Startup companies or small businesses require all the time and effort, especially in its first few years, to ensure its strong foundations and reliable internal systems or processes.
In most cases, there is already strong competition in the niche that you are trying to penetrate. Hence, it may take you harder to even start on your own. Entrepreneurship usually requires original or fresh ideas, ingenious innovations, and brilliant ways or smart methods; however, it does not necessarily mean that you take everything in your own hands. After all, you are a human being as vulnerable as everyone else, so bear in mind that it is okay to seek help and support.
Learn to leverage your support system, as well as to delegate tasks to capable parties. For example, while back-office works like organizing documents and generating reports are vital to the overall business operation, such works can be delegated to a third-party vendor or external firm. Now, before you raise your brows or skip on this blog, allow us to support and expound our statement.
Turn Over the Bookkeeping Services for Small Business
We are recommending small business owners to pass on their bookkeeping and accounting needs not merely because outsourcing has become a new trend, but because we strongly believe it is the most practical move considering a startup’s resources.
Wiser Allocation of Resources
The fee of virtual bookkeepers is a lot cheaper than the budget for hiring, screening, and training processes, not to mention the money you could save from not needing to buy computers or laptops and the software needed to efficiently store and manage data.
By resources, we do mean not only money but also time and effort. As soon as you turn over the tasks and settle the bill, your responsibility ends. You will not need to exert much effort and time to monitor and ensure we do the job correctly. After all, we are in the business to individually do just those tasks you allocate them so that you can rest assured.
As mentioned above, you need all the resources you can harness and focus on building and establishing your brand. The first few years are the most critical ones, so the earlier you decide to outsource non-core business tasks, the better.
Shorter Waiting Time
Before officially opening up for business, you undoubtedly have undergone a series of business planning and brainstorming. Most of the time, though, business owners overlook the importance of assigning a specific team to handle all the paperwork.
So, suppose you find yourself caught up in a whirlwind of financial reports and overwhelming documents or files. In that case, it is best to opt for virtual keepers. Unless you are willing to settle for less, hiring and screening potential candidates can eat up a lot of time. The invoices and files might pile up too high before you can even choose your in-house bookkeeper or accountant.
On the other hand, firms like us, Bookkeeping Honolulu, HI, have well-trained professionals at our disposal at any time a client reaches out for help. We have already proven and tested bookkeeping methods and techniques and up-to-date bookkeeping software and equipment.
Trust us when we say that virtual bookkeepers are as efficient as in-house bookkeepers. In fact, with the feedback we receive from various clients, our virtual keepers tend to provide a higher quality of output and perform a higher level of professionalism.
In the first place, they are the same professionals who have taken the same curriculum and passed the same accreditation. It is just that they choose different ways of exercising their profession – the traditional way and the modern way.
Chances are, virtual bookkeeping services providers have survived the industry long enough to master their craft. Their personal experiences and knowledge are then being passed on to newly hired and/or fresh graduate bookkeepers and accountants.
Aside from the actual services you paid for, some reputable bookkeeping firms also offer exclusive mentorship. We, at Bookkeeping Honolulu, HI, take the extra mile of providing objective and professional recommendations, giving some business advice, and offering general counsel.
How Our Professionals Prepare Financial Statements
In this process, your assigned virtual keepers will merely gather and collate all substantial documentation, such as bank statements, receipts, and invoices within the accounting period or fiscal year.
During data analysis, a deeper and more detailed review of the collected files is conducted. This is where categorizing and classification come in.
Once everything is sorted out, your virtual bookkeepers will start entering data on their respective books. The purpose of this process is merely transferring information from the collated documents to applicable journals or ledgers for further validation.
Balancing of statements happens at this stage, ensuring that total debits equate to the total credits. This is where your bookkeepers can validate if there are any missing transactions or incorrectly lodged data.
After validation, adjustment entries are made before finalizing the financial statements. This includes taking into consideration any missing transaction or tax adjustments, as well as looking into possible deferrals or accruals within the accounting period. Once completed and balanced, your virtual bookkeepers will then start preparing all necessary financial statements.
Each level or stage of our bookkeeping service includes thorough methods and advanced processes. From gathering to analyzing to evaluating to recording – our virtual bookkeepers showcase utmost professionalism, expertise, and efficiency.
We, at Bookkeeping Honolulu, HI, understand how challenging it could be to establish and grow a brand, which is why we have made it our commitment to helping businesses, especially small ones, anywhere across the globe. We have mastered our craft so we can help you master yours.
Now that you have a clearer picture of how the bookkeeping or accounting services for small businesses should be handled let us talk about how we can help you. We have enough virtual bookkeepers who are all-prepared and well-trained for any bookkeeping needs you might have.