How do bookkeeping services work?

It is a question that comes up a lot in our line of work. Why? Because people want to know exactly what they can expect when they work with Reconciled or any other online bookkeeping service. So, here’s a rundown of how bookkeeping services work from our end.

What does a bookkeeper do?

Before we dive into what’s included in a bookkeeper’s service, let’s start with what a bookkeeper does. Bookkeepers are in charge of managing your books. They enter transactions daily to make sure you’ve got a good idea of the money coming in and going out of your business. Specific duties of a bookkeeper include:

  • Entering and coding bills
  • Creating and sending customer invoices
  • Collecting past due invoices from customers
  • Reconciling bank statements and credit card accounts
  • Processing payments
  • Producing monthly financial reports

What is included in bookkeeping services?

Now that you know what a bookkeeper does, what is included in bookkeeping services? While we know you want a hard answer, it really depends on the level of service you choose. Our most basic package is for small businesses that don’t have a lot of transactions. They generate less than $1M in revenue, have 3 or fewer bank accounts or credit card accounts, and sell their products through 3 or fewer channels.

This basic level of bookkeeping services includes the following:

  • Receives a dedicated bookkeeper
  • Clear and accurate monthly financial reports (like income statements and balance sheets)
  • Complete monthly reconciliations
  • Posting monthly revenue from your business’s sales channels

Depending on your business’s needs, we can also offer these bookkeeping services:

  • Accounts Payable support
  • Some soft collections
  • Payroll services

We make sure our services are customizable and scalable to fit your business’s needs no matter what stage of growth your company is in.

How do online bookkeeping services work?

Finally, let’s get to how our bookkeeping services work. When a client signs on to work with Reconciled, it is with the understanding that everything will be done virtually. We have a great onboarding process that allows Reconciled to securely connect and gain access to your business’s accounts.

We gather login information from your sales channels or any other financial institutes that you log in to. This allows us to import your business information into QuickBooks, Sage Intacct, or whatever accounting program you use.

Once our team has secure access to your accounts, your dedicated Reconciled team of bookkeepers completes their monthly transactions. Your data is entered into the accounting program to provide you with accurate books and financial reports each month. If you have questions, you can directly contact your bookkeeping team – just like if you had an in-house team.

Our team is here to make your life easier. Also, our services can grow to suit your needs, so you never have to worry about transitioning to another accounting firm. If you’re interested in how bookkeeping services work for your business, contact us. We’ll listen to your needs to create a custom service to suit your needs.