A bookkeeping firm is like a financial pit crew, meticulously keeping your business’s financial engine running smoothly. They handle all the day-to-day tasks of recording and tracking your income, expenses, and transactions. This includes:
Data entry: Processing invoices, receipts, and other financial documents.
Account reconciliation: Ensuring all accounts match your bank statements and other records.
Payroll: Calculating and processing employee paychecks, deductions, and taxes.
Accounts payable and receivable: Managing payments to vendors and collecting payments from customers.
General ledger: Maintaining a master record of all financial transactions.
Financial reporting: Generating reports like income statements, balance sheets, and cash flow statements.
Essentially, a bookkeeping firm helps you understand the financial health of your business, identify areas for improvement, and make informed financial decisions.