Small Business Bookkeeping: What ASBA Can Do for You

Most business owners believe that bookkeeping services exist solely for tax filing services. While that may be true to some extent, there is so much more we can do on a daily, weekly, and monthly basis to grow your business using the data that regular, accurate bookkeeping provides. Moreover, it’s much easier to track income and expenses as they occur rather than waiting until year-end. 

Regular bookkeeping ensures your financial records are accurate and up-to-date, allowing you to make informed business decisions in real time. Sure, your mom, sister, or friend might help code QBO transactions and reconcile accounts, but are they capable of producing accurate financials? Do they understand cash flow? Can they explain why your income has doubled? Are they familiar with journal entries? What happens with uncashed payroll checks or bounced payments? Do they know how to handle sales tax issues? Are they equipped to respond to IRS notices or support you during an audit? This is why partnering with a qualified compliance accountant is paramount. 

When asked, most business owners do not know their profit margin or if they are pricing their services and products correctly. Instead, they rely on 'bank balance accounting', 'crystal ball accounting', 'dartboard accounting', or simply hope for the best. Let me assure you, there is a better way through financial planning. 

If you don’t have a QBO file, we can set that up for you and pull in your business transactions from checking, savings, and credit accounts (yes, we will require electronic access. No, we can't actually touch your money). ASBA utilizes an industry-specific standard chart of accounts and properly categorizes your money-in and money-out with a clear understanding of allowable tax deductions to produce Profit & Loss and Balance Sheet statements (financials). These reports are crucial for loans, asset purchases, and tax prep, tailored specifically to YOUR business. 

Instead of checking your business's health at year-end just to get taxes paid, ASBA works alongside you weekly, monthly, and quarterly to assess your company's vitals. We use this information to advise on ways to save money and reduce tax liability while expanding your income potential. Additionally, we provide payroll assistance, tax planning support, investment strategy, health-care options, and more through our extended service partners, including succession planning. 

Note: ASBA does not allow any third-party software integration with QBO accounts. Instead, we pull the necessary AR/AP info from your field software and journal it onto your books. If you already have integrations within your QBO file and wish to keep them, we may not be a good fit for your business. Rarely do these integrations work as promised (QBO changes too quickly for anyone to keep up) and they often create too much additional work for us to service your account.

Our tax advisory services, combined with our bookkeeping services, help you minimize your tax liability and take advantage of tax-saving opportunities. We have extensive experience working with businesses of all sizes and industries. Once your year-end financials are complete, you can utilize our tax filing services to file taxes yourself, collaborate with our trusted advisors, or we are happy to partner with your 'tax guy'. The books are the same regardless of who is filing the return, ensuring a smooth process as part of your overall financial planning and succession planning.

Our financial planning services, including succession planning and bookkeeping services, help you prepare for your future and reach your financial goals. We collaborate with local experts who take a vested interest in you and your business, ensuring that your money works harder for you, while also assisting with tax filing services.

We collaborate with estate and trust lawyers who are well-versed in the intricacies of financial planning, succession planning, and tax filing services. We are happy to make an introduction on your behalf to help you navigate these essential bookkeeping services.