We frequently discuss the impact of fintech companies on financial services, but taxation is frequently overlooked. Tax filing is an unavoidable requirement, and most people hire professionals to do their taxes for them to avoid any misunderstandings with the government. Taxes can cause stress not only for consumers but also for small businesses. There are numerous fintech companies available to assist both individuals and businesses in not only understanding but also paying their taxes. In this article, we will explore the best fintech companies for tax management.
Whether they coach chess players or sell organic puppy food online, every small business owner shares a common driving force: a passion for growing their business. Increasing sales and gaining new customers is one part of the equation. Consistent bookkeeping provides the financial insight needed to strategize for long-term success. With so many obligations resting on the business owner’s shoulders, it can feel like there are not enough hours in the day to accomplish every task, and eventually the books may fall behind.
Even if the books are only behind a few weeks, up-to-date records are crucial for the financial well-being of every business. Catch up bookkeeping accelerates business growth by increasing financial visibility, which enables business owners to make decisions based on accurate information and remain tax-compliant throughout the year! In this blog post, we are exploring the top 5 benefits of catch up bookkeeping!
Reliability in Your Opening Balance
The Opening Balance is the amount of money in your bank account at the beginning of a new financial period, such as the start of the month. Be aware that your bank account does not necessarily reflect the exact amount of cash that is available to spend. For example, if your Opening Balance states that you have $50,000, but $20,000 worth of checks have not cleared yet, the actual balance is $30,000. The best practice is to consult your updated accounting software or financial statements, which provide insight into your true financial position.
The financial statements report revenue, expenses, and profitability, all of which contribute to the Opening Balance. They also guide decision-making and reveal opportunities for business growth. The more up-to-date your books are, the more reliable your financial statements (and Opening Balance) will be!
If your bookkeeping is behind, there will be little to no financial data for that time period, which means you will not know your true Opening Balance for today. For example, if your account was reconciled in January, but February was skipped, the Opening Balance would be incorrect for March. This could skew your numbers going forward, and costly choices could be made based on inaccurate data. This could also affect future bank account reconciliation, as well as the balances in your revenue, costs, and expenses. It is a vicious cycle.
Catch up bookkeeping corrects these issues and provides clarity and accuracy in your financials. Once your books are caught up, keeping them up-to-date becomes second nature.
Financial Accuracy Through Bank Account Reconciliation
A bank account reconciliation is performed to confirm that your accounting records match the information in your bank account. It is an opportunity to identify and correct any bookkeeping errors before the financial statements are finalized, as well as detect and prevent fraudulent activity in your bank account. Bank account reconciliation also ensures that you are accurately reporting your income to the IRS. The best practice is to reconcile your bank account once a month.
Proper bank account reconciliation can only be accomplished when the books are up-to-date. By getting your books caught up, you can ensure the reliability and accuracy of your financials each month.
Cash Flow Management
Catch up bookkeeping can have a significant impact on cash flow. When your books are caught up, you can pinpoint how and when cash enters and leaves your business each month. This delivers a deeper understanding of your cash needs, so you can create a plan for cash flow management.
For example, as your books are caught up, you may uncover past due invoices, or find that you are sending out vendor payments before you receive the cash needed to cover them.
With this insight, you can monitor your Accounts Receivable to ensure you are paid in a timely manner going forward, and find solutions for the timing of your own payments. You can also forecast future cash needs to be confident you have what you need for continued operations.
Keeping your books up-to-date plays a vital role in calculating your bottom line, or Net Income, which is the profit that remains after all costs and expenses are subtracted from revenue. In order to know your true Net Income, all business expenses must be accounted for through accurate and timely bookkeeping. This understanding of your Net Income provides the opportunity to increase your bottom line.
Getting your books caught up is also essential when applying for loans. Creditors and investors examine Net Income when deciding to invest in a business, as it highlights the business’s ability to pay back loans efficiently. Catch up bookkeeping determines your bottom line, so you can understand and increase the profitability of your business, meet loan requirements, and secure funding for your next venture!
As tax season draws closer, a concern that many business owners have is under or over reporting their earnings, and missing out on deductions. They may also experience a back and forth with their Tax CPA over missing documents and gaps in their financials. Breathe a sigh of relief – catch up bookkeeping takes the headache out of tax season!
By getting (and keeping) your books caught up, you can identify the deductions you qualify for, maximize your tax return, and stay compliant all year long!
