Getting started with a bookkeeping service is usually a pretty painless process. The hard part is the research you have to do to find a bookkeeper who is knowledgeable about your particular industry and that can provide client reviews showing they are reliable, experienced, and responsive to all communications. Once you decide on which bookkeeping service you want to go with, they will most likely ask you questions about your business’s accounts, such as how many you have and the volume of transactions each account sees. Once they understand your specific needs, they can get started.
If you use accounting software already, you will have to get them access to it. If you do not use anything yet, they can set up an account on your behalf. Utilizing accounting software automates some of the bookkeeping process, saving you money. You will also need to send your bookkeeper any banking statements, such as checking account or credit card statements and loan documents, so your accounts can be reconciled regularly. Your bookkeeper will use all the information you provide to create your financial statements, typically the income statement (aka profit and loss), the balance sheet, and the cash flow statement.
Outsourcing your bookkeeping needs to a bookkeeping service allows you to have the confidence your financial records are up-to-date and accurate, without you having to complete the meticulous process yourself.