Bookkeeping is the first step of the accounting process and is absolutely necessary to measure the true success of your company. Yet so many business owners dread this process and often fall behind with the company’s bookkeeping in NY.
Because of its importance, you need to stay on top of your bookkeeping from the moment your business starts. Seem like a lot of work that you might not have time for? That’s why Melanin Tax is here to help with any kind of bookkeeping service in NY that you might need.
Hiring a bookkeeping service for your small business in NY comes with numerous benefits that will help you reach your goals and grow your business. Here are just a few you can expect after hiring a bookkeeping service in NY.
Detailed recording
The foremost benefit of any bookkeeping service is detailed recording of all your transactions. Depending on the kind of business you have, you can be dealing with tens to hundreds of transactions per day. The more transactions you have, the harder it will be to keep track of it all.
Hiring a bookkeeping firm in NY will provide you with the extra hands you need to make sure that you record all the money that goes in and out of your business. This in turn leads to several other benefits.
Make audits easier
Thanks to the detailed record managed by your trusted New York bookkeeping service, any audits you’ll have in the future will be much easier. Producing financial statements will be much easier and faster. Alongside detailed records, bookkeeping services will also help manage receipts and certain financial documents so that they can be easily produced if requested during an audit.
Instant reporting
The bookkeeping and recording systems that are put in place by a bookkeeping firm will enable you with instant reporting. Answering any financial questions that arise can be easier and quicker with an updated balance sheet that’s always accessible to you. You can present this data to any interested party, providing extra confidence in the company’s health as a whole.
Faster analysis
Bookkeeping services tend to be less expensive than accounting, normally because accounting takes more time to accomplish and involves analysis of the data. Having detailed records will shorten the time it would take an accountant to analyze your accounts and create a financial statement. This can effectively cut down the working hours of your accountant and help you save more money on their services, making your investment in a bookkeeping company in New York that much more valuable.
Stay compliant
Getting a good bookkeeper will also help you stay compliant with the latest legal regulations. They’ll also keep your account up to date with any recent legal changes, making it easier for you to determine how much tax you need to pay and also causing less worry in the event of an audit. A bookkeeper will hold themselves accountable for their work so you can rely on them to clear any mistakes.
Better relationship with banks and shareholders
Having your books in order will also help you build a better relationship with your stakeholders. Properly documented and well-organized accounts will make it easier for your shareholders to see the state of the company. Along with good business performance, having everything documented and clearly presented builds confidence among your shareholders and investors.
These well-organized books will also help you secure loans as New York banks can easily see how your company is thriving. Additionally, having your books and accounts in order also shows the banks that your company is being managed well, further increasing their confidence in your continued success.
Stay on top of bookkeeping with Melanin Tax
As you can see, bookkeeping is a vital undertaking in any business. Aside from it being a required business function to help you stay compliant with taxes, it also helps you run the business smoothly, allowing you to measure success and display that to your stakeholders.
You can make sure your books never fall behind by hiring a bookkeeping firm in NY like Melanin Tax. Melanin Tax is here to support your business with bookkeeping and tax preparation services. Let us handle this part of the business so you can focus on what matters, your customers. Contact us today and book a free consultation!