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If you think bookkeeping begins and ends with organizing invoices and recording transactions, you need an update on the role of a bookkeeper and the critical functions they provide for your business. Sure, keeping organized records and transactions is an essential responsibility, but bookkeeping offers so many more benefits! Today, we review a few ways bookkeeping is more than just record-keeping.
Our bookkeeping team is updating your books and reviewing financial data daily. We analyze and interpret your financial statements and take a proactive approach to make changes based on your financial needs.
We also monitor cash flow, the payments being transferred into and out of a business. With expert eyes on your cash flow throughout the year, we help with your budget to maximize your business and meet your business goals.
Tax and Audit-Ready Financials
With accurately categorized expenses and organized records, you will be ready for tax filing or if your business is audited. You'll have peace of mind, knowing that at any time, your books are in safe hands.
Cost and Time Saving
Outsourcing your bookkeeping will save you time and ultimately money. By paying an outsourced certified bookkeeper, you automatically increase the value of your firm. It means you don't have to pay for things like payroll taxes, overhead and, sick leave. Plus, you'll be able to focus on other areas of your business instead of being behind the desk balancing the book.
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Like so many of you, we are working differently these days. While working remotely is not new for us at Capri, since we are an outsourced bookkeeping company, maintaining social distancing and shifting from in-person meetings to video meetings and conferences with clients are new.
What hasn’t changed is our dedication to providing our clients with customized, one-on-one Bookkeeping, Payroll, and QuickBooks services based on their own business needs and budget. Our goal continues to be helping our clients succeed holistically by taking a proactive approach to help improve clients’ businesses and bottom-lines.
Today that means personally guiding them through the new loan programs available as a result of the pandemic, helping them make smart decisions and strategizing for the future. As our clients have adapted to new challenges and applied for new loans, we work to simplify the process with organized and accurate financials to maximize their benefits.
While we may not be able to meet our clients in-person right now, we are a phone call, video chat, or email away. If you’re already a Capri client, feel free to reach out today with any questions or call us for a complimentary consultation to get started (856) 229-0941.
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Now that most of us are working from home, there are things as a small business owner that you can do to keep your business on track during this uncertain time. As you save on your travel time to the office, why not take the opportunity to get your bookkeeping and finances up-to-date.
The IRS announced last week the postponement of the April 15 payment deadline. While the payment deadline has been extended to July 15, for now, the tax return filing deadline is still April 15. With a few weeks left before filing, you still have time to organize your books so filing will be a lot smoother and less time-consuming!
Here are a few tips to help you get up-to-date on your books while your home:
#1 – Sort and Organize Your Financial Records
The first step to catching up on your bookkeeping is to get organized! You’ll want to start compiling and organizing invoices you sent to customers, receipts, bank, and credit card statements where you made purchases that are business expenses. Now is also a good time to review any outstanding invoices and collect on that debt.
#2 – Separate Personal and Business Expenses
We advise our clients to keep their personal and business expenses separate. Comingling business and personal expenses may result in you being held personally liable for your business’s debt and financial standing. We recommend going through every transaction to determine if the expense was personal or professional.
#3 – Review Your Expenses, and Look for Credits and Deductions
Once you have all of your records organized and in-hand, you should take the time to review these expenses and determine your deductions and credits. We suggest hiring a tax professional to review your records and advise you on which business credits and deductions are right for you.
#4 – Reconcile Bookkeeping
Once you’ve organized and separated your expenses, you can log in to your accounting software and reconcile these expenses with your bank statements. This is one of the most crucial steps in preparing for tax filing, so be sure to take care when matching records.
#5 – Collect Tax Forms
Your taxes can be more complex when you're self-employed or a small business owner. Managing and collecting the forms you need to file for yearly income taxes ahead of time can save you a lot of headaches down the road. When tax season rolls around, you will have all the right forms ready to go. Access IRS tax forms and determine which forms you’ll need for filing here.
#6 – Prepare for Next Year and Consider Hiring a Bookkeeper!
Catching up on your bookkeeping now is the best way to save yourself time during tax season. It’s never too late to get started yourself or hire a bookkeeper to handle the books for you. Feel free to reach out to us at firstname.lastname@example.org and let us handle your books or call (856) 229-0941 if you have any questions.
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We know business is NOT as usual during these trying times. The coronavirus pandemic is affecting small businesses in a variety of ways especially now with mandatory closures and safety measures required in both NJ and PA to slow the spread of the virus. Many of you have already made adjustments to your daily business practices; working remotely, offering virtual services and online ordering are just a few of the ways we see many of our fellow small business owners pivot to continue business while maintaining the safety of their teams and customers.
With uncertainty still ahead, now is the time to educate yourself with the resources available to you. You can refer to this U.S. Small Business Administration Guide: Coronavirus (COVID-19) | Small Business Guidance & Loan Resources. It provides a wealth of information and resources including loan options and guidance for businesses and employers.
From the U.S. S.B.A., “Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.”
At Capri Bookkeeping Solutions, we continue to provide remote, outsourced bookkeeping services. Please let us know if you need an extra eye on your books and be sure to refer to the small business guide above so you can continue to make the best decisions for your business.