Get Your Books Caught Up with Xendoo
Behind on your bookkeeping? You are not alone! 25% of business owners are behind on their books. Get a fresh start withcatch up bookkeeping servicesfrom Xendoo, so you can take your time back and focus on the future of your business.
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Existing Xendoo client? Please contact your dedicated service accounting team at 855-655-7859 or email
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Accountant | Fort Lauderdale, FL | Full Time
We are actively seeking dedicated Accountants to join our team. The applicant must live locally, as this role is an in-office role.
The ideal candidate for this role should possess a foundational understanding of accounting principles and practices and familiarity with QBO or Xero accounting software. This individual pays attention to details, is proactive in understanding financial statements, and is willing to expand their knowledge further. A problem-solver at heart, the candidate quickly seeks assistance when needed and leverages technology to enhance efficiency and adaptability. The role engages directly with clients, offering them valuable insights into their financial health to bolster their business operations, coupled with a commitment to clear and preemptive communication to avoid potential issues.
Our organization operates within the financial technology sector with a team of compassionate, self-caring individuals who prioritize personal growth and collective success. We are life-long learners, passionate about teamwork and excellence in our respective roles, with a solution-oriented approach to challenges.
Role Responsibilities Overview
Maintain accurate and consistent books for assigned customers, including recording payments, expenses, and adjustments weekly and performing monthly bank, credit card, and Balance Sheet reconciliations. Maintain certification in both Quickbooks Online and Xero software.
Daily / Weekly Responsibilities
All assigned customers require weekly bookkeeping, which is completed through assigned Daily Tasks:
–Utilize Xendoo XP for all bookkeeping activities and tasks
–Record financial transactions for assigned bookkeeping customers based on type of accounting: Cash Basis vs Accrual
–Collect and track data needed to record transactions and create consistency in the general ledger accurately
–Maintain an appropriate Chart of Accounts based on customer needs and consistency
–Communicate with customers related to questions required to complete the bookkeeping and updates on progress
–Input notes for each account after customer calls, and based on meaningful information related to the customer-specific needs
–Collaborate with the Xendoo team for support and ask for assistance when needed
–Establish and record Opening Balances for New Accounts
–Respond to all Quality Control feedback professionally and in the required time
–Collaborate with Xendoo team members to solve problems
Monthly Responsibilities
All assigned customers require a thorough review and reconciliation process to ensure accuracy and consistency:
–Perform Account Reconciliations for all relevant Balance Sheet Accounts, including, but not limited to, Credit Cards, Bank Accounts, Loans, Clearing Accounts, Sales Tax, and more based on customer plan
–Review and analyze trends to ensure accuracy and consistency through comparative Income Statements and Balance Sheets
–Create a Monthly Checklist in XP
–Update Customer Notes related to month-end publishing/closing
–Communicate with customers about any issues with closing the books, and once reports are published
–Complete required Journal Entries based on customer-specific requirements and Xendoo Plan
–Establish monthly call schedules, as appropriate, to build strong customer relationships
–Upload all required documents into XP, including Statements and any customer-specific documents necessary to complete accurate books
–Collaborate with Xendoo team members to solve problems
Required Skills:
–Professional communication skills, both verbal and written
–Strong Accounting knowledge
–Ability to solve complex problems
–High attention to detail
–Analytical and critical thinking
–Follow-through and follow-up habits
–Confidential and professional demeanor
–Collaborative and willing to ask questions
Required Education:
–BS in Accounting or Finance, with a minimum of 1 year experience in a full-charge accounting role, or
–AA in Accounting with 5+ years’ experience in a full-charge accounting role
Standards
–Maintain 40-55 customers monthly, depending on Plan and complexity
–Utilize XP for all bookkeeping tasks and follow defined procedures
–Close and publish monthly reports within the established time frame based on the customer’s plan
–Communicate with customers via phone at least 1x/month
–Communicate via text/email for questions weekly, as needed
–Communicate monthly related to Closing / Publishing Reports
–Maintain up-to-date Notes for all customers
–Respond to Quality Control within the required time frame
We offer a supportive work environment with a Monday through Friday schedule, even during peak times, to ensure a balanced lifestyle. Benefits include health, dental, vision, life insurance, generous PTO and paid holidays, a 401(k) plan with employer matching, a casual dress code, complimentary weekly lunches, access to an on-site gym, and a dynamic, fun workplace. Our office is conveniently located on the North end of Fort Lauderdale near I-95.
Senior Accountant | Fort Lauderdale, FL | Full-Time
We are actively seeking dedicated Senior Accountants to join our team. The applicant must live locally, as this role is an in-office role.
