Getting started with a bookkeeping service requires some prep work.
You must first select a bookkeeping service that is right for you. This includes comparing their experience, communication style, and technology preferences.
Then you need to be clear about your ROI when working with a bookkeeper and what you can expect from them, service-wise.
Finally, you need to understand the onboarding process of working with your newly selected service.
Continue reading for a more in-depth review of each of these key points to cover when getting started with a bookkeeping service.
What to Consider When Selecting a Bookkeeping Service
Before getting started with a bookkeeping service, there are a few things to consider when making your selection.
You should look for a bookkeeper with experience in your industry and business size. These bookkeepers know best practices for facilitating growth for businesses like yours.
You also need to look at how closely you would like to work with your bookkeeper. Each bookkeeping service takes a different approach to communication. If you’re searching for full transparency and truly want to play a role in decision-making and analyzing performance (like most successful business owners), you need a bookkeeper who offers constant communication and support.
Technology preference is another area in which you should do your due diligence before selecting a bookkeeping service. Here are a couple of questions to consider:
What third-party applications does the bookkeeper use to improve bookkeeping processes?
Are you confident and comfortable using those tools to automate your accounting system?
After taking experience, approach to communication, and technology preference into account, you’ll have a better idea of which bookkeeping service is the right fit for your business.
Once You’ve Selected a Bookkeeping Service, Here’s What You Can Expect
After you’ve selected the right bookkeeping service for your business, it’s important to recognize their goal will be to gain a strong understanding of your numbers, implement best practices in your accounting system and bookkeeping process workflow, and save you time while improving efficiency.
This will all be achieved with close attention to detail and constant communication.
As far as services go, you can expect your new bookkeeping service to:
Properly categorize, code, and reconcile transactions
Reconcile your bank, credit card, PayPal, and merchant service accounts
Manage Invoices, A/R Aging reports, and collections
Setup and process payroll
Assist with Workers' Compensation audits, Personal Property tax returns, and Sales tax filings
Create monthly and quarterly financial statements
And more
Along with these services, a bookkeeping service will also eliminate unnecessary data entry, paper-intensive, or manual processes with third-party integrations where needed. This will produce a more efficient workflow and reduce the time it takes for your bookkeeping tasks to be completed.
Additionally, some bookkeeping services, like SIMPLY Financials PLUS, provide training assistance for your in-house bookkeeper if needed.
With each of these services, you can expect your accounting system to drive growth for your business.
How to Get Started with SIMPLY Financials PLUS
Selecting SIMPLY Financials PLUS as your bookkeeping service option is a great business move. Our services are built to help businesses, like yours, reach their goals.
But before you get into the nitty-gritty of exactly how we will improve your business, you’ll need to provide us with some essential information.
Be Prepared By Collecting Your Important Information
Below is a list of what we need to know so we can better understand your business and financial position.
Having this information prepared before our initial phone conversation will speed up and smooth out the process:
Your legal structure
When/how/who filed your last tax return
Your bank account information
Your credit card information
Merchant service accounts details
Your payroll system (do you use a service or do it in-house?)
Your sales tax requirements
Do you have employees? 1099 independent contractors?
Any special requirements for reporting? What about additional reporting requirements internally or externally?
Your gross revenue over the last two years
Are your books up-to-date?
Who is your CPA (tax accountant)?
Do you have another financial advisor?
Once you’ve collected this information, we will hop on the phone to discuss the details.
Let’s Start with a Phone Call
Our initial phone call will be a review of your information so we can get to know you and your business. We will discuss your current processes and accounting practices and get an understanding of the issues you’re facing as a business.
We will also look at your current QuickBooks files to gain an initial assessment. From there, we will strategize and make a plan.
Together, We’ll Strategize and Make a Plan
Our plan will be unique to your business.
We understand you have different needs and budget limitations from other businesses, which is why we rely on custom plans that are built with your business goals in mind.
We’ll Accomplish Your Goals so You Can Do What You Do Best: Run Your Business
Reaching your financial goals is a big part of running your business. However, you didn’t start your business to perfect accounting processes and financial procedures.
This is where SIMPLY Financials PLUS becomes an essential asset.
With your goals in mind, we will set up best practices in your accounting processes and maintain your QuickBooks file. We will also help produce financial and management reports. With our help, you’ll have everything you need to reach your financial goals.
Contact us today to get started with SIMPLY Financials PLUS!