Phoenix bookkeeping service you’re considering for referrals, and do your due diligence by contacting them. A bookkeeper is an important part of a growing business, however hiring the wrong person can hinder your business operations and consume much-needed cash flow.

If you’re struggling to keep your books in order, contact us today. Our Phoenix bookkeeping services can ensure you have accurate data so that you can make the best decisions for your business.

Why You Need a Great Bookkeeping Service for Your Business

Why You Need a Great Bookkeeping Service for Your Business

Hiring a great bookkeeping service can not only keep you from losing your sanity, but it can also help protect you from a potential lawsuit because your books are a mess. All businesses need a great bookkeeping service on their team.

What is bookkeeping?

The first thing you should know about bookkeeping is that it’s not just a tax savings tactic. Bookkeeping includes documenting, storing and retrieving financial transactions for businesses, individuals, and nonprofit organizations. Bookkeeping in the past involved copying numbers into a ledger book; today it involves downloading data from your bank into your accounting software system. Clearly, downloading is much faster and less vulnerable to input errors, but the initial setup of your bookkeeping system has become much more critical to your success.

Why is Proper Bookkeeping Important?

It’s common for small businesses to make bookkeeping mistakes during their early years. They usually lack knowledge when it comes to the appropriate bookkeeping practices. Those that don’t keep their books current make their situation even worse. Hiring an experienced bookkeeper will help you avoid devastating pitfalls that can have a negative impact on your business. Good bookkeepers notice developing trends, see important patterns and are highly skilled; abilities that not only protect the companies they work with but improve their bottom line.

Once you get to the point where your books suffer because your business is thriving, it’s time to hire a good bookkeeper. With a good bookkeeper on your team, potentially costly mistakes will be found faster, and your business will operate more efficiently. Let’s face it, as the owner of a small business, you need to spend your time doing the things you do best and not doing the bookkeeping.

Future Consequences of Having Poor Bookkeeping

Inadequate bookkeeping practices can lead to a long list of problems including:

  • Late creditor payments and a poor commercial credit rating
  • Banking records that are impossible to maintain efficiently, having a disastrous effect on your business
  • Inventory overages or shortages due to financial mismanagement
  • Under-reported or unreported items, like investment income, rental income, revenues, or other types of earnings
  • Tax problems with the IRS or local and state government agencies
  • Incurring late fees and various other penalties, causing devastating hits to your budget
  • Late payments, overdraft fees, and even account closure status
  • When it comes to payroll, employees can end up with erroneous year-to-date earnings on their end of year W2 form and pay stubs

If you have poor bookkeeping habits, it’s time to contact a professional service to discuss creating a system that’s right for your business.

Bookkeeping is critical for business success. Contact us today if you’re interested in our bookkeeping services!