Bookkeeping Services & Advisory in Greenville, SC
Do you need professional bookkeeping and advisory services? Hiring the leading bookkeeping services provider in Greenville SC, comes with several benefits for your business. You and your staff will have ample time to work on other vital business processes like support and sales. Professional bookkeepers also have skills and tools lacking in your business.
What Is Bookkeeping?
Bookkeeping is the process of managing your business’s financial records. It is one of the accounting processes and involves the recording and organization of financial records. Business transactions include sales, purchases, payments, receipts, and miscellaneous costs.
Bookkeeping enables business owners to determine if their business is profitable. Moreover, bookkeeping allows business owners to identify financial issues before they get out of hand. Business owners who hire a professional bookkeeping services provider can discover avenues of profile expansion.
Professional bookkeeper sends invoices, makes payments, manages accounts, creates financial statements, and records transactions. Although several business owners confuse bookkeeping with accounting, it is crucial to note that bookkeeping lays the foundation. Bookkeeping collects the financial records, while accounting analyzes the collected data.
Identifying the Account You Need for Your Small Business
Your account is different from your bank account. It refers to the organization of financial transactions. Below are the five types of accounts:
Cash and physical resources your business owns. Assets include the inventory and accounts receivable.
Liabilities refer to the debts and obligations of your business. They include loans and accounts payable.
3. Revenue and Income
Revenues and income are the money your business makes through sales.
4. Expenses and Expenditure
The money your business spends to pay for services or items. Expenses include salaries and utilities.
Equity is the interest you hold in your business and is calculated by subtracting liabilities from assets. Your equity includes retained earnings and stock.
Setting Up Business Accounts
After identifying the accounts you need, the professional bookkeeper will set them up. Business accounts are recorded in the general ledger. Most bookkeepers use computer software to store the records. They can use spreadsheet software, desktop accounting bookkeeping software, or cloud-based bookkeeping software to create a general ledger.
Recording All Financial Transactions
Professional bookkeepers will choose the right bookkeeping system for your business and monitor your money. They will then close the books and prepare financial records.
Bookkeeping Advisory Services
Professional bookkeepers will help you to make sure your business meets all the requirements from regulators. These professionals will use their knowledge and expertise to help you understand tax planning and strategy. Bookkeepers will also assist you in filing returns. Using the right tax -planning strategy will save your business from legal liabilities while reducing the tax burden.
Working with a professional and experienced bookkeeper will save you time and money. You will also unleash your business’s potential working with a professional.