Who has time to keep track of income and expenditures when your business is moving at the speed of light? You do not, and you want someone else to do it for you, but the cost of hiring a full-time accountant is just not on the books right now. What else could you do? Thankfully, there is one solution that can help. It is a set of online automated bookkeeping services. Here is how these services work.
Log in and Connect Your Pay Accounts
When you first sign up for these services, you connect the service company with your pay accounts. Everything you purchase for your business is dropped into the accounting program right when you make the purchase. If you pay employees, your connected payroll accounts are dropped right into position too. Keep your online automated bookkeeping account open on your computer at all times, and everything you pay for that is work related is entered without you having to drop and drag or cut and paste.
All Income Is Imported
Connect your business checking to your automated bookkeeping account, and guess what? Every deposit is uploaded into the automated account. The software picks up on each new deposit and loads it in the right bookkeeping "book" in your automated account.
Automatic Balancing at the End of Each Month
Since everything is automatically uploaded into your automated bookkeeping account, all you have to do at the end of every month is hit a button to balance it. You instantly get the totals for current income, profits, and deficits so you know exactly how to move money around and make it all even out. No complicated math is necessary, and no time-consuming steps are needed. The service does it all for you. If you opt to have an actual human being recheck the numbers of the automated system, you can, for an extra fee.
Upload It All for Tax Time
You are already working with an automated bookkeeping system. Everything is kept track of, and now with tax season around the corner, you can just upload the whole file to your tax documents. If you have someone preparing your taxes for you, upload a file to the tax preparer's computer, and then your tax preparer can look things over and set everything in the right tax form box. The whole thing takes a few minutes to manage every couple of days, a few minutes at the end of every month to balance, and seconds to upload to tax documents.