Saves Time and Money – Bookkeeping requires time and money for a business. When hiring your own bookkeeper it takes time to interview and hire a suitable employee. Once hired, it may take your new bookkeeper several months to learn how to effectively use the software. When you hire Effortless Bookkeeping you are able to devote this time to other aspects of your business. By outsourcing your bookkeeping operations, you save money on paying full-time or part-time wages and benefits to an employee.
Quality Information – Typically, your tax preparer doesn’t review your transactions for accuracy; they tend to prepare the taxes based on the information provided. This can easily result in your business paying more taxes than necessary. Effortless Bookkeeping reviews all transactions each month to make sure everything is as accurate as possible. We do not provide you with ”audited” financial reports, as that is something only a CPA can provide. We do, however, provide you with “reviewed” financial statements.
Expertise – By putting your financial records into the hands of Effortless Bookkeeping’s highly skilled staff who understand the best practices your job becomes a lot easier. Your dedicated bookkeeper will make sure that each month your financial statements look right by reconciling the different accounts where money comes in and money goes out. It’s not expensive compared to what happens at the end of the year if something is wrong and you have to step away from what you should be focused on to work on taxes and investigating expenses.
No Turnover – When a bookkeeper leaves a company, this can create several issues due to the importance of their role. When using Effortless Bookkeeping you do not have to worry about this happening. Even if your dedicated bookkeeper leaves their job, we will have another to take their place.
Guidance – Many entrepreneurs got in to business for themselves out of passion for what they do. Because of this, they will sometimes find themselves in a situation where they made a decision based on this passion, not on the data, intelligence and insights available. The management team at Effortless Bookkeeping not only gets to see the financial information of many businesses across a variety of industries, but they also have visibility into best practices that are working for other businesses as well as the mistakes others have made that have led to failure. Being able to have this insight and share information on what has or hasn’t worked for others is invaluable.
Separation of Duties – Separation of duties helps prevent fraud and errors; it is critical to effective internal control. In general, the approval function, the accounting/reconciling function, and the asset custody function should be separated. When these functions cannot be separated, a detailed review of all transactions is required. Effortless Bookkeeping will provide this oversight that most owners do not have the time or accounting knowledge to perform.