Using online banking saves you money.

One way online banking saves you money is by helping you detect fraud faster. You will be able to access your account anytime in order to see the checks, debit card transactions, and credit card transactions that have cleared, usually within twenty-four hours of the transaction. If you see something that is wrong you can call the bank and have the transaction investigated right away. Changing your method of receiving bank and credit card statements to paperless can also help you avoid having them stolen from your mail. Plus with many banks you also save the cost of paper statement fees.

Another way online banking saves you money is by saving you the cost of more time – Allison Bookkeeping’s time to be more exact. The process of reconciling your bank and credit card accounts take less time when done with online banking versus a paper statement. Using online bill pay is fast and quick, and therefore less expensive than the cost of stuffing envelopes. It also reduces your costs of postage and paper check stock.

Online banking is also a green solution for your company. By reducing your company’s use of paper you are helping to preserve the environment.

Simply put specialization in QuickBooks was chosen because it is the dominant bookkeeping software on the market for small businesses. There is a very good reason for this – QuickBooks is very user friendly while being highly functional. It is our opinion that the better you get to know QuickBooks the more you will love what it does for your business!

A bookkeeper maintains the daily and monthly books. Their duties include:

  • Accounts Payable – the documentation and payment of bills you receive from vendors. This also includes preparing use tax return filings and annual 1099s for subcontractors.
  • Accounts Receivable – the documentation, invoicing, and receipt of payment for services and goods you provide to customers. This also includes making collection calls and preparing sales tax return filings.
  • Payroll – the documentation and payment for earnings paid out to your employees. This also includes preparing payroll tax filings and W-2s for employees.
  • Reconciliation – the balancing and settling of your accounts. The most common example is bank accounts, but this also includes credit card accounts, other credit accounts like PayPal, and statements received from vendors.
  • Inventory – tracking of inventory based on receipts and sales of product.

Certified Public Accountant (CPA) or Certified Tax Preparer (CTP) specializes in doing quarterly and annual taxes. They understand the taxation codes for the Internal Revenue Service and Colorado Department of Revenue in great detail. A good CPA or CTP are well worth the fees they charge to do your quarterly and/or annual taxes.

Using a CPA or CTP to do your daily and monthly bookkeeping is often much more expensive than a bookkeeper. Also many CPAs and CTPs do not provide bookkeeping themselves and outsource this function to bookkeepers, or they may have a bookkeeper on staff.

Allison Bookkeeping’s hourly rate for bookkeeping services is usually more affordable than what a CPA or CTP will charge for the same service.

Contact Open Book Consulting for a quote for your financial needs