What Services Are You Looking For?
A/R and A/P
Bank, Credit Card and Loan Account Reconciliations
Monthly Financial Reporting
Personal Financial Statements
Social Media Management
Telephone Answering and Messaging
Why Off-Site Business Services?
We are available and reliable throughout normal business hours,
all year long.
Clients only pay for the hours of service used.
We do bookkeeping for less than half the cost
of a CPA firm.
We do not charge a monthly fee for a payroll account.
Our staff updates their skills regularly through
Our services are tailored to fit your needs., whether you need one service
A qualified, specially trained and experienced employee is assigned
to your account.
Tuesday Tips and Tricks
January 6, 2015
Happy New Year!
There is always something to do the first few days of a new year. Whether it's still returning "Gee, thanks" Christmas gifts, cleaning out the pantry of all the food that expired in 2014, or ripping down the stockings that were hung by the chimney with care, the first month of the year means the start of colder weather and year-end reports.
At Off-Site Business Services
, we are working hard to help our clients review their statements including payroll reports and prepare W-2s and 1099s as needed. And of course, the beginning of the year is the time to get all of that tax-related information to their tax professional.
January is the perfect time to review financial records and assess your situation. In QuickBooks, you can easily run a few key reports, such as Income Statement (a.k.a. Profit and Loss Report) and Balance Sheet by going to Reports > Company & Financial. You can also look your company's Cash Flow Report as well.
In addition to reviewing the numbers, think about what did and didn't work for you regarding bookkeeping over the past year. Are you happy with how your books are being handled or is it time to make a change? Perhaps it's time to outsource your bookkeeping, or part of it, if your business is growing or if you need to focus your own efforts on your core strengths. Or maybe you need a professional bookkeeper to review and reconcile after an office assistant posts the deposits and does the billing.
If you are judging your bookkeeping skills, give us a call today, before you start turning the pages in 2015.
You Must Delegate to Succeed
Most small business owners and service professionals are doing way too many things that they could, and should, be delegating to someone else. Are you in this category? Often the excuse used is that there are not enough financial resources to justify the expense, or they feel it's just faster to complete the tasks themselves. Even if you have an assistant, chances are you are most likely massively under-utilizing them. Either way, you will greatly benefit from identifying tasks that someone else could do, which will free up your time to devote to business development and other tasks that you specifically must do.
Usually you will find that when you invest in help of a bookkeeper, graphic artist, or (virtual) assistant, they can produce the intended result at an affordable rate, and even faster than you could do it yourself. This will allow you to do what you do best: bring in new business, keep your current clients happy, and create new work product. Or, you can "spend" the time to train your assistant to execute simple but necessary tasks, and the return on that time investment is well worth the additional time you will gain in the long run. Again, this allows you to focus on those aspects of your business that only you can do.
You must evaluate your business development and marketing efforts to determine where you need to put your focus. The next logical step is to determine what you should not be doing, and who could be doing it.
Ask yourself these questions:
- What am I doing that it would be better, faster and more cost-effective for someone else to do?
- What are 3 things you can delegate to others, or pay for others to do?
- What would be best for me to stop doing? In other words, what are the tasks that are simple enough to delegate, or are tasks are not in your wheel-house (such as bookkeeping, legal work, filing, faxing, copying, etc.)?
Honorée Corder is a Personal Transformation Expert and the author of
If Divorce is a Game, These are the Rules, Vision to Reality, The Successful Single Mom book series, and The Successful Single Dad, Paying4College: How to Save 25-50% on Your Kids College Education, Play2Pay: How to Market Your College-Bound Student-Athlete for Scholarship Money, Tall Order!.
Do I Need an Accountant
or a Bookkeeper?
Actually it's a trick question. You may need both. Remember, you need to hire both a carpenter and an architect when building a house.
An accountant can analyze the big picture of your financial situation and offer strategic advice. He or she produces key financial documents, such as a profit-and-loss statement, if needed, and files a company's taxes.
After tax season is over, an accountant can also act as an outsourced chief financial officer, advising an entrepreneur on financial strategies, such as whether to secure a line of credit against receivables when introducing new products.
In contrast, a bookkeeper does the day-to-day hands-on tasks: making sure new employees file all the right paperwork for the company's payroll, submitting invoices (promptly) and following up on them, and paying the bills. The bookkeeper also tracks company expenses and can assure that every cost has been entered -- and recorded correctly -- into software like QuickBooks so that the business is ready for tax time along with filing any other reporting to, say, creditors or investors.
A bookkeeper can spend just a few hours a week sorting everything out, giving you a better idea about how your expenditures stack up against your budget. Plus, you won't bill clients incorrectly or miss important payments.
If you don't have a bookkeeper, you're probably not being as strategic as you could be in how you spend your money. Give us a call at Off-Site Business Services for your bookkeeping needs.
Full-time Professional Office Management-
Without the Full-time Cost.