Why Businesses Should Hire Off-Site Bookkeeping Services

Posted on in Business Law

Illinois businee attorney, Illinois business lawsDo you have a business in DuPage County? Do you work with an off-site bookkeeping service? Many Muslim small business owners in Oakbrook Terrace and nearby communities want to ensure the success and profitability of their businesses, and hiring an off-site bookkeeping service is an effective way to save on your taxes, have cleaner books, and ultimately to assess how the business is doing.

At Farooqi & Husain Law Office, our dedicated DuPage County business lawyers have years of experience assisting members of the Muslim community and helping our clients to maintain strong businesses. If you have questions about why you should hire an off-site bookkeeping service, an experienced DuPage County business lawyer can speak with you today.

Dealing with Complicated Business Issues

For many small business owners in DuPage County, their companies likely have numerous complicated business issues to an extent that they do not realize. As an article in Entrepreneur explains, business owners “who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought they were.” To be sure, in the early stages of a business, many business owners attempt to keep their own books and in some cases to handle their own taxes. What many business owners do not realize is that they can benefit immensely from working with an off-site professional.

The article emphasizes how an off-site bookkeeper or accountant can “analyze the big picture of your financial situation and offer strategic advice.” For instance, a bookkeeper can conduct the “day-to-day hands-on tasks” of the business, including “making sure new employees file all the right paperwork for the company’s payroll, submitting invoices (promptly) and following up on them, and paying the bills.” In addition, with regard to the big picture of the company, a bookkeeper “also tracks company expenses and can assure that every cost has been entered—and recorded correctly—into software like QuickBooks so that the business is ready for tax time along with filing any other reporting to, say, creditors or investors.”

What Is the Difference Between Accountants and Bookkeepers?

Now that you know what a bookkeeper can do for your business, you might be wondering: what is the difference between a bookkeeper and an accountant? As an article from QuickBooks explains, these terms often can be used interchangeably to some degree, but in terms of the specific job tasks of each, there are some notable differences. Typically, bookkeepers perform the following tasks:

  • Performing data entry for a business; and
  • Conducting the day-to-day financial recording of a business.

In other words, a bookkeeper literally “keeps the books and retains documentation for transactions.” Experienced bookkeepers often take on the role of a business’s accountant, who typically will conduct analyses of the business’s profits and losses, and sometimes will provide business advice.

Now, what is the difference between on-site and off-site bookkeepers? In short, an on-site bookkeeper typically physically works at the business on a regular basis, while an off-site bookkeeper works in his or her office. On-site bookkeeping is more expensive than off-site bookkeeping, and thus many small business owners rely on off-site bookkeepers to assist with the financial aspects of their companies. To be sure, off-site bookkeeping can be much more cost-effective for a small business owner in Oakbrook Terrace.

Contact a Business Law Attorney in DuPage County

Do you have questions about running a business or working with an off-site bookkeeper? An experienced DuPage County business lawyer can help. Contact Farooqi & Husain Law Office to learn more about the services we provide to members of the Muslim community throughout the county.

 

Sources:

https://www.entrepreneur.com/article/219917

http://quickbooks.intuit.com/r/bookkeeping/whats-the-difference-between-a-bookkeeper-and-an-accountant/

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