Deciding whether to choose an onsite or remote bookkeeping service depends on your type of business, amount of financial transactions and personal preference. Luckily choosing MM Accounting and CFO Solutions affords you many bookkeeping service options. We provide exceptional bookkeeping services across the New York City area.
Our main services include but are not limited to onsite, remote, high net worth individual and real estate bookkeeping. We employ a full staff of financial professionals who specialize in these individual categories. For the purpose of this article we will be discussing the 5 major responsibilities all onsite bookkeepers should be taking care of.
1. Accounts Payable:
Accounts payable is the process of tracking expenses. When a bookkeeper is handling your books it’s important they record invoices and make on-time payments to vendors. A good bookkeeper will thoroughly examine all invoices to avoid any overcharges, fraudulent activity or unjustified fees. In order to avoid any late fees we make sure all bills are paid in a timely manner and help maintain good relationships with all vendors.
2. Accounts Receivable:
This process involves tracking the sales side of the business. How can a bookkeeper help with accounts receivable? Hiring a bookkeeper to manage your accounts receivable will help you properly track sales, create invoices and record fulfilled payments to your account. For some businesses, invoices can be a timely process, requiring many important details, others simply add the product or service and send it over. Whether the process is complex or simple a bookkeeper can help organize sales and make sure no detail is left out.
Managing your payroll is an important task that’s vital to keeping your employees happy and complying with tax obligations. Payroll involves paying employees salaries, hourly wages, vacation, holidays, commission and bonuses. A bookkeeper can help you organize a seamless system that keeps track of part time, full time and freelance employees, making sure they’re paid accurately. If you currently have payroll policies in place MM Accounting and CFO Solutions is happy to help make sure they’re being properly followed.
4. Finance Reporting:
Whether your business is big or small financial reports can help you gauge how well your business is doing or where you may need improvements. A major benefit to hiring a bookkeeper is receiving accurate reports on balance sheets, income statements, accounts payable and receivable. Another great benefit is the ability to receive custom reports that are specific to your business. For example, if you’d like make certain the cost of a job vs. what your paying employees is accurate, we can create custom financial reports.
At MM Accounting and CFO Solutions we provide a wide range of bookkeeping and accounting services in order to organize your business and accurately report data. Contact us for more information or to get started in putting your business in the right direction.