How does bookkeeping work with Remote Books Online?
Bookkeeping Services You Need
Being in business has brought you a lot of new skill sets. Now you’re the chief cook and bottlewasher along with being the inventor, the manufacturer, the designer, the supply chain expert, the marketing director, the social media guru, the head of HR—you name it, there’s a job for you.
Of course, you’re also now responsible for the finances, which can be just as daunting or even more so than these other positions if you don’t have a financial background or bookkeeping experience. But recording financial transactions through bookkeeping is critical to your ability to stay in business successfully. How does bookkeeping work, and why does it need to happen?
Here’s what happens next with a bookkeeper like Remote Books Online:
The 6 Steps of Monthly Bookkeeping
1. Statements Needed
We’ll let you know what kind of statements we need from you (bank, credit card, loans, etc.) to get to work. If you provide us accountant login credentials, we’ll even gather these statements for you.
2. Data Entry
Once we have your statements, we get to work entering the data from them that needs to be reconciled.
3. Transactions Entered and Balanced
We do all the calculations to balance your books and make sure your beginning and ending statements match what your banks say they should be.
4. Categorization Questions Sent
We may need to ask you how to classify certain transactions, especially at the beginning. But the better we get to know your business, the fewer questions we’ll need to ask.
5. Categorization Questions Answered
The more information you give us about your transactions, the faster we learn what to look for in your monthly statements.
6. Final Work in Process
You receive your P&L (Profit and Loss) and balance sheet, on time and in good order, and ready for you to hand over “as is” to your accountant at tax time.
Credits and Debits, General Ledgers, Income Statement Accounts, and More
Your business needs to have an accurate idea of its cash flow at all times to know if you’re meeting financial obligations and goals.
Six solid questions you should know the answers to:
- Are you covering production costs?
- Have accounts been billed and payments received?
- Do you have the float to meet orders until invoices are paid?
- Are bills paid, and can you meet payroll?
- Are you ready for taxes?
- Could you pull the information together if you want to apply for a loan, buy a building or machinery or make another capital investment?
- Provide snapshots of the business and short-term cash flow
- Use multiple currencies
- Track projects
- Claim expenses
A bookkeeper can ensure you always have these answers by providing you with an accurate picture of your business’s financial health. This is done by collecting the documentation for every transaction to enter into a general ledger, which includes:
- Assets, which are everything you own: cash; accounts receivable; property, manufacturing plants, and equipment; and also intangible assets such as a patent or trademark.
- Liabilities , which are everything you own: accounts payable, salaries, notes payable, taxes, interest, business expenses, and purchases.
- Equity , which is your part of the company: the capital invested in the business or what’s left after liabilities are paid.
Each month, you can expect and receive accurate, timely, accountant-ready financials that you didn’t have to take time away from your business to do or worry about.
How affordable is a bookkeeper?
Seeing everything a bookkeeper does, along with the financial knowledge they need, you may think it would be hard to bring one on board because of the expense. Fortunately, you don’t need to have a bookkeeper on staff to benefit from the services. Many companies take advantage of outsourced bookkeeping with us at Remote Books Online. We offer bookkeeping services as low as $95 a month by certified QuickBooks Pro and Xero-Certified Advisors. Our affordable monthly rates also include the accounting software subscription fee and automated, secure monthly bank statement downloads you need.
We provide you with:
- A certified bookkeeper (with a minimum of a four-year accounting degree and often advanced degrees) is dedicated to your account
- Critical communication with guaranteed same-day response
- Back bookkeeping, after-the-fact bookkeeping, and real-time bookkeeping
- Data security with the same level of encryption banks use
- Tax-ready financials
- A state-of-the-art solution with cloud accounting software and next-gen process flows
You can find out how easy it is to work with an outsourced bookkeeping service like us by taking advantage of this offer to try us out: we’ll enter all transactions, make necessary journal entries, and reconcile one month of your books for free. Read more about it here.
Earlier, we mentioned that you hold many positions in your company. But there’s one that we didn’t mention, and it’s probably the most important: to be a delegator. You don’t have time to handle every aspect of your business, and if you want to grow your business, you shouldn’t. So don’t hesitate to delegate your bookkeeping to us at Remote Books Online. Contact us for a quote today. You’ll be pleased and relieved that you did.
Get started with Remote Books Online today.
Try us out for free!
Remote Books Online will enter all transactions, make all necessary journal entries, and reconcile one month of your books for free. Remote Books Online looks for long term relationships, so this gives you a way to evaluate our bookkeeping service.
Speak with an agent to get a quote and setup an appointment with a Certified QuickBooks Pro Advisor to go over your books.
Bookkeeping checked off your list
Now that bookkeeping is off your mind, what will you focus on next? You have a business to run! Business is difficult enough but no longer has to be with Remote Books Online on your side.
- No late nights of data entry and other tedious bookkeeping work.
- No spending time and money training employees on bookkeeping.
- Books are always current and accurate.
- More time available to focus on your core business.
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