Frequently Asked Questions about Bookkeeping
1. Why should I pay for a Bookkeeping service?
It depends on the business. For some businesses, a full time Bookkeeper is required, whether it stems from industry regulations or from sheer business size. Most small businesses employ bookkeepers quarterly (every 3 months), though some may only need to employ semi-yearly (6 months) or yearly (12 months)
2. What should I look for in a bookkeeper?
A bookkeeper should be knowledgeable of the industry your business belongs to. A bookkeeper should also be an established person/business with the required credentials and background experience for your business to receive the best possible service. Credentials like business license, systems certifications, a designed website.
3. What is a fair price to pay for a Bookkeeper/Outsourced Bookkeeping Service?
While some Bookkeepers may simply charge a flat fee/rate, Bookkeeping fees tend to be based on business size, gross sales or transaction volume. Also, bookkeepers offer hourly rates or fixed price, We at GG Accounting Tax have a pricing page with information about our pricing, we base those prices on 2 factors: Transactions volume or Income Levels.
4. What is the difference between an accountant and a bookkeeper?
While both can technically complete a bookkeeping service sometimes with no accounting background, Accountants tend to have better educational backgrounds, with college degrees and industry sectors that can ensure a better service while a Bookkeeper could be certified by one good sponsor.
5. What does a bookkeeper do?
Bookkeeping services can help you with budgeting for better decisions, we can handle your books while business’s owners are running the business and/or more hours in your day to focus. Analysis financial statements in a timely manner to help to make important decisions in the business present or future. Reconciliation in the books to accurately maintain the business financial information.
6. Should I do my monthly or quarterly my bookkeeping?
The bookkeeping service time will determine for many reasons, the most important are: the kind of business, business industry, size, owners, or shareholders members they may need monthly reports to calculate profits sharing, if a business needs to file sales tax monthly this is one important reason.
7. What is the purpose of having bookkeeping services?
Bookkeeping services for tax purposes is one reason why we do the books, sometimes business owners are involved in the business with not enough time to get the payments and receipts for their business, with outsourced bookkeeping services you have more hours in your day to focus on your business.
8. What benefits of hiring an Accountant instead of doing it yourself?
Accountants have a strong background in business, taxes, IRS regulations, and Audit-process. If you hire outsourced accounting services at GG Accounting Tax one benefit is your Audit-proof business with detailed documentation required by the IRS.
9. Why is it important to pick a niche for bookkeeping?
Accountants can focus time and energy on one industry and learn how to manage finances for that niche. Niche allows you the opportunity to specialize in the part of accounting that your business really needs. Niching has te power to increase profitability and forge deeper connectivity with clients. Having a niche will allow you to build up a reputation and credentials as an expert within your given field or accountancy.