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Bookkeeping Services
Accurate and timely bookkeeping is essential for all businesses. Bookkeepers handle accounts payable, accounts receivable, income and expense reporting, and bank reconciliations and maintain the general ledger.
Bookkeepers ensure that transactions are recorded properly and financial records are complete and up-to-date.
Bookkeeping Services
West to East Business Solutions teams ensures that all your financial transactions are recorded timely and properly.
Recording Financial Transactions
Record daily financial transactions, including sales, purchases, receipts, and payments, in the organization's accounting system. Categorize transactions and post them to the appropriate accounts, such as accounts receivable, accounts payable, and general ledger accounts.
Managing Accounts Receivable
Manage the accounts receivable process, including issuing invoices, tracking customer payments, follow up on outstanding balances, and reconciling discrepancies.
Managing Accounts Payable
Review and process vendor invoices, ensure timely payment, and reconcile vendor statements.
Bank Reconciliation
Ensure that the organization's financial records accurately reflect the bank statement. Compare transactions in the accounting system to bank statements, identifying discrepancies, and investigating any outstanding items.
Financial Reporting
Prepare and generate various financial reports, such as income statements, balance sheets, cash flow statements, and financial ratios. Provide leaders with insights into the organization's financial health and facilitate decision-making.
Payroll Processing
Ensure accurate and timely payment to employees. Calculate salaries, deduct taxes and other withholdings, process payroll taxes, and issue pay stubs.
Tax Preparation and Compliance
Gather and organize financial data required for tax filings. Ensure compliance with tax laws and regulations, including timely submission of tax payments and reporting.
Financial Record Maintenance
Maintain financial records and documentation to ensure they are properly organized and easily accessible for audits, reviews, and other financial analysis purposes. Implement record retention policies to comply with legal requirements.
Internal Controls
Establish and maintain internal controls to safeguard the organization's assets, prevent fraud, and ensure accurate financial reporting. Implement segregation of duties, reconcile accounts, and conduct periodic internal audits.
Software and Systems Management
Make the decisions regarding which accounting software (such as QuickBooks or Xero) to implement. Assist with the setup, configuration, and maintenance of accounting systems and software.
Collaboration with other Departments
Collaborate with other departments, such as the finance department, to provide financial information, resolve discrepancies, and support budgeting and financial analysis processes.
Continuous Improvement
Stay updated on industry trends, regulations, and advancements in bookkeeping practices. Continuously enhance their skills and knowledge to improve efficiency and accuracy in their work.
Benefits of Outsourcing Bookkeeping Services
Outsourcing bookkeeping provides businesses with access to expert financial professionals who specialize in accurate record-keeping and compliance. These experts stay updated on the latest accounting standards, tax regulations, and best practices, ensuring that financial data is properly recorded and maintained. This expertise can help companies avoid costly mistakes and streamline their financial processes by reducing inefficiencies. By outsourcing your accounting needs to West to East Business Solutions, your company can focus on core operations without the extra burden of maintaining these complex tasks.
In addition to expertise, outsourced bookkeeping enhances a company’s financial insight by providing accurate and timely reporting. Our professionals utilize advanced accounting software and analytics tools to produce detailed financial reports, offering businesses a clear understanding of their income, expenses, and overall financial health. This improved financial insight allows companies to develop strategic plans and identify growth opportunities to enable better decision-making. By gaining access to all of their financial data, companies can ensure that their decisions drive profitability and sustainability.
Another benefit of outsourced bookkeeping is reducing financial risks. Errors in financial reporting, tax filing, or compliance can easily lead to legal consequences. By relying on our experienced bookkeepers, businesses can minimize their risk of mistakes and adhere to all financial regulations. Additionally, outsourcing experts introduce a new layer of insight to recognize and prevent fraud or discrepancies. Businesses can have more confidence when outsourcing their bookkeeping needs by knowing that their financial data is accurate and compliant.
"Outsourcing accounting allows you to focus on your daily operations without worrying about the complexities of bookkeeping ."
Nathan Schafer, Junior Bookkeeper West to East Business Solutions