What Is Included In Bookkeeping Services?

Whether you’re a small, medium, or large business, keeping track of your income and expenses is essential to helping your business make important business decisions and measure growth accurately. If you have ever considered outsourcing your bookkeeping services but have found yourself asking “What is included in bookkeeping services?”, we are here to explain what is inclusive in our bookkeeping services.

Bookkeeping & Accounting Services

Bookkeeping services is the process in which a business keeps records of their business’ income and expenses through an accounting system, usually an accounting software platform. 

The bookkeepers at Method CPA can help you track down money you owe to other organizations and money that is owed to your company to achieve the most accurate financial record. This can give you an accurate depiction of your company’s health.

To clearly answer the age-old question of what is included in bookkeeping services, here is a brief list of responsibilities that our bookkeeping services include:

Opposed to a bookkeeper, an accountant’s sole responsibility is to support a business through strategic financial decision-making and advice. Oftentimes, accountants must have a clear understanding of the company’s books & ledgers in order to carry out their jobs effectively. For this reason, accounting and bookkeeping can often be handled by one individual or team.

Tax Planning & Tax Audits

It’s not particularly exciting to handle taxes, but it’s critical to make sure everything is done correctly. An accountant can help you save money by reducing filing mistakes and avoiding unnecessary audits. Because accountants are in the business of staying up to date with tax codes and regulations, they’ll be able to tell you how much money your company should set aside for certain occasions. 

Before you get too worked up about tax audits, keep in mind that an audit isn’t necessarily harmful! When a firm fails to submit their taxes correctly, it is subjected to the commonly-feared IRS audit. However, when a bank or investor wishes to get a better understanding of its financial health before investing funds, it’s also quite typical for a business to be audited as well. 

When it comes to preparing for an audit, your accountant might be your closest friend since they’ll save you a lot of time. If you’re facing an IRS tax audit, there are some things you can do to improve your chances of a successful outcome:

First, make sure you have all the documentation the IRS is requesting. This may include tax returns, receipts, and bank statements. Next, consider enlisting the help of a business tax planning service. Our professionals can help you organize your documentation and prepare for the audit.

Finally, be honest and cooperative with the IRS auditor. If you’re upfront about any mistakes or discrepancies, they’re more likely to go easy on you. By following these tips, you can improve your chances of a successful tax audit.

Should I Hire Someone For Bookkeeping Services or Do It Myself?

At Method CPA, we understand that in some cases accounting and bookkeeping services can often be done in-house. However, we can help with accounting system design and oversight to your in-house bookkeeping.  As your business continues to grow and scale up, performing these rigorous tasks can become time-consuming and daunting for a business owner.

That’s why we’re here to support you at the time it makes sense for you and your business when you require bookkeeping help. If you are looking for an experienced partner that can offer expert accounting and bookkeeping services, get in touch with one of our knowledgable experts or simply call us at (540) 635-7729.