Are you bogged down by paperwork, struggling to maintain accurate records, and falling behind on your bookkeeping? Without a reliable system, managing day-to-day finances can quickly become a major source of stress.
Inaccurate bookkeeping can cause delayed payrolls, can lead to employee dissatisfaction, cash flow issues, and even compliance penalties. When your financial records aren’t organized, it becomes difficult to make informed business decisions, ultimately stunting your growth.
At Jennings, Hawley & Co., P.C., we offer reliable bookkeeping and payroll management services that take the stress out of financial record-keeping. We ensure your financials are accurate, up-to-date, and fully compliant with tax regulations, while keeping your payrolls processed on time, every time.
Who is this ideal for?
- Small to mid-sized businesses needing professional financial record-keeping.
- Business owners looking for seamless payroll management and compliance.
- Companies struggling with cash flow management and decision-making.
Services
- Full-Service Bookkeeping: Streamlined and accurate bookkeeping to keep your finances in order.
- Payroll Management: Ensure your employees are paid accurately and on time.
- Cash Flow Tracking: Stay on top of your cash flow with detailed reporting.
- Financial Statements: Monthly, quarterly, and annual financial statement preparation.
Value Proposition
By partnering with us, you’ll have accurate, real-time financial information at your fingertips, allowing you to make smart decisions for your business. With error-free payroll and financial statements, you’ll stay compliant while avoiding financial bottlenecks.
Streamline Your Finances Today!
Get in touch with us for a FREE 30-minute consultation and learn how our bookkeeping and payroll services can simplify your financial management.
- Call Us: (361) 884-8894
- Email Us: JHC@jenningshawley.com
Bookkeeping With Jennings & Hawley
Our staff performs monthly or quarterly accounting services to assist your company in properly executing top notch financial reporting. We also offer payroll preparation and payroll tax reporting services. We provide staff for accounting overload to handle cut-off, bank reconciliations, adjusting journal entries and reports. We prepare monthly cutoff schedules for client accounting staff and provide staff for permanent and temporary controllership functions.
Bookkeeping refers to the recording of financial transactions, which is part of the accounting process for businesses and other organizations. These transactions can include purchases, sales, receipts, and payments by an individual or an organization/corporation. There are several bookkeeping methods. While they may be considered to be “real” bookkeeping, any method that’s used to record financial transactions is a bookkeeping process.
Types of Bookkeeping
There are several types of bookkeeping, but two the most common include:
- Single-Entry Bookkeeping — This method records all transactions in a single row and is good for keeping track of cash, taxable income, and tax-deductible expenses.
- Double-Entry Bookkeeping — This method records all transactions twice (usually as debit and credit entries) and often uses the accrual method for liabilities, equities, assets, expenses, and revenue.
While single-entry bookkeeping is simple, the double-entry method is more thorough and