MEJ Business Solutions Offers Virtual Bookkeeping Services to Small Businesses
Bookkeepers in Orlando, Florida
You are very busy as a small business owner and probably wear many hats. Suffice it to say that you have plenty on your plate. Tracking and maintaining your company’s financial records is just one more thing, right? Maybe you put this task on the back burner, but know that it is extremely important to the success of your business. Bookkeeping is the most basic accounting function and can easily be outsourced to a professional.
MEJ offers virtual bookkeeping services that you can off-load to us. The end benefit? You can have more time for other important activities in managing your business!
What Is Bookkeeping?
Bookkeeping is the most basic accounting function. It involves the regular recording of a company’s financial transactions, including revenue and spending. Though bookkeeping is the basic level of accounting service, it provides the foundation for good information you should stay apprised of for your business. Bookkeeping helps you stay on top of tracking expenses and preparing invoices, which enables you to make key operating, investing, and financing decisions.
At MEJ Business Solutions, we have the right mix of bookkeeping services for small businesses and we understand how to leverage the latest technology to both improve efficiency and provide better information to support decision-making.
There are four basic steps in bookkeeping:
Analyzing financial transactions and assigning them to specific accounts
Writing original journal entries that credit and debit the appropriate accounts
Posting entries to ledger accounts
Adjusting entries at the end of each accounting period
The Importance of Bookkeeping
When you, the business owner, have accurate and proper bookkeeping, you can be assured that you have a reliable measure of the business’s performance. Based on this information, you can then make general strategic decisions regarding revenue and income goals. Don’t overlook the importance of keeping records of every transaction, both expenses and revenues.
Virtual Bookkeeping Services
At MEJ Business Solutions, we partner with you to provide virtual bookkeeping services that are critical to the health of your business. Here are some of the basic bookkeeping functions we can do for you.
Recording Financial Transactions
You can’t get a good picture of where your business stands financially unless you have all transactions recorded correctly and accurately. Proper records allow you to identify all of your assets, expenses, income, and liabilities. Examples of financial transactions that need to be recorded include cash receipts, deposit corrections, requisitions, purchase orders, invoices, travel expense reports, and journal entries.
Posting Debits and Credits
Posting debits and credits is an important function in bookkeeping services because it ensures that the books are in balance. Credit and debit posting records the transactions in a bank account. Debits and credits must balance out so that the transactions are equal.
Maintaining and Balancing Subsidiaries and General Ledger Accounts
Performing the function of maintaining and balancing subsidiary accounts and the general ledger (GL) accounts is a fundamental task. Closing the books and maintaining the general ledger for your business is a top priority because all of your financial statements are constructed from the general ledger. The GL reflects a permanent summary of all your supporting journals. A subsidiary ledger is a group of similar accounts whose balances equal the balance in a specific general ledger account. Posting a debit or credit to a subsidiary ledger account and then to the general ledger, also called “control account,” provides the detail that supports the balance in a control account.
Reconciliation is an accounting process that compares two sets of records in order to be sure that the figures are correct and in agreement. Your bank reconciliation statements summarize the banking and business activities, therefore reconciling the business’s bank account with your financial records. It is vital that you compare your records to those of your bank. The bank reconciliation statements document and confirm that payments have been processed and cash collections have been deposited into a bank account. Without reconciling with your bank accounts, you may suffer from an overdrawn account, bounced checks, and overdraft fees.
Contact MEJ Business Solutions for Virtual Bookkeeping Services
Let MEJ Business Solutions provide your virtual bookkeeping services for your small business. We would like to be part of your team in providing vital accounting functions and helping you meet your goals. We take the heavy lifting of the bookkeeping tasks off of you so you can focus on other business management tasks. Contact us for a consultation today to learn more about how we can work together. Call us at (407) 385-0508 or fill out the easy-to-use form below.