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. The process of entering transactions and reconciling your bank and credit card accounts take less time when done with online banking and utilizing the Bank Feeds feature in QuickBooks Online. 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 Online was chosen because QuickBooks Online is very user friendly while being highly functional. QuickBooks is the dominant bookkeeping software on the market for small businesses and the Online version is more mobile (web based) and has many options for application enhancement (“There’s an App for that”). It is our opinion that the better you get to know QuickBooks Online the more you will love what it does for your business!

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

  • Accounts Payable – the documentation and payment of bills you receive from vendors. This can also include preparing annual 1099s for subcontractors.
  • Accounts Receivable – the documentation, invoicing, and receipt of payment for services and goods you provide to customers. This may include 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, loan accounts, other credit accounts like PayPal, and statements received from vendors.

Certified Public Accountant (CPA) or Certified Tax Preparer (CTP) specializes in doing annual taxes. They understand the taxation codes for the Internal Revenue Service and Colorado Department of Revenue in great detail and focus the majority of their time on the year-end tax impact.

Many CPAs and CTPs do not provide bookkeeping themselves and outsource this function to bookkeepers, or they may have bookkeepers on staff. In many tax firms bookkeeping is done re-actively for tax purposes.

Open Book Consulting specializes in a proactive approach to bookkeeping and encourages business owners (or their designated employee) to be involved in the bookkeeping process to some degree. We believe helping you understand your numbers enables you to make smarter business decisions all year long.

Contact Open Book Consulting for a quote for your financial needs