Managing a Business is indeed a tough row to hoe. From planning to execution, there are a lot of points to hit on. One of the most vital responsibilities of doing a business is Finance and accounting. It is the only reliable measure to track the progress of your Business. Bookkeeping will help you make your business budget and prepare you for business tax returns in advance. All in all, Bookkeeping will help you keep your Business organized.
So, Bookkeeping is crucial. Now comes the question: Do you need to hire a bookkeeper to manage your books?
Go through this article if you are confused about Hiring a bookkeeper.
What does a Bookkeeper do?
We suppose you must have a basic idea about what bookkeepers are. Did you know; Bookkeepers helping business owners since 2600 BC?
Ergo, it is an ancient profession.
Basically, Bookkeepers prepare accounts and document financial transactions of the Business timely. They create four types of statements:
- Central cash flow statements to register cash and other forms of money entering and leaving the Business.
- An Income statement will give the Business’s expenses and income at a particular time.
- A statement that shows each variation in reserves, capital, and earning of a share is called the Changes in equity statement.
- An elementary balance sheet that just describes the Business’s financial situation at one point in that particular time.
Why do you need a Bookkeeper?
Bookkeeping is necessary, and to be honest, none has time to do it on their own. It is best to hire a bookkeeper. A bookkeeper will;
- Tracks purchases, sales, receipts, and payments of the Business
- Manage receivables and payable finances
- Manage Payrolls
- Create an annual budget for your Business
- Collect, organize and record the finances from time to time
- Inform you about any issues and suggest you the changes
- Create a record of all financial details of the Business so that the Accountant can use it for further process.
It is preferred for Businesses to hire a bookkeeper as, A BookKeeper:
- Helps you in giving a better picture of your Business
- Understand revenue, cost, profit, and loss of your Business.
- Provide you the access to better monitor your business design and all the internal business processes
- Give you the serenity as you will be aware of tax filings in advance
- Saves your time to invest it in other tasks
- Prepares the detailed documentation ready to file anytime to the IRS
Our Bookkeeping Process
1. Fill up the online application with your details.
2. Upload Your Documents
3. Get Approved and Receive your Documents On Your Email.
How to Hire a Bookkeeper?
While looking for a Bookkeeper, there is a wide range of choices to choose from. You can hire a:
- Bookkeeping enterprise
- Remote Bookkeeping
We will describe each for you in detail to help you find a bookkeeper, the one that fits best for you.
There are several freelancing services on the freelancing websites. You can hire a Freelancer bookkeeper for a small business from one of these websites.
Things you should know before choosing freelance Bookkeeping:
- A Freelancer bookkeeper can visit your desired location or manage your business books remotely.
- You and the Bookkeeper should use the same bookkeeping software for easy tracking.
- Freelancer bookkeepers charge per hour and act as your time bookkeeper. Otherwise, they can charge a flat rate for your entire bookkeeping project.
- It would help to hire a bookkeeper who has worked in the same niche as your Business.
Cons of hiring Freelance bookkeepers
- Due to high demand, finding Freelance bookkeepers in season-closing is hard.
- Most Freelancer bookkeepers are not available all the time. They can take a leave or delay projects when they want.
- The chances of hiring an unskilled bookkeeper are high. Therefore, it is best to ask about their past work before hiring them.
Some firms provide bookkeeping services by hiring Bookkeepers and acting as the bridge between the Business and the Bookkeeper.
Things you should know before hiring Bookkeeping firms:
- Just like Freelancer bookkeepers, the bookkeeping firm charges per hour or can charge a flat rate for your entire bookkeeping project.
- Most Bookkeeping Firms provide remote Bookkeeping services.
- Some Bookkeeping Firms also provide the option to pick up and deliver your Bookkeeping related documents.
- Along with the Bookkeeping, these Bookkeeping Firms also give accounting services.
Cons of hiring Bookkeeping Firms
- Hiring a Bookkeeping Firm is way too costly as their charges are much more than a typical bookkeeper might charge.
- You might have to pay more if you want bookkeeping services from specialized and experienced Bookkeepers.
Many websites like LottaLegal provide Remote Bookkeeping services on the Internet. Our services got significant hype in the COVID-19 when no one could look out for bookkeepers outdoors.
LottaLegal Bookkeeping services are similar to BookKeeping firms. Like them, LottaLegal hires professional bookkeepers and connects Businesses with professional bookkeepers. But, here with LottaLegal Remote bookkeeping, the crisp is affordability.
In short, LottaLegal Bookkeeping service provide the following advantages:
- LottaLegal Cut the struggle to find the bookkeeper.
- LottaLegal has specific criteria when hiring bookkeepers. Only if the BookKeepers clear those standards do these Bookkeepers get to work with the LottaLegal and serve the customers.
- LottaLegal trains its Bookkeepers to provide the customer with quality services.
- Unlike freelance bookkeepers, LottaLegal’s remote bookkeepers are wholly consistent with the work and won’t leave you hanging with your books in the middle.
- Remote bookkeeping businesses have special customer care teams that are more accountable and reliable.
- Due to professional bookkeepers’ availability, your reports will be more accurate with minimum error.
- Due to the bulk workforce, LottaLegal Bookkeeping services are available even at the end of the financial year.
- Customer service is better than the Bookkeeping firms and reaches out to you in case of any issues.
- The utmost advantage of choosing LottaLegal’s Remote Bookkeeping is their pricing. Charges are way too cheaper and affordable.
If you are looking for a Remote Online bookkeeper near me, you should choose LottaLegal. You just need to follow these steps, and you will be able to manage your books easily with our services:
Step – 1
Virtual meet with our professional.
Step – 2
Books Management .
Step – 3
Weekly or Monthly financial reports
Frequently Asked Questions
Can a bookkeeper save you money?
Do BookKeepers need certifications?
What is the difference between an Accountant and a Bookkeeper?
After this, the Accountant turns that data into useful information that provides insight into Business by forming accounting reports.
Hudson Anthony is a well-known Accountant specialist working in this industry for a long two decades. He always loved to write, but he switched to full-time writing just a few years back. With expertise in the Finance industry, he manages to pen down blogs that speak about excellence and Knowledge. Other than writing, he holds a great interest in travelling. He likes to tour untouched spots all around the world.
Mobile Notary Services: A Convenient Solution for Legal DocumentsImagine needing a crucial document notarized urgently, but you must travel to the notary service provider several times to finish your notarization. Indeed, it's time-consuming and...
In terms of various aspects, an LLC company is somewhat in between Corporations and Sole proprietorships and is considered a Hybrid Entity.
BookKeeping is crucial as it gives a precise picture of financial dealings. The company can collect the data of these transactions, organize it, store it in a particular order and finally analyze it to get clarity about the business’s financial transactions.