Why does a company need bookkeeping services?
There are three main reasons why a company needs bookkeeping services. They are:
- It allows you as a business owner to see if your company is making a profit since it keeps track of your revenues and expenses.
- It gives you as a business owner the ability to analyze your company based on the data that it provides. For example, you would be able to know the months or quarters in which your company generates the most revenue, the amount of unnecessary expenses your company incurs, the amount of inventory you have remaining for any given time period, the amount of money you owe vendors, the amount of money your customers owe you, the actual net worth of your company and numerous other valuable business information.
- The third and one of the most important reasons is that it allows you to be able to accurately and timely file your taxes. Wheras the first two points are optional from a business owner's perspective, this third point is mandatory since the government requires all businesses that are subject to tax to pay their tax. Since you are taxed based on the net income that your business generates, it would be almost impossible to accurately determine the exact amount of tax that you would have to pay without accurately keeping track of your books. Also, if you did not keep track of your books, you would not be able to timely file your tax return since you would need to go digging for information from various places and so you could possibly incur late fees and penalties if you miss the filing deadline. Not accurately and timely filing your business tax return puts you at a higher risk of being audited by the IRS which is a very grueling,time consuming and expensive process that no business owner would want to experience.
At RSKPJ & Associates, we aim to please our clients by offering high quality bookkeeping services at an affordable price. What is bookkeeping? Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. It ensures that the records of the individual financial transactions are correct, up-to-date and comprehensive. In other words, it is a way to financially keep track of all the transactions linked to the products or services provided by your company. Accuracy is therefore vital to this process. Here at RSKPJ Accounting Services, we use QuickBooks, the leading and most popular accounting software for small businesses, to ensure that your company's books are accurately and properly kept.
What is included in the bookkeeping services that we provide and what is the price range?
Our bookkeeping services include the following:
- Recording all the transactions in the bank accounts that are used by your business as a revenue, expense, asset or liability depending on the transaction. For every 100 transactions, the price would increase within the price range shown below.
- Preparing monthly bank reconciliations which serve to ensure that all the transactions in the respective bank accounts were recorded, all checks have been cleared and also to ensure that no money came into or left your bank accounts without your consent which helps to prevent theft or fraud.
- Analyzing your company's accounting data trends and providing suggestions on how to increase your profit.
- Preparing your company's financial statements namely the income statement, balance sheet, trial balance and cash flow statement.
Price Range per Month - $125 to $300
Price Range per Month (Bookkeeping Discount - Provided that we also do your Business or Individual Taxes) - $100 to $250
The following bookkeeping services are not included in the above package and are priced separately due to to the fact that they are either complex, time consuming or do not apply to every business and if they do, are normally already outsourced by the business:
- Sales and Use Tax Filing (Only applies to certain businesses) - Price Range $25 to $50 per quarter
- Payroll (This includes running payroll and filing payroll taxes -Normally outsourced) - Price Range $100 to $200 per month
Most businesses will fit into the various price ranges described above. As expected, there’s always the outlier or the unusual situation which would be below or above these price ranges. Please feel free to call us or fill out the Request Information box shown on the right to get an official price tailored for your specific business.