Good Bookkeeping Helps Keep Small Business in the Black
BookKeeping Express Examines the Benefits of Efficient Bookkeeping
MCLEAN, VA, August 27, 2009 /24-7PressRelease/ -- With more than 28 million small businesses around the United States, BookKeeping Express offers a much-needed service for small to medium sized businesses (SMBs) that are not equipped or do not wish to handle accounting responsibilities.
From setting up charts of accounts and general ledgers to monthly data entry, processing and managing accounts payable and accounts receivable, BookKeeping Express allows small business owners to focus on what matters most...running their business.
"Owners need to know where their money is coming and going, because not only will it keep the business running efficiently, but also give insight as to what aspects of the business are less profitable," said Greg Jones, chief executive officer at BookKeeping Express.
As the SMB community in the U.S. harnesses the momentum of an upturn in the economy, consistent bookkeeping can leave a lasting impression on a business.
The following bookkeeping tips are timely reminders of what small businesses should do to keep their books balanced:
- Maintain daily records
- Review bank statements and credit card statements
- Set up a petty cash box
- Keep yearly records in separate storage box
- Have a separate checking account and credit card for your business
- Save all receipts
- Establish and maintain a chart of accounts
Bookkeeping can save small business owners hundreds of thousands of dollars every year. In addition to the financial reporting and tracking benefits, bookkeeping can help entrepreneurs grab hold of their vulnerabilities.
"Beyond just knowing revenues and expenses, bookkeeping helps owners and managers organize themselves. Psychologically it can set the mind at ease knowing where the business stands at the end of each day," Jones added.
For example, small businesses with fewer than 100 employees are most susceptible to occupational fraud, suffering a median loss of $200,000 during the past 12 months. The most common of these small business fraud schemes were check tampering and fraudulent billing, according to Jones.
Outsourcing your bookkeeping duties is a safeguard against theft. Outside providers such as BookKeeping Express, are credible resources. In the case that something looks wrong, outsourced bookkeepers are more likely to alert their customer as soon as possible. Internal bookkeepers may be part of the problem.
About Bookkeeping Express
Bookkeeping Express, a national company focused on providing professional bookkeeping practices to small businesses, was founded in 1984 in California and grew to over 150 locations through licensing agreements. In 2007, Greg Jones, along with Bob Stocker and Merritt Green, purchased the company and launched the new business model in McLean, Virginia in January of 2008. Bookkeeping Express is currently registered to franchise in 41 states.