Guide to Bookkeeping for New Business Owners in DFW


Guide to Bookkeeping for New Business Owners in DFW

By Smith & Smith & Ruiz CPA's

Starting a new business is a huge responsibility and making informed decisions will be the key to turning it into a success. Your business decisions depend on your finances and the state of your assets. A proper bookkeeping service can help you select which of your assets to keep this financial season and which ones to forego in order to cut cost.

Technically, the assets that are no longer making a profit are ones that should be let go in order to keep your business afloat. If you are in North Texas, have a CPA in DFW conduct your bookkeeping as their experience with the local market will help manage your finances more efficiently.

You can also follow this article for more guidelines: Small Business Week Guide to Accounting and Finance

Responsibilities of a bookkeeping team

Responsibilities of a bookkeeping team

A business cannot run without organized finances and it is only with proper bookkeeping that the business can take off as a success in the market. The critical decisions that you make in order to expand and grow is dependent on the management of your business assets. With a bookkeeping team providing you with detailed reports on the state of your finances, you can build for yourself a recipe for success.

Generally, there are 3 types of tasks handled by the bookkeeping team which are sorted in time intervals.

  • Weekly tasks include preparing and sending out payment invoices. Transaction details are organized and filed to be available at moment’s notice. Payments are made to the suppliers as well and this helps keep track of the business’ cash flow. It will help you make sure that the business has enough cash for the coming months.
  • Monthly tasks include making sure that the salaries go out to the respective employees and also make the necessary payments with the IRS. They will also review the monthly turnover and profit and tally it with the bank statements. Any overdue payments are carried out as well. Any VAT payments if you pay it monthly will also be carried out by the team.
  • Annual tasks include generating accounting reports and making sure you have covered all your tax payments. Preparing for taxes are an important stage in accounting and a professional CPA can help you get organized in time. Tax payments for LLCs are more complex and would require time to prepare all payouts.
  • Room to expand

    With proper bookkeeping you can have a detailed overview of your finances which is an important side to your business. However, there are several other responsibilities that need your undivided attention as well. To have CPAs handle your bookkeeping, you can keep your hands free to properly manage your business and also make decisions about expanding into a larger market.

    Need a bookkeeping service in Dallas, Fort Worth, Arlington & Seagoville area. Call (817) 466-9333 or (972) 287-5593