Bookkeeping shouldn’t be difficult or time consuming. We love to help. So we’ve compiled a list of the questions we get often from most business owners about bookkeeping services.
Frequently Asked Questions
People like to know exactly what they can expect when they work with any other online bookkeeping. So, here’s a rundown of how bookkeeping services work from our end.
Why do I need a Bookkeeper?
Bookkeepers offer an essential business administration. They can save your precious time by taking care of all the everyday monetary work for you and permit you to focus on the smooth running of your accounting business. The real-time data they gather can help them offer you a new understanding of your business. We will proficiently take over your work and provide you with precise records within a set time.
Why should I choose your services instead of others?
We work with you, not just for you. Our virtual small business bookkeeping services is intended to simplify and keep your accounting straightforward. You can opt for weekly, monthly or quarterly customized support. We only focus on services and solutions that are a fit for your business. From invoicing and follow-ups to bill payments and extensive reporting, it’s always your call.
How does Virtual Bookkeeping Services work?
When a client signs on to work with Pink Umbrella, it is with the understanding that everything will be done virtually. We have an onboarding process where we securely connect to your various business’s accounts — such as financial institutions that you log into, sales channels, etc. This allows us to import your business information into QuickBooks.
Depending on the schedule that you choose for the books to be updated, we can perform the bookkeeping services weekly, monthly, quarterly, and annually. Whenever our scheduled time occurs, we perform tasks that may be due to process, complete transactions, manage data entry and records to provide you with accurate books and financial reports.
How do bookkeeping services work with accounting services?
Bookkeeping and accounting are crucial functions of any business. Both share the same goal of supporting a business financial health through accurate and well-organized information, but they usually work with different steps in the financial management process.
Bookkeepers are the official record keeper of your business’s financials. They are responsible for keeping tracks of financial transactions and preparing financial statements, such as balance sheets and income statements.
Accountants are your financial strategist, offering strategic financial advice in addition to being aware of the company’s financial situation. They are responsible for preparing for audits, helping you with tax planning, and offering business financial analysis and advice.
Both bookkeeping and accounting services compliment each other and help you manage and grow your business.
Is my business too small for a bookkeeper?
Proper bookkeeping is more than just a way to stay organized. Bookkeepers are responsible for providing accurate, up-to-date financial information about the performance of a business. Having your books up-to-date helps a business to evaluate its worth and make future decisions. Here are some benefits of bookkeeping:
Makes life easier at tax time
Having up-to-date and accurate financial records detailing your income and expenses is crucial when filing taxings. Instead of scrambling to find receipts, invoices, keeping your books on track will alleviate the stress during tax time.
Helps save money
Keeping track of your cash flow, Reconciling your books every month will help determine if there are discrepancies and catch errors or fraud before it’s too late.
Prepare Financial Statements & Documents
Financial statements are essential for understanding your business from a financial standpoint.
Having an efficient and accurate record keeping system makes it easier to access financial documents for review. It also makes things easier In the event of an audit to produce substantial documentation, helps to avoid paying additional taxes and penalty fees.
How much does a bookkeeping cost?
Your company’s revenue, expenses, and volume of transactions impact pricing, so there’s no single answer. If you’re interested in finding out more, please reach out to get a custom quote.
Do I need to enter a contract?
Most clients stay with us for years, you can leave at any time. Don’t worry, if you decide you don’t need our services or move bookkeeping in-house in the future, all we require is 4 weeks notice? and to ensure monies which are due are paid.
Our off-boarding is pretty straightforward as we transfer account ownership to you. Your financial data belongs to you. We will prepare files to your new bookkeeper/accountant to ensure exchange is fluid.
Are You Ready to Offload
Your Bookkeeping to the Pros?
Leave the paperworks to us and take the stress and complexity out of bookkeeping.