What to Expect from Bookkeeping and Payroll Services

Michael Pignatelli
Nov 18, 2022

Bookkeeping and payroll services are two of the most important financial aspects in a business. Bookkeeping tracks all transactions, data, and important documents regarding your business. Meanwhile, payroll ensures you fulfill your responsibility to your employees by paying them on time and giving them their benefits. 

Yet, many small business owners don't know what to expect from a bookkeeping and payroll service. Many are confused about who to partner with for these vital services. This blog post will discuss what you can expect from a good bookkeeping and payroll service and how to choose the right partner worth what good bookkeeping and payroll services cost. Let’s begin!

Bookkeeping Service Inclusions

Bookkeeping is the task of tracking the money that is coming in and out of your business. The data is categorized and organized in books to be used by the accountant for financial reporting. As you grow your business, the income and expenses to track pile up. A great bookkeeping service will give your business these benefits. 

Software Setup

As a starter, a bookkeeping and accounting agency uses reliable bookkeeping and accounting software like QuickBooks, Xero, or Sage50 Cloud. An agency acknowledges the conveniences that technology brings: accuracy, automation, integration, and data security. Hence, the first thing they’ll do is set up an accounting software account for your business.

Backtracking Books

After that, the work begins. You do not have to worry about the transactions you weren’t able to track before signing up for the service, as the agency should be able to backtrack all those transactions. As a result, when tax season comes, you’ll have complete data to declare and the correct dues to pay.

Regular Book Updates

Your partner agency also keeps your books up-to-date. The software will help automate data collection from various income and expense channels. Transactions from your bank accounts and various payment channels will be jotted down on the books. As the business owner, all you have to do is double-check the details in case there are any errors. 

Visibility of Financial Statements 

Bookkeeping and accounting are there to ensure that whenever you need to check the financial status of your business, you’ll get the latest numbers. Some of the statements you can receive with the help of an agency are the following:

Bank Reconciliation

A business bank account left unchecked is more prone to fraud and other financial malpractices. But the bank reconciliation service offered by bookkeeping and accounting agencies will record all the money deposited in or withdrawn from your bank account in the books. Simply investigate if you see any anomalies.

Client Support

Agencies go the extra mile to add a human touch to their service. This comes from 24/7 customer service in multiple channels. If you have questions regarding the software or any book details, you can set up a meeting or get reports. They are always just a message away.

bookkeeping and payroll

Payroll Service Inclusions

Payroll is as essential as bookkeeping. When you process your payroll smoothly, you’ll keep your workforce happy and driven to help your business succeed. Hence, investing in a payroll service is worth it. Either get it separately, or sign up for a payroll service together with bookkeeping. This is what you can get with a dedicated service. 

Information and Document Collection

Even in payroll, data and documentation are everything. So, the first task of the payroll expert you are partnered with is to collect all essential employee information like names, addresses, civil statuses, and tax statuses. They may ask your employees to accomplish tax forms for withholding tax and any bank information where you will send their salary.

Gross and Net Pay Calculation

Through the help of bookkeeping and accounting software, the payroll expert will calculate your employees’ gross and net pay. Gross salary is the amount workers receive before deductions, while the net pay deducts taxes and benefits. You should include all these details in employees’ payslips for transparency. They should also be included in the books for your reference.

Payroll Processing

You’ll rely on software to process payroll if partnered with an agency. This method is better than manual payment as it is less prone to mistakes and can be integrated into your bookkeeping and accounting software for faster computation and tracking. After the computation, you can send the salary straight to your employees’ accounts.

Tax Deductions, Collection, and Remittance

Every worker is responsible for paying taxes, and one thing you can do for them is handling income tax, deductions, collection, and remittance. An agency is equipped with tax software with the latest tax information, so you are sure that your computations are accurate. It can again be integrated into your accounting system for tracking. 

Bookkeeping and Payroll Services by Unloop

When it comes to bookkeeping and payroll services, you want to ensure that you’re partnering with a company that understands the ins and outs of both. Doing so can keep your books in order, and process your employees’ pay accurately and on time. 

We've outlined what you can expect from each service, but the question remains: who should you partner with?

If you are looking for an agency that offers bookkeeping and payroll services, look no further than Unloop. Our bookkeeping services include book updates, financial statement preparation, and tax management. We’ll do your payroll and taxes for you! We are just a call away if you are interested in accounting, tax preparation, bookkeeping, and payroll services. Talk to you soon!

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About unloop

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.

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