Diane's Bookkeeping of Baltimore
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Why do I need a bookkeeper?
What is the difference between a bookkeeper and an accountant?
Bookkeepers and accountants are not the same. Bookkeepers focus on daily, weekly, and/or monthly tasks. They provide information that allows you to keep track of cash flow, pay your bills, and bill your clients. A bookkeeper can also do your payroll, reconcile your bank account and credit card statements, and handle the sales tax payments. Bookkeepers free you from handling tedious financial tasks so you can focus on running your business. An accountant, or CPA, has a higher level of expertise. They provide analysis, certified year end financial statement preparation, tax returns, and deal with the IRS. Think of the accountant as your money's doctor, and the bookkeeper as the nurse.
But can't my accountant do everything?
You can give everything to your accounting firm. After you walk out the door, the accountant will hand everything to a bookkeeper the accounting firm employs to handle the grunt work, while you are being billed a higher hourly rate than if you had hired a bookkeeper to handle it yourself.
What does a bookkeeper do?
Bookkeepers pay bills, bill customers, and record all these transactions so that reports can be generated showing money coming in and money going out (cash flow). They can also handle payroll, collections, and other financial tasks such as reconciling the bank account.
But what if I only want my information organized and recorded?
Sometimes smaller businesses don't need a person around to handle record keeping daily, or even weekly. But it's still important to keep organized records for tax purposes and business decisions. A bookkeeper can organize and record the checks you've written and money you've taken in, reconcile your accounts, and generate reports so you have an accurate picture of the financial status of your business. You'll also have everything ready when tax time rolls around.
Will you work remotely?
All your bookkeeping needs can be handled at my location if you so choose. Or we can work at your location. Or a combination of the two. With secure cloud computing, file sharing, and complete online solutions available to today's businesses you have many options. I would be happy to discuss customizing a bookkeeping services plan that works best for you.
Can you work at my location?
This may be a possibility, depending upon availability, up to one full 8 hour day per week. Please remember that Diane's Bookkeeping is a service company with multiple bookkeeping clients. If your business requires a bookkeeper on site more often it is highly likely you require an employee to handle the work rather than outsourcing your bookkeeping to an independent contractor.
What is the difference between an independent contractor and an employee?
An independent contractor is someone who provides services for a number of different clients. They are in business for themselves and have their own expenses, provide their own equipment and work space, have the potential for their own profit or loss, and give the client an end result in which the client has little or no say in how the contractor achieved that end result. Independent contractors are paid like any other bill. You do not withhold taxes, pay for workers' compensation, or provide benefits. If you part ways an independent contractor is not eligible for unemployment compensation. However, an employee is someone your company trains, you give them direction on how to perform the work required to achieve the end result, provide them with equipment and supplies, provide them with workspace, and they usually work exclusively for you. Your company pays the employee an hourly rate or a salary, withholds taxes, is responsible for FICA, Medicare, and workers' compensation, and may or may not provide benefits.
Which bookkeeping software do you use?
QuickBooks is the preferred accounting software of Diane's Bookkeeping. We can also consider Sage 50 (formerly known as Peachtree) or Sage 300 ERP (formerly known as Accpac). Diane's Bookkeeping can also provide Excel format spreadsheets if required.
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