What is Bookkeeping?

Bookkeeping is the process of keeping full, accurate, up-to-date business records. It involves making a record of the monies received by your business as well as the monies paid out. Bookkeeping covers money your company owes to vendors, employees, tax agencies, contractors, lenders, and any other individual or entity. Equally, accurate records of amounts owed to your company by outside individuals and organizations are also recorded in your company’s books.

Why Outsource Bookkeeping to One Source?

SAVES YOU TIME

The job of bookkeeping can be very time consuming. With no exceptions, every monetary amount that is paid or received must be recorded. Additionally, accuracy is of the supreme importance, making keeping the books in a quick manner a very bad idea. As business owners are often lacking in time like yourself, many choose to hire One Source for bookkeeping tasks to keep their company records well-maintained.

EASES YOUR FINANCIAL MANAGEMENT

Certainly bookkeeping is necessary and beneficial to any business owner. Proper bookkeeping can help your business effectively manage cash flow, stay well-informed on your company’s performance, and develop plans for your future. Moreover, accurate bookkeeping is required by both federal and local tax agencies.

PREPARES YOU FOR TAX TIME

Of the many reasons for keeping accurate records, business and income taxes are among the most important. Your company’s books are used to determine the amount of taxes that your company must pay. Having current financial statements can satisfy a lender who will certainly require them in order to evaluate your qualification for a business loan. Your accountant or financial advisor may need up-to –date, accurate financial statements in order to provide tax estimate payments or assist in financial planning.

SAVES YOU MONEY

Throwing data together without knowing the key elements of the bookkeeping process can create disastrous results. And those results may adversely affect your tax return. Not only that, but a subsequent IRS audit may result in additional tax liabilities as well as open up other years for examination. Your CPA bill can be drastically reduced because they will spend less time gathering information they need for your return. Having a second set of eyes on your books can also help detect bank errors or internal employee errors.

How does One Source keep your company’s books?

W

ith remote accounting software tools such as QuickbooksTM, Quickbooks OnlineTM, XeroTM, FreshBooksTM, and Wave Apps, we can easily take on the day to day tasks of bookkeeping without interfering with your operations. You can have access to your information at any time instead of having to wait for your bookkeeper/ accountant to hand back your books. On demand reports are easily available which make it easy for filing taxes, knowing how much money your business is bringing in along with how and where your money is being spent. Also to compare this year’s sales and expenses to the prior year(s) and to make any changes necessary in your business model or set new goals. If you don’t currently have accounting software, or you are not sure which one is right for you, contact us today, and we can assist you.

We can help you integrate your current operating systems and apps with your accounting software, and offer file sharing and storage data securely and inexpensively.

Going at it alone might save money at first, but if you aren’t qualified to do the work, you could end up landing in more trouble. We can assist in making sure proper reports are filed, such as annual report filings (to keep your business in good standing), and sales tax returns on time in order to avoid costly fines and penalties.

When should you hire a bookkeeper at One Source? Take this simple test:

Are you sometimes disorganized with everything going on all at one time?
You don't normally understand your reporting requirements?
You occasionally spend your government monies collected in trust to cover business cash shortfalls or to support your personal lifestyle?
You don't always put aside money to pay your income tax at year-end? 
You tend to have various data entry issues because you fail to separate business and personal expenses?
You are on a learning curve and make a lot of errors that need correcting?

If you answered YES to any of these questions you are in need of hiring One Source!

Deciding to hire a bookkeeper is something all business struggle with and companies never hire bookkeepers early enough.

– BusinessTimes.com

Entrepreneurs thrive on a DIY mentality: Do everything you can yourself and don’t pay for anything new until you have absolutely have to. While basic accounting is easy to do, it takes the business owner away from working on their business. Meanwhile, accounting and tax planning have become only more complicated every year since the business was founded.

Entrepreneurs who hire One Source discover that we can take care of all your daily, monthly and quarterly transactions, budgets, pay bills, payroll, sales tax remittances, year end payroll forms, and anything relating to ongoing financial and even some administrative tasks.

What Are The Advantages of Having One Source as Part of Your Team?

Experience

With nearly 20 years experience and helping over a thousand businesses with their books, you can trust One Source with yours. Certified and continued education in today’s ever changing world-we are behind you every step of the way.

Team-oriented Personable Staff

Our staff is friendly and approachable. We want to be a part of your team and watch you grow. We want to know about your goals and dreams and why you are in business for yourselves. We make sure communication is to your satisfaction.

Affordable

We can tailor your Bookkeeping service needs to your business and offer value-based pricing instead of hourly rates which sometimes can be non-transparent and often times work is done on the bookkeeper’s schedule instead of yours.

Trustworthy and Risk-free

You are not locked down to a long term obligation. Guaranteed smooth and easy transitions.

The mantra of doing absolutely everything you can yourself until the moment where you are forced to call someone else is common to so many.

We counsel our clients to do what they love which rarely is bookkeeping. We couldn’t possibly put a higher emphasis on that concept. Time and time again we run into under motivated owners and leaders within businesses that due to their self-inflicted responsibilities of bookkeeping have forgotten the core of their business that gave them the passion to start off in their journey in the first place. That’s why our tagline is focus on what you do best and let us handle the rest. Never stop doing what you love!

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