As a small business owner, you are tasked with making a lot of important decisions for your business which will impact your success. No matter what products or services you offer, the foundations of financial management remain the same, and you are responsible for the bookkeeping, accounting, and taxes of your business. The software you choose to utilize for your company’s financial records can make a huge difference in your business’s bottom line.
The Benefits of Online Bookkeeping
As While employing in-house accountants is always an option, it can be a costly one. As a result, in recent years, many small business owners have chosen to go the route of online bookkeeping. There are some significant advantages to using online bookkeeping services, not the least of which can be cost-efficiency. Other benefits include:
Better Inventory Management
By utilizing online bookkeeping, your inventory may be updated in real time which saves you time and money. You’ll be able to restock your inventory more efficiently as well as send invoices and receive payments more expeditiously.
Keeping accurate financial records is essential to the success of your business. If you get distracted and make a calculation error because you’re trying to record data manually, this could mean a lot of lost time tracking down your mistakes – or even financial penalties if taxes are filed incorrectly. Utilizing online bookkeeping can keep your financial records less prone to errors.
What makes online bookkeeping so helpful is that it becomes a centralized system with standard practices that you and all of your team members can access at any time. This makes internal communication easier, and lessens the risk of errors when different people use different methods of keeping manual records. Online bookkeeping also makes communication with your extended team – such as an outsourced CPA – easier.
How BradyRenner Can Help
The benefits of online bookkeeping are many and compelling – but, even the best online system can’t give you expert guidance on how to minimize your tax burden, maximize your savings, correctly categorize your expenses, and analyze your data for accurate financial planning.
That’s where BradyRenner comes in. As a comprehensive public accounting firm specializing in helping small businesses achieve their goals, BradyRenner is committed to providing a full range of financial services supported by our active and engaged team. The firm’s solutions include:
- Bookkeeping: BradyRenner’s professionals work with you to develop a bookkeeping process that is well-documented and tailored to your specific needs. The combined decades of experience and proven skills of our CPAs support your small business with accurate data entry and management as well as knowledge of bookkeeping software.
- Accounting: We believe that accounting provides the ‘bookends’ to support the bookkeeping of your business. On one side, our accounting services give you with the structures and systems necessary to run your business’s bookkeeping effectively, while on the other end, our accounting services enable strategic review and oversight which empowers your business to function efficiently.
- Tax Planning: Every business must file accurate tax returns, which includes annual business and personal federal tax returns, state and local business taxes, sales taxes, payroll taxes, and sometimes more. With a foundation of accurate bookkeeping and accounting, BradyRenner is able to craft effective tax planning for your business, helping you with return preparation as well as an assessment of options for minimizing your tax burdens.
- Consulting: At BradyRenner, we believe that each financial decision must be made with the bigger picture in mind. For this reason, we offer comprehensive consulting for growth-oriented small businesses and their owners. BradyRenner can help your small business plan out its life cycle, from incorporation to your eventual exit and retirement. Additionally, we assist you in determining your financial priorities both for your business and your personal goals.
BradyRenner’s Comprehensive Services
Many of BradyRenner’s clients decide to let us handle the extent of their bookkeeping and accounting, including the online bookkeeping. Our services are efficient, communicative, and always delivered with a high level of customer service. While we are a local firm, many of our clients continue to utilize our tax preparation services even after moving out of state because our combined experience includes a wealth of knowledge which allows our CPAs to complete tax services specific to many states beyond our home state of Maryland.
To learn more about how BradyRenner can help your small business optimize bookkeeping using our services, please reach out today. And make sure to come back to read the next installment in our series which will be a case study with a BradyRenner small business client who benefitted from the firm’s handling of their specific business needs.