This is a question you may be asking yourself, whether you are first starting out or you have been in business for years.
Many people think bookkeeping can be be done by simply taking your bank balance at the beginning of the month and subtracting it from the balance at the end of the month to see if you have a profit.
While this is certainly a bare minimum of what you should be doing, there are other crucial tasks that a bookkeeper helps with.
A bookkeeper:
- Keeps up with who owes you money, and how much
- Keeps up with who YOU owe money, and how much
- Categorizes all transactions so you are ready to file taxes with the push of a button
- Runs payroll
- Creates/maintains budgets
- Keeps up with if you are over/under budget
- Tracks spending in different categories over time
- Runs reports to benefit your business
- A balance sheet can show you the balance of your checking accounts, credit cards, loans, payroll taxes, sales taxes, and how much you’ve paid yourself to date.
- A profit and loss can show you how profitable your business is across any period of time. It can be customized to compare to previous periods as well.
- A statement of cash flows can show you how much cash flowed in and out of your business for a period of time
- A budget vs. actuals report can show how much you’ve spent in each budget category compared to what you intended
- A payroll summary report can let you know how much each employee costs with net pay and payroll taxes.
As you can see, all of these tasks are critical to running a successful business, BUT what sets Profit Meadow apart is that we create monthly videos going over these reports for you!
We explain everything that was done and how to read the reports in a form that allows you to see the reports as we go through them, PLUS you can watch it (and rewatch it) on your own time! We know how busy business owners are, so we want to make things as simple and educational as we possibly can! 🙂
Want to get a FREE review of your books done? This gives you a taste of our monthly videos–we create a video going over your books from a high-level and point out any red flags that we see. In the video, we let you know how much it will cost on a monthly basis, and if any clean-up fees will apply.
Interested? Click here to sign up now! 🙂
