Here at Minton CPA’s & Associates, we know that accurate bookkeeping is the backbone of running a successful business.
We work closely with our clients in Virginia Beach, Chesapeake, Norfolk, and throughout Hampton Roads to properly track all of their financial transactions, income and expenses, as well as assets and liabilities.
Are Bookkeeping And Accounting The Same Thing?
Bookkeeping and accounting services are similar and work hand-in-hand with one another. The primary difference is that bookkeeping services are more focused on accurate record-keeping, while accounting services are more focused on interpreting the financial data.
What Exactly Does A Bookkeeper Do?
Bookkeepers keep track of financial data such as sales, income, payroll, and expenses. An accountant takes it a step further and analyzes this information so they can assess the current situation, make predictions, and provide sound financial and business advice.
Why Bookkeeping Is Important
In business, knowing your numbers is the foundation of success. Without accurate records of all money that is coming in and going out of the business it’s impossible to strategically grow or in many cases, even stay afloat.
Without an effective system in place for this it can be difficult to make sense of your finances, which will lead to problems down the line. In fact, if you fail to maintain proper books for your business it may even put your company at risk for unwanted surprises come tax season and increase your chances of being audited.
Who Needs Bookkeeping Services?
Business owners who don’t have the time, expertise, or resources to keep up their books themselves can greatly benefit from professional bookkeeping services.
While most owners are well aware of how important it is to keep track of their business’ financial information, this task often doesn’t get the time and attention it requires.
Here are a few sure signs that it’s time to outsource your bookkeeping:
Your Books Are Outdated
The thing about bookkeeping is that once you get behind on it, it’s a daunting task to catch up on. Did you hold onto all those receipts that need to be tracked? Are there payments you haven’t reconciled? Being unorganized leads to errors and inaccurate information, which makes it impossible to properly manage expenses and cash flow. It also hinders your ability to make sound business decisions in regards to growing your company.
You Only Take The Time To Update Your Books Right Before Tax Season
Scrambling to update your books and gather all the financial statements for your business right at tax time induces stress that could be avoided altogether. It’s also likely that you’ll miss out on several deductions because you didn’t properly track items that count as write-offs. Those missed deductions add up, and when running a business every little bit counts.
You’re Unsure Of Your Bookkeeping Skills
Bookkeeping is especially difficult when you don’t have experience in this area or enough time to dedicate to it. If you don’t feel confident in your ability to properly keep your books, you should outsource to a professional bookkeeper right away. You’ll save far more money by outsourcing this task than you will by doing it yourself and making costly errors.
Your Cash Flow Is Not Predictable
Have you had months in your business where you were unable to cover all your expenses? Oftentimes, the root cause of this is a lack of proper bookkeeping. A bookkeeper can track everything that affects cash flow, like unpaid invoices and accounts payable and receivable. Accurate record-keeping is necessary in order to properly manage the cash flow in your business.
Bookkeeping Is Taking Up Time That Would Be Better Spent Elsewhere
Could the time you spend trying to manage your books be better spent in other areas of your business – like serving your customers and clients or thinking of ways to improve your products and services?
How Can Bookkeeping Help Your Business?
Professional bookkeeping will keep track of your finances in a way that is detail-oriented and will ensure that nothing slips through the cracks, meaning no costly mistakes.
What Does A Bookkeeper Do For A Small Business?
Small business owners, especially in today’s economy, have more than ever on their plates to worry about. A good bookkeeper will take a huge weight off your shoulders by tracking your finances and keeping you organized.
They will ensure that your books are up-to-date and accurate so you can focus on what’s most important – running your business.
They can also provide valuable insights that will assist you in making informed decisions about growing your business. No more spending hours trying to track receipts or hunt down unpaid invoices. The hard work will be done for you.
How Much Is Bookkeeping Services?
Bookkeeping service rates may vary based on the size of your business and the extent of services needed. At Minton CPA’s & Associates, PLLC we are a family-owned firm based in Virginia Beach, VA who prides themselves on providing top notch bookkeeping services at an affordable rate.
We Provide Bookkeeping Services For Small Business
Are you a small business owner who is tired of doing your own bookkeeping?
At Minton CPA’s & Associates we know that bookkeeping is tedious and time-consuming, which is why we have a team of detail-oriented experts who will take care of it for you so you can relax and focus on your business.
With 32 years of experience in providing bookkeeping and accounting services to the Hampton Roads area, we are confident that we can offer the best solution for your unique situation.
We promise to provide accurate and timely reports so you know exactly where your money is going every month. You will always have access to up-to-date information about your company’s performance.
Our team is dedicated to providing the best possible experience for you and your business
In addition to bookkeeping, we provide a full range of services to meet the needs of small businesses including tax preparation and planning, business consulting, payroll processing and more. Our team is well versed in all aspects of accounting for small businesses. We’ll work with you to develop an efficient system that will save you time and money while increasing accuracy.