Benefits of Hiring a Pro to Handle Your Bookkeeping
More Time for Your Business - instead of spending your time on bookkeeping, you can spend the time on developing your business.
Less Stress Come Tax Season - instead of scrambling every spring to get your books ready, you QB will be all ready to go come tax season. Plus you get the benefit of having monthly and quarterly reports on your business’ performance throughout the year.
QB Bank Feeds Gone Awry - The Bank Feeds feature in QB can save time entering data if it is set up properly. However, if you purchase different types of items from one merchant, purchases can be assigned to the incorrect categories.Also, if a bank feed gets disconnected and has to be restarted it may incorrectly re-import a number of transactions, causing your bank account balance in QB to be incorrect, as well as sales and expense accounts to be overstated.
Bank Reconciliations - Important to do monthly in order to know if something has gone wrong with your bank feeds. Can also help detect fraud or unauthorized transactions (that would have to be reported to your bank quickly).
QB Chart of Accounts - a pro can help fine-tune your GL accounts and classes to make your reports more helpful.
Better Reporting - QB comes with a number of helpful reports, a pro can help customize them so they give you more useful information. Or maybe set up custom reports designed specifically to meet the needs of your business.
Vendors - when you start a relationship with a new vendor, it’s important to get the proper documentation from them including a form W-9, sales tax exemption certificate (as applicable).
Loan Payments Entered Properly - loan payments consist of principal, interest, and possibly fees/service charges. A pro can check that these payments are entered in QB to correctly record the interest and other expenses (and get the deductions for them at tax time).
Payroll - only keeps getting more complex, and the penalties for mistakes can be very high (especially if tax deposits are made late!) A pro can process the payroll for you or help select the right payroll provider).
