5 Essential Bookkeeping Services Every Small Business Needs

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5 Essential Bookkeeping Services Every Small
Business Needs
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Managing Accounts Payable Managing accounts
payable means managing the businesss payments
and bills. If youre the owner of a small
business, you can streamline the process of
managing accounts payable by using accounting
software that lets you automate payments and keep
tabs on expenses incurred. Software programs
worth mentioning include Xero and QuickBooks.
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Managing Accounts Receivable Managing accounts
receivable is the process of managing the
businesss incoming payments. You can do that by
sending invoices on time and following up on
overdue payments. You may also resort to
accounting software to automate the invoicing
chores and send reminders to customers about
unpaid balances.
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Managing Organizational Payroll Payroll
management involves taking care of the businesss
employee salaries and benefits. An excellent way
of streamlining the payroll process is by using
payroll software programs that can automate the
calculations and tax filings. Platforms like ADP
and Gusto are popular and widely used. You can
use one of these for efficient payroll management.
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Financial Reports Creating financial reports
involves preparing and presenting financial data
about the business. Just like every other aspect
of business management, accounting software can
come to your rescue by generating financial
reports automatically. If this isnt an option
for you, hire a professional bookkeeper or CPA to
analyze financial information and give you
insights the companys financial health.
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Compliance and Planning Compliance and planning
are crucial to business success. The best way to
improve this aspect is to plan taxes while
adhering to compliance rules. You can do that by
collaborating with a tax professional. These
experts can help navigate complex tax rules and
regulations. You may also leverage accounting
software to keep track of expenses and generate
tax reports automatically.
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