If you're a small business owner, you know that there are many things to keep track of. From bookkeeping and accounting to taxes and filing, it can seem like there's never enough time to get everything done. That's where professional services come in—you can focus on running your business by outsourcing your bookkeeping, accounting, and tax needs, and delegating the tasks to experts.
In this article, we’ll discuss just this. We’ll go through the different bookkeeping, accounting, and tax management tasks and explain their importance for your business. Keep reading to learn more!
Many beginners in business management think that bookkeeping and accounting are the same when the two are very different. Bookkeeping deals with the tiniest details of your finances. Bookkeepers are the ones who gather all business transactions in one place by investing in bookkeeping software. With these tools, the bookkeeper categorizes and organizes all your business transactions.
They ensure that banks and other payment gateways are integrated into the software for easy recording and monitoring. They also utilize Optical Character Recognition technology to capture any details on receipts and documents, so they go into the books as text data.
Invoicing, payments to suppliers, and payment acquisition from clients are also part of their jobs. And if you have any employees, timesheets and payroll management will be other responsibilities under their wing.
The accountant may be a separate employee from your company bookkeeper, and they have separate tasks to fulfill. Your accountant is responsible for generating reports from all the data acquired by the bookkeeper.
They are also the individual to talk to for tax planning and forecasting business finances. With the help of the right tools, you’ll be able to see how your business will look in the next quarters to years. This data will be the basis for financial suggestions to help you decide on your next steps.
Accountants are also well-versed with tax laws. With one, you won’t have to worry about not adhering to regulations on sales, income, and corporate taxes.
If you get financial management assistance from agencies, you can pick and choose which services to get. Do you only need help with taxes? Then, a tax service is just what you need.
Tax services will help you prepare your different taxes, like corporate taxes for the income your company incurs for the whole year, and you and your employees' income taxes. Although this service is offered separately, tax management cannot work without bookkeeping and accounting. It will help if you organize your income, expenses, and sales taxes. Then your accountant will help in tax remittance.
Every small business should have bookkeeping, accounting, and tax services. Bookkeeping is the recording of financial transactions. Accounting interprets those records to determine profits or losses for a company. Tax services deals with preparing and filing taxes for a business. Bookkeeping, tax, and accounting services are equally important for any small business to succeed. There are many benefits to having these services done by professionals.
The great news is that Unloop provides online tax, accounting, and bookkeeping services which can help your business save time and money. All you need to do is book a call with us today so that we can discuss the details with you!
Unloop is the first and only accounting firm exclusively servicing ecommerce and inventory businesses in the US and Canada. With the power of people and technology, our team dives deep into COGS and inventory accounting. You are paired with a dedicated bookkeeping team that prepares accurate financial statements, financial forecasts, and can also pay bills or run payroll for you. Come tax time, everything is organized and ready to go, so you don't need to worry. Book a call with an ecommerce accountant today to learn more.