The ideal candidate for this role should possess a foundational understanding of accounting principles and practices and familiarity with QBO or Xero accounting software. This individual pays attention to details, is proactive in understanding financial statements, and is willing to expand their knowledge further. A problem-solver at heart, the candidate quickly seeks assistance when needed and leverages technology to enhance efficiency and adaptability. The role engages directly with clients, offering them valuable insights into their financial health to bolster their business operations, coupled with a commitment to clear and preemptive communication to avoid potential issues.
Our organization operates within the financial technology sector with a team of compassionate, self-caring individuals who prioritize personal growth and collective success. We are life-long learners, passionate about teamwork and excellence in our respective roles, with a solution-oriented approach to challenges.
Role Responsibilities Overview:
Maintain accurate and consistent books for assigned customers, including recording payments, expenses, and adjustments weekly and performing monthly bank, credit card, and Balance Sheet reconciliations. Provide higher-level accounting guidance to the Xendoo Accounting team. Maintain certification in both Quickbooks Online and Xero.
Daily / Weekly Responsibilities
All assigned customers require weekly bookkeeping, which is completed through assigned Daily Tasks:
–Utilize Xendoo XP for all bookkeeping activities and tasks
–Record financial transactions for assigned bookkeeping customers based on type of accounting: Cash Basis vs Accrual
–Collect and track data needed to record transactions and create consistency in the general ledger accurately
–Maintain an appropriate Chart of Accounts based on customer needs and consistency
–Communicate with customers related to questions required to complete the bookkeeping and updates on progress
–Input notes for each account after customer calls, and based on meaningful information related to the customer-specific needs
–Collaborate with the Xendoo team for support and ask for assistance when needed
–Establish and record Opening Balances for New Accounts
–Respond to all Quality Control feedback professionally and in the required time
–Collaborate with Xendoo team members to solve problems
Monthly Responsibilities
All assigned customers require a thorough review and reconciliation process to ensure accuracy and consistency:
–Ensure the accounting basis (Cash, Modified Accrual, Accrual) aligns with the requirements of the Plan chosen
–Perform Account Reconciliations for all relevant Balance Sheet Accounts, including, but not limited to, Credit Cards, Bank Accounts, Loans, Clearing Accounts, Sales Tax, and more based on customer plan
–Set up monthly meetings with Customers to fully review month-end financials (Scale + Plans)
–Review and analyze trends to ensure accuracy and consistency through comparative Income Statements and Balance Sheets
–Create a Monthly Checklist in XP
–Update Customer Notes related to month-end publishing/closing
–Communicate with customers about any issues with closing the books, and once reports are published
–Complete required Journal Entries based on customer-specific requirements and Xendoo Plan
–Establish monthly call schedules, as appropriate, to build strong customer relationships
–Upload all required documents into XP, including Statements and any customer-specific documents necessary to complete accurate books
–Collaborate with Xendoo team members to solve problems
Required Skills:
–Professional communication skills, both verbal and written
–Strong Accounting knowledge, including GAAP principles
–Ability to solve complex problems
–High attention to detail
–Analytical and critical thinking
–Follow-through and follow-up habits
–Confidential and professional demeanor
–Collaborative and willing to ask questions
Required Education/Experience:
–BS in Accounting or Finance, with a minimum of 5 years experience in a full-charge accounting role or
–MBA preferred
–1+ year as Senior Accountant or with Senior Accountant responsibilities, including team leadership and resolving escalated customer issues
Standards
–Maintain 30-40 Modified-Accrual and Accrual customers monthly, depending on Plan and complexity
–Utilize XP for all bookkeeping tasks and follow defined procedures
–Close and publish monthly reports within the established time frame based on the customer’s plan
–Communicate with customers via phone at least 1x/month
–Communicate via text/email for questions weekly, as needed
–Communicate monthly related to Closing / Publishing Reports
–Maintain up-to-date Notes for all customers
–Respond to Quality Control within the required time frame
–Maintain Quarterly Retention Rate of 97.5% or above
We offer a supportive work environment with a Monday through Friday schedule, even during peak times, to ensure a balanced lifestyle. Benefits include health, dental, vision, life insurance, generous PTO and paid holidays, a 401(k) plan with employer matching, a casual dress code, complimentary weekly lunches, access to an on-site gym, and a dynamic, fun workplace. Our office is conveniently located on the North end of Fort Lauderdale near I-95.
