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Benchmark Bookkeeping

How can a bookkeeper help me with my business?

 Having a bookkeeper will give you the opportunity to dedicate your valuable time to what you do best. 

What is a chart of accounts? 

A chart of accounts is a listing  of all the accounts that make up your business.  Examples would be: Rent, electric,  phone,  bank, credit cards,  and office supplies.  Each business is unique.  We will help you determine which accounts are needed for your particular business.

Why do I need financial statements?

Financial statements will provide valuable information on a regular basis such as how much cash you have to invest in new equipment.  How much a project cost to complete and how much money was made on the project.  What activities are profitable and which ones are not.

What will Account payable aging reports do for my business?

Account payable aging will show how much money is owed to each vendor and how many days past due the money owed is.  It will allow you to make good decisions on what bills need to be paid and which ones you may have some time to take care of. 

What will Account Receivable aging reports do for my business?

Accounts receivable aging reports will give a listing of all money due to the company.  You will be able to see who owes you and how much they owe you and how long they have owed you the money.  Some clients may be past due in payments and you will want to address that quickly before taking on too much more work from them.  It will show who is in good standing and who is not.

What is a Cash Flow Statement?

Although it is simply a statement that shows how much cash came into the business vs how much left the business it is a very important tool that will help you determine how much cash you have to make future investments and business decisions.

How will having a bookkeeper help me come tax time?

Come year end all you will have to do is hand your financial statements or an electronic file over to your tax accountant.  Everything will be tied up in a nice package.  No more sitting for days or months trying to bring it all together so you can get your maximum tax benefit and hoping that you captured it all.

How will financial statements help me secure loans both personal and professional?

Financial reports will give any lender what they need to see how successful your business is.  They are a snapshot of your finances.  They are required by all lenders when applying for a loan when you want to use your business to show your income.