Accounting and Bookkeeping Services
Timely and accurate financial reporting and management at a fraction of the cost.
Every business owner understands how important it is to keep your financial house in order. When you’re busy running a growing company, however, you don’t have time to deal with day-to-day accounting and bookkeeping concerns. You need an experienced financial team you can trust.
At The CEO’s Right Hand, we offer top-notch accounting and bookkeeping services. Our accountants are knowledgeable professionals with systems expertise, who understand the nuances of your industry. You get peace of mind and the ability to focus on your business knowing that we have it under control. Our accounting and bookkeeping services include:
Get the financial statements and reports you need to run your business. This includes an income statement, a balance sheet, a statement of cash flows, and customized reports.
Budgeting and Forecasting Support
We work with you to develop comprehensive budgets and forecasts. Then we integrate them into your accounting system so you can track how you’re doing and avoid surprises.
Accounting Software Configuration
Set up your online accounting solutions to track the income and expenses related to each client and project. This will ensure that you have accurate and timely insights at your fingertips.
Simplify your accounts payable process. We review invoices against your contracts, handle the data entry, and communicate with your vendors to ensure you never miss a payment.
Build a reliable system for ensuring cash flow. We generate invoices, deliver accounts receivable aging reports, and chase down overdue payments while keeping you informed.
Payroll and Benefits
Delegate tedious payroll and benefits processing tasks to our experts, so you can focus on your business and rest easy knowing that your valuable employees are taken care of.
What to Expect from an Accounting and Bookkeeping Service
At the CEO’s Right Hand, we become part of your team. Successful clients typically pair our accounting and bookkeeping services with the strategic advice of our fractional CFOs. We clarify your short and long-term goals, then review your existing processes and systems and make recommendations.
A typical engagement starts with a thorough review of your data, along with an assessment of how it’s maintained and the checks and balances you have in place. This allows us to fix any issues that affect the integrity of your information before developing a monthly cadence of management and reporting.
We offer a full range of strategic, financial, and operational services. In addition to accounting and bookkeeping, we provide outsourced CFO and tax services. So you don’t just get an accountant or a bookkeeper, you get the expansive knowledge of our entire team. Schedule a free consultation today to learn what we can do for you.
Frequently Asked Questions (FAQs)
What is an accounting and bookkeeping service?
An accounting and bookkeeping service develops and maintains an accurate set of records pertaining to your business’s financial transactions. It then produces the statements and reports you need to make financial decisions. It’s an ideal solution for small businesses that don’t need (or can’t afford) a full-time employee in this role. It’s also a sensible option for medium-sized businesses that wish to enjoy the efficiencies and cost savings they gain from having an outsourced team.
In addition to timely management of your accounts receivable and accounts payable needs, some accounting and bookkeeping services can also administer your payroll and benefits.
What is the difference between bookkeeping and accounting?
A bookkeeper tracks your business financials. This means they keep an accurate record of the day-to-day inflows and outflows of cash related to your business activities. An accountant, in contrast, is responsible for analyzing these financial records. They scrutinize the data to ensure accuracy, generate reports, and offer insights as to the meaning of this data.
How much does an accounting and bookkeeping service cost?
The cost of accounting and bookkeeping services will vary widely, depending on the scope of your needs. When charging hourly, outsourced bookkeepers typically run about $80 an hour, whereas an accountant can command closer to $150 an hour. So the cost of an ongoing relationship could run somewhere between $1,000 (for a very small business) and $3,000 per month, or $12,000-$36,000 per year.
When you compare this to the total average cost of a full-time bookkeeper or accountant, which is roughly between $60,000 and $80,000 per year (including bonuses, benefits, and overhead) the value is clear. With a service, small businesses that don’t need (or can’t afford) to hire a full-time employee can still get the support they need at a fraction of the cost.
Do I need a bookkeeper if I have QuickBooks?
QuickBooks is a great tool for keeping track of your business’s finances when you’re just starting out and doing it all yourself. As your business grows, however, so will the complexity of keeping track of and managing your cash flows. As an entrepreneur, your time would be better spent on running the business. So although you may continue to use QuickBooks for some time, eventually you will want to delegate the day-to-day management of your finances to a bookkeeper.
What are the benefits of outsourced bookkeeping and accounting services?
The main benefit of hiring an accounting and bookkeeping service is that you get to delegate the tedious task of financial tracking and management, so you can focus on running your business. Furthermore, the service will offer specially trained bookkeepers and accountants who will be able to provide a level of expertise that you may not have in-house.
Another important benefit of working with a service is that you get the support you need at a fraction of the cost of hiring someone full-time. With a service, you may sign a contract for a certain duration of time, but you’re not committing to having another person on your payroll. You won’t be responsible for the extra costs involved in hiring such as payroll taxes, vacation, retirement, insurance benefits, or overhead.