What Does Full Service Bookkeeping Include?
It is common for business owners to start their first business venture managing all their own bookkeeping. As their business grows, they may assign bookkeeping tasks over to one of their first employees. Eventually, that employee may become too busy to manage bookkeeping on top of their work-related duties, or perhaps the bookkeeping is getting too complicated for them to feel comfortable handling. Maybe the business owner hires a part-time bookkeeper, but then that person is struggling to keep up with business growth. This is a breaking point many business owners find themselves reaching, and it’s when they start doing internet searches for “full service bookkeeping near me.”
But what does full service bookkeeping entail, exactly? Is there a guidebook on accounting services or types of bookkeeping services to help get started? The ultimate guide to accounting services we have prepared at Delta Wealth Advisors is a good place to start. Sometimes full service bookkeeping aligns more with the goals and needs of a business instead. Are outsourced bookkeeping services right for your business? Let’s explore further and find out.
What Does Full Service Bookkeeping Include?
When looking at bookkeeping services for a small business, you might be wondering, “what does a full service bookkeeper do?” We have spent some time compiling a list of what you can expect a full service bookkeeper to handle, along with a bookkeeping services description for each item.
Managing the General Ledger
The general ledger of any business is a vital keystone to that business’s success. It acts as the heart monitor for the business’s health, recording key data that the owner uses to make business decisions. A full service bookkeeper would take over managing the entire general ledger, tracking all finances from start to finish, and keeping accurate records for every penny.
Helping with Tax Return Preparation
There probably isn’t a business owner on the face of this planet that looks forward to preparing their tax returns. Even hiring someone to only do your business’s tax return can be a difficult process, as you still have to get that person up to speed on everything they need to know about your business.
One of the many benefits that comes with a full service bookkeeper is that they are already intimately familiar with your business’s finances. This means they can gather all of that information for you when tax season rolls around. Additionally, a bookkeeper can also manage the payment of quarterly taxes for your business throughout the year.
Paying your employees seems like a relatively simple task—until you start to dig into the tax requirements. As the business owner, you are responsible for collecting that employee’s federal, state, and local taxes. With tax laws constantly changing and updating, ensuring proper compliance with your payroll can be a headache. This is the perfect task to pass on to a full service bookkeeper, who already has expert knowledge and experience in processing payroll properly while staying tax compliant.
Providing Accountant Support
For larger businesses, there may come a time when one full service bookkeeper isn’t enough. To keep up with business growth, some businesses have to hire multiple accountants and bookkeepers, either year-round or at specific times when more help is needed (such as during an audit or tax season). Your full service bookkeeper can help bring new employees up to speed on your business’s financial structure. For a smaller business, a bookkeeper may assist employees in charge of purchasing, inventory, or other tasks that relate to the bookkeeper’s work.
Handling the banking of your business can feel like a full-time job on its own, especially each month when you receive your monthly account statements. Thankfully, full service bookkeeping also includes banking management. They can handle nearly all aspects of banking, such as:
- handling petty cash
- reconciling monthly bank statements
- monitoring lines of credit
- overseeing bank deposits
- invoicing and accounts payable
Assisting with Audits
The dreaded audit. Most of the battle with an audit is simply gathering financial records and backup documentation for those records. With a full service bookkeeper, preparing for an audit can be a breeze. A bookkeeper’s goal is to always keep a business audit-proof, meaning things are completely square if the business is ever audited.
Does Delta Wealth Advisors Offer Full Service Bookkeeping?
Full service bookkeeping is one of the many financial services we offer at Delta Wealth Advisors. We have years of experience and a full team of financial experts who are ready to help you with your business’s bookkeeping needs. Even if you could take the time to continue handling your own bookkeeping and keeping up with current tax laws, wouldn’t you rather spend that time focusing on the growth of your business instead? For even further business growth, you could also benefit from utilizing one of our CPAs or our other accounting services. Hiring a full service bookkeeper or accountant gives you the peace of mind that an expert is handling those never-ending, financial tasks for you. Whether you’re curious to know more or convinced you should hire a full service bookkeeper, schedule a call with us today to learn more!