A common thread to Business Well-being is working with a bookkeeper to keep the business, the numbers, the money, the legal work all in focus and up to date.
Peace of mind about our general finances and business helps us relate better, make better decisions, sleep better and enjoy life with greater ease.
Just as we consider a dentist and family doctor as members of our wellness team, so should a great bookkeeper be part of everyone’s support network.
Many small business owners start their businesses because they want to share their passions with the world and make a living at the same time. Unfortunately, the importance of the bookkeeping is either underestimated or completely feared, and so it is ignored for as long as possible and then, usually farmed out.
A typical small business owner carries on their everyday business transactions and then weekly or monthly hands all the receipts to the bookkeeper. The bookkeeper enters all the information into some kind of system. At the end of the year the bookkeeper summarizes all the financial information and gives it either to the small business owner or directly to an accountant. The accountant then prepares year-end statements, files the tax return, and tells the small business owner how much they have to pay the government for taxes. The entire process is done simply because it is required.
Unfortunately, what the small business owner doesn’t know is that there is a wealth of information in their financial data, and you do not need some kind of advanced degree to pull it out and interpret it.
No bookkeeper or accountant can understand your business better than you can. And by farming out all of your financial record keeping, you are flying blindly.
Throughout my life I have found that people either love numbers or they are terrified of them. I am a true lover of numbers and I find myself in the minority. I have spent many years teaching people about numbers and accounting, attempting to shine a light into the dark corners and banish the fear. There really is nothing to be afraid of.
In my years of teaching bookkeeping and computerized accounting courses I have seen many small business owners struggle with their bookkeeping. Most of them have come to me because they want to take over the bookkeeping themselves. Many of them have had bad experiences with bookkeepers and accountants. All of them want to understand the ‘numbers’ side of the business more.
Beyond Bookkeeping will work with you to help you understand your numbers. We work closely with you to extract the valuable information that is in your financial records. Our goal is to set up systems that are easy for you to use to record all your financial data, and then help you to interpret the results.
We understand that there are some people who do not want to do their own bookkeeping, and so we do offer bookkeeping services. However, these bookkeeping services include a monthly meeting to review the numbers and help you to see the side of the story told by the numbers.
This service starts with an free informational meeting so that we can better understand your business. We want to learn about what you do now, what processes you have in place, what processes you need, what works and what doesn’t. We also will spend time figuring out what information you have that you are not using, and how that information could help your business. Then we will work with you to setup systems, either manual (on paper), or computerized based on your skills, comfort level, time, and needs. We will show you how to use these systems in your specific situation, and how to pull the information out of them. The system is about you. Our goal is to find the right solution for you, not to get you to change to fit us. The cost for this service is dependent on the complexity of the systems you require. A detailed proposal for the type of system, time to implement and train, and cost will be provided after the free initial consultation.
Monthly Record Review:
This service provides you with time to go through your financial records looking for anomalies, errors, and opportunities to give you a better understanding of your business. This can be a one-time meeting or an on-going service. You will provide financial statements for the month in advance of our meeting. The fee for this service is $100 per month.
If you do not have the time or the inclination to record your own financial transactions then we can do that for you. This service includes a minimum of two meetings per month, one to go over the financial transactions for the month, and another to go over the resulting statements, as we would in the Monthly Record Review. The fee for this service depends on the complexity of your business and the number of transactions to record. This will be charged on an hourly basis at $75 per hour.
Payroll can be tricky, and while we are happy to train you on how to complete your own payroll, we understand if this is something you would like to outsource. We will make all of the deduction calculations, create paystubs, prepare government remittances, produce ROE’s, and prepare year-end T4’s, or train you on how to do it yourself. The fee for this service depends on the complexity of your payroll and the number of employees. This will be charged on an hourly basis at $75 per hour.
Sales Tax Reporting & Remitting:
This is one of those areas that we can take the fear out of and train you to do yourself. However, if you would like to have us take care of it for you then we can do that happily. The fee for this service depends on the taxes you are required to collect and remit.. This will be charged on an hourly basis at $75 per hour.
Year-end Adjusting Entries, Financial Statements and Income Tax Preparation:
For most small businesses the year-end adjusting entries, financial statements and income tax preparation are very straight-forward, especially if the monthly record keeping is consistent and accurate. Not all small businesses require the services of an accountant. If your business is one of these then we are happy to finalize your year-end and file your income tax return, or show you how to do it, if that’s your thing. The fee for this service depends on the complexity of your business, and the number of adjustments to record. This will be charged on an hourly basis at $75 per hour.
We offer training in any of the services mentioned above. We can train you to complete all or some of the items required for your business. We can also work with you to optimize your processes to reduce the amount of time needed to complete all the financial items required for your business. All training and optimizing services are charged on an hourly basis at $75 per hour.
To contact Jennifer or learn more about her bookkeeping services, click here.