Nationwide Professional Bookkeeping Services – Located in Utah
The day-to-day financials of your business are vital, but they often fall to the side of your to-do list when life gets busy. You have personnel to manage, customers to pitch, and a million emails in your inbox that just keep coming. There’s no time for the books.
The never-ending tide of work means that many business owners and entrepreneurs need to turn to outside help to stay ahead. That’s where outsourced bookkeeping services from Sonnenburg Consulting can help! We are based in Utah but offer bookkeeping services nationwide for businesses that need assistance tracking and understanding their financials.
What Bookkeeping Services Can I Get?
The discipline of bookkeeping is both wide-ranging and flexible, but deals mostly with the financial side of business. This can include record keeping, storing those records, and helping you keep track of overall financial performance throughout the year.
This encompasses a wide variety of tasks, including:
- Invoicing customers
- Verifying and paying invoices you receive from suppliers
- Recording receipts from all transactions
- Processing payroll and employee taxes
- Keeping track of accounts payable and receivable
- Updating financial reports and records
- And much more.
These days, many business owners try to do these tasks through software — and there are plenty of high-quality products available. The crunch comes with time (as previously mentioned) and expertise though. If you fail to keep proper records, it can hurt you when it comes time to pay providers, employees, or your taxes.
To help you understand how Sonnenburg Consulting can help you, we’ve put together a brief explanation of our three most popular bookkeeping services:
Bookkeeping Services – Payroll
Payroll is the handling of employee compensation for a business. While this sounds straightforward, there are many levels that must be considered and kept accurate in order to avoid late payments or other mishaps. These include:
- Tracking of wages, salaries, commissions, bonuses, or other employee compensation from the business like incentives or appreciation gifts.
- Withholding taxes, including federal income tax, Medicare, Social Security, and state income tax.
- Ensuring that employer portions for Medicare, Social Security, Federal, and State taxes are paid, including unemployment taxes.
- Withholding employee contributions to HSA’s, insurance premiums, retirement benefits, or other withholdings.
- Ensuring that employer portions of benefits (including health, vision, and dental), paid time off days, and pension contributions are properly tracked and paid for.
As you can see, payroll isn’t just making sure everyone in your employ gets paid on time. Depending on how many benefits you offer — and how many employees you have — payroll tasks can quickly pile up and become overwhelming alongside other tasks. Failing to properly process payroll in a timely manner is a huge misstep that can often be mitigated by the presence of a bookkeeper who handles it. Payroll representatives at larger firms do not always know the ins and outs of your business and can overlook these important aspects. We can customize your payroll to meet the needs of your business, while staying compliant with payroll tax laws. For our outsourced accounting clients, we can manage your payroll or work with your payroll firm to ensure that you payroll is handled properly.
Bookkeeping Services – Accounts Payable
Accounts payable bookkeeping is the tracking of orders and goods that you’ve received before you pay for them. In some instances, a vendor can send goods on credit to your company with a set amount of time for you to pay (typically Net 30). You’ll have that period to pay the vendor’s bill, but in the meantime this transaction is recorded by accounts payable.
An accounts payable bookkeeper will help you in the following ways:
- Keep accurate records purchase orders and invoices
- Provide timely recording of transactions in your ledgers
- Ensure that your expenses are properly processed and easy to understand
- Maintain up-to-date records of contracts or agreements with your vendors
- Ensure that 1099s are processed, when required
- Manage cash flow to optimize savings due to timely payments
Tracking accounts payable often requires keeping up with a massive amount of data and an eye for detail. Keeping accurate amounts in this process helps you understand where you sit financially as a business, and failing to pay an invoice can result in late fees, lost vendor relationships, or legal action against you.
Bookkeeping Services – Accounts Receivable
Accounts receivable bookkeeping services help you understand the money that’s owed to your business, rather than the money your business owes to vendors or suppliers.
In this case, an accounts receivable bookkeeper will help you keep track of the goods and services sold to your customers when they are allowed to pay at a later date. This still involves invoicing, following up for payment, and even setting up payment plans if your business wishes to provide this option. Common examples of this type of service are doctor’s bills, utilities payments, or transactions based on a payment plan (not financing).
Accounts receivable bookkeepers will keep track of all relevant transactions for your business and provide a document called an accounts receivable aging report, alongside other earnings tracking. This helps you understand how much money your business is making, how much is overdue, and sometimes whether you have bad outstanding debts owed to you that require follow-up.
Also important is tracking the source of revenue so business owners can be compliant with registration, filing, and payment of taxes in states that require excise or sales tax once a business meets their threshold.
FAQs – Nationwide Bookkeeping Services in Utah
Read below to learn more about some of the commonly asked questions about bookkeeping and how it can help businesses:
What is the Difference Between Accounts Payable and Receivable?
The difference between accounts payable and accounts receivable comes down to who is owed money in a business transaction. For accounts payable, money is owed by the company to another party — commonly referred to as a “creditor.” So for instance, if you buy something from a warehouse, their invoice is in the “accounts payable” category.
Accounts receivable is the inverse — it’s money owed to your company by a third party. So if you sell your product to a local vendor wholesale, they will owe you money for the goods and are thus “accounts receivable.”
What is a full charge bookkeeper?
Full charge bookkeepers are able to perform both accounting and bookkeeping duties for a business (typically a small- to medium-sized one). They may also be in charge of accounts payable, receivable, tax preparation, and payroll for your company.
How does payroll outsourcing work?
Payroll outsourcing is simpler than you might think. You’ll work with your chosen company or bookkeeper to ensure they have access to the information they need to process your payroll for you. This may include any human resource management tools at your disposal, or you may be offered a solution by your provider. If you (or an employee) have questions about anything or need help with their paychecks, they can contact your bookkeeper for clarification.
View our other Accounting Services or if you have any questions, contact us today!