Many business decisions are powered by their impact on the bottom line, which makes it even more important to keep your financial records accurate. If you’re considering outsourcing Maitland bookkeeping services, keep the following options in mind to ensure your business saves money – and beware of factors that might cost you money.
#1: The On-The-Side Outsourcing Maitland Bookkeeping
As on-the-side bookkeepers might charge a rate per hour, consider the level of expertise you are bringing onboard. They may think they are qualified because they keep track of the books for their current employer or for friends outside of work, but that doesn’t mean that they understand your business or have the expertise to understand it.
They may not understand payroll tax liabilities or sales tax, which could cost you hundreds or thousands in penalties and interest if not filed correctly and timely. On-the-side bookkeepers also might not be able to devote the required time and attention to your books since this isn’t their main source of income. That could cause them to fall behind on bank and credit card reconciliations and may cost you money in the long run.
#2: The Small CPA Firm That Does It All
Your CPA will primarily focus on your taxes rather than the day-to-day operations of your business. While you will get your accounts and financials reconciled, they may not be completed in a timely manner. This may cause your business to miss trends, such as slow collections or decreasing sales.
Due to the macro level of review, CPAs might miss if you paid a vendor invoice twice or if a bank deposit didn’t make it to the bank. In most cases, it is more favorable to invest in a bookkeeping service for your month-to-month needs, where you can receive a micro review and use the CPAs for their expert tax advice.
#3: The Dedicated Bookkeeping Service Firm
Outsourcing Maitland bookkeeping ensures your transactions are categorized correctly, and that your accounts are reconciled in a timely manner. They might also provide other accounting services such as payroll processing, recording payroll journals, sales tax preparation, and bill payment.
Most firms will provide you with monthly financial statements as well as making sure your year-end books are ready for tax preparation to relieve the stress of gathering all the information at one time.