Small business bookkeeping services can support you with everything from simple data entry to offering more in-depth tax filing services and business consulting. Bookkeepers can help you with the big picture aspects of running a small business, such as reviewing options for how to finance your business. Here are some helpful ways to consider what the best solution is for your business.
What are the two types of bookkeeping?
There are two main types of bookkeeping solutions that every small business needs.
Simple Bookkeeping Services: If you can manage some of your business’s accounting each month on your own but you need a little extra help, a part-time bookkeeper might be a good solution for your business. A part-time bookkeeper can do work such as inputting receipts and tracking employee time sheets, as well as managing accounts receivable and accounts payable. Keep in mind that when hiring a part-time bookkeeper, you will still need to have someone in-house, such as yourself, reviewing the bookkeeper’s work.
Full-service Bookkeeping: A full-time bookkeeper handles the day-to-day accounting functions for your office. They can take on a wide variety of tasks such as managing your accounting processes and software. They can handle simple yet time-consuming banking tasks such as making deposits. And among many other things, that can prepare financial statements and work with your accountant.
Keeping your books in order and up-to-date is the foundation of the financial strength of your business. Xendoo offers both simple and full-service bookkeeping solutions through partnerships with Xero and Quickbooks. We take the hassle out of small business bookkeeping and accounting. You’ll always have 24/7 visibility and access to your up-to-date records for peace of mind.
What is the easiest bookkeeping solution for a small business?
The easiest bookkeeping solution for a small business is an online bookkeeping service. Xendoo makes small business bookkeeping easy – when you sign up for a Xendoo plan, you’ll get access to user-friendly online bookkeeping tools, as well as access to a dedicated bookkeeper and accountant. Xendoo provides tailor-made bookkeeping solutions for every type of small business.
The most popular bookkeeping package with Xendoo is the “Flight” plan. It is the perfect option for small business owners who have less than $60,000 in monthly expenses. It is a full service bookkeeping package and includes a business and state tax return. When you choose the Flight plan with Xendoo, you will receive weekly bank account and credit card reconciliations and you are guaranteed to receive all of your monthly financial reports by the 20th of the following month.
Xendoo bookkeeping packages for small businesses include a dedicated bookkeeper to handle your cash basis or modified accrual bookkeeping with Quickbooks or Xero accounting software. Your plan will include profit and loss statements, balance sheets, monthly trend graphs, a standard chart of accounts, tax returns*, tax consulting* and more. You will have access to Xendoo’s cutting-edge technology including our robust and easy-to-use mobile app.
What is the best way for a small business to do bookkeeping?
The best way for a small business to do bookkeeping is to keep your records up to date. Whichever small business bookkeeping solution you choose or approach you take, like cash or an accrual basis of accounting, or whether you match your chart of accounts to your budget – this is the most important thing to remember. Up to date records ensure you are ready to make business decisions at any time, and you are always tax ready.
Xendoo’s bookkeeping solutions make this easy. Using integrations with Quickbooks or Xero, Xendoo digitally reconciles your books weekly to provide you with financial reporting so you can stay on top of your business’s financial health at all times. Having 24/7 access to your current records gives you the power to make smart decisions about your business every step of the way will lead to growth and success.
What can a small business bookkeeper not do?
Since the traditional role of a small business bookkeeper involves managing the day-to-day financial record keeping of a business – ultimately, it’s best for you and your business to have both a bookkeeper and an accountant. Accounting is a robust process used to manage a company’s financials – it includes recording, classifying, analyzing, consulting, and reporting. Accountants have the title of Certified Public Accountant (CPA) and offer a higher level of financial analysis. They interpret the data recorded by the bookkeeper to offer a higher level of financial analysis, based on the data recorded by the bookkeeper to make business decisions.
It’s important to understand the difference between an accountant and a Certified Public Accountant, or CPA. CPAs have completed specific licensing requirements and provide certain services that accountants without the designation can not – such as preparing an audited financial statement.
The varied perspectives of a bookkeeper and an accountant on your finances can help ensure you’re able to anticipate problems and have the appropriate solutions ready to go. To hire just one or the other could leave you with an incomplete picture of your company’s financial health. The more eyes looking out for your business, the better.