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Why do I need a bookkeeper?
- You must know where your income and revenue is coming from and where
your money is going in order to know if your business is profitable.
- If you are losing money, bookkeeping will let you know how much
and from what.
- You need to know which clients or customers owe you money,
which ones pay you on time and which ones pay late or not at all.
This is important when deciding if you can safely extend credit
terms to a particular client.
- If many of your customers pay bills late, you need to know how late
so you can take action to collect from “problem” customers.
- You need to know where you are spending money. If you are spending
too much in some areas, bookkeeping will clarify your expenditures and
help you to develop a plan to save more and spend less.
What information is required to get my company set up?
- Your company's name, address, phone numbers, EIN Numbers
- A list of your customers and their billing information whether
in a spreadsheet, note pad, or even on scrap
paper
- A list of services you will be billing for - along with your charges
- Any and all receipts on expenses you have paid. Shoeboxes welcomed!
How long does it take?
Obviously, the time will depend on the size of the company and the number
of transactions that occur on a regular basis. Typically, a new
setup will take approximately 5-7 days depending on the amount
and clarity of the information provided. After initial set
up, maintaining
books (dependant on the number of transactions) usually
has a 2-3 day turnaround.
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