What is bookkeeping?

Properly measuring and improving the financial health of your company requires that reports such as the Profit & Loss Statement and Balance Sheet be accurate and up-to-date. These reports are also needed to complete your business taxes at the end of the year.

Creating accurate reports begins at the individual transaction level: every deposit, expense, credit card charge, balance transfer, etc. needs to be properly entered and categorized. This requires the assistance of software to complete in a reasonable amount of time with minimal mistakes.

The world of financial bookkeeping has changed dramatically. The emergence of automated systems and artificial intelligence allows small business owners to more quickly and accurately track the profitability of their business.

Clients of Holbrook Accounting have immediate access to their financial information so that key reports and metrics are available to them anywhere and anytime. They also utilize tools that free them from administrative tasks that bog them down. This gives the small business owner the following advantages:

• Financial reports are available on short notice for such things as mortgage applications and insurance audits.
• Qualification for Covid-19 related loan programs is easily justified.
• State of the art record-keeping allows for easier business tax preparation during tax time and provides solid back-up for tax returns submitted to the IRS.
• Profitability can be measured along various dimensions such as by service or location to help the business owner decide what parts of the business are really making money.
• Unnecessary or excessive expenses that may have gone unnoticed are brought to the surface.
• Invoicing and collecting money from clients becomes more automated and less of a headache.
• Paying vendors every month also becomes more automated, freeing up time from this mundane monthly activity.

Why hire us to handle your bookkeeping?

• You can subscribe to an online bookkeeping service such as QuickBooks Online, and attempt the do-it-yourself route. However, do you have the time to train yourself on the numerous bells and whistles that modern bookkeeping programs contain? Are you comfortable entering transactions from your bank statements and making sure they are categorized correctly according to standard accounting and tax principles? We have the accounting and technical expertise to get these systems set-up properly so that transactions are downloaded correctly and financial reports come out right.
• You can hire an in-house accountant to handle the monthly bookkeeping, however this can be an expensive option. You wouldn’t be taking advantage of software automation to take care of repetitive tasks for free. Online accounting packages allow you to have a virtual finance department without the need to hire additional employees or rent extra office space.
• We call our services “Bookkeeping and Consulting” because we also serve as business process consultants. When Holbrook Accounting implements your monthly bookkeeping processes, we often use our experience to uncover many other ways to run your business more efficiently. For example, our clients are often happy to discover new ways to collect on invoices and pay vendors that save lots of valuable time every month. Imagine running a chunk of your business from a laptop and having your important documents stored in virtual file cabinets. Moving toward going paperless is a freeing and cost-saving experience!

Holbrook Accounting has the experience to liberate your time by looking at your monthly business processes and quickly identifying areas of improvement. Why not focus on what you excel at in your business and outsource the activities that distract you from your goals?