Congratulations! You’ve taken the plunge and are starting your own business.
You’ve spent hours conducting market research and you know your idea is viable and you know you have a competitive advantage. You have a business plan, you have seed money and access to additional working capital, you have a business name, decided on the business structure, opened a business bank account, applied for all the licenses and permits, and you’ve registered your business with the Internal Revenue Service and met all state and local business requirements. You have run through all of the start-up hurdles and now it’s time to get down to the business of operating and growing your company.
Virtual Bookkeeping Services
Accurately tracking and reporting sales activity and business spending will be critical during the first years of operation as this can determine your ability to raise capital or attract investors in the future. Hiring a virtual bookkeeping service is one way to significantly reduce the time and money involved with managing this aspect of your business. They will be in charge of maintaining the general ledger, documenting all of the day-today financial activity, keeping your records current, and making sure your payroll and other taxes are paid on time.
“We work with our clients to create systems and reports that allow them to track expenditures and financial activity in a way that makes sense for the way they do business.” Jennifer King, CEO and Founder, EVA Business Solutions
Significant Cost Savings
A virtual bookkeeping service removes the need to hire a Chief Financial Officer and serves as your back-office staff, reducing employee-related expenses. Depending on the structure of your business, this can represent up to a fifty percent cost savings.
Bookkeeping services process and record all of your financial transactions like sales, payroll, accounts receivable, accounts payable, and they will reconcile your checking and other business accounts. They will help you create a chart of accounts and customized financial reports you will want to see on a weekly, monthly, and quarterly basis to help you track your spending. This allows you to spend more time cultivating customers and working on other areas of business development critical to your success.
Cash Flow Management
Based on your specific needs, your bookkeeping service can customize reports that allow you to track and manage the movement of your money in and out of various business, investment, and securities accounts, helping you to identify issues, view a project’s rate of return and look at the timeliness of cash flows in and out of projects.
Specialized cash flow management reporting will be key to attracting new business, creditors, and investors. These are the types of reports a potential lender or investor will want to see. Cash flow management reports are essential when evaluating your company’s ability to meet financial obligations. These reports will help you explain the reasons between reported and related cash flows and will describe the effect on cash flow related to financing activities.
The best bookkeeping services will help you assess your needs and will work with you to design a customized reporting system that enables you to achieve your financial goals. They will also help you with tax preparation and assist you with audits.
Call Us Today!
Hiring a team of experienced, dedicated bookkeeping and accounting professionals will save you time and money and keep you focused on cultivating new customers and growing your business.
When you decide to start a new business, or take your business to the next level, EVA Business Solutions is ready to assist you with all your bookkeeping and accounting needs. We are passionate about helping our clients grow and manage their businesses in fiscally responsible and thoughtful ways. Call us today at (615) 461-7157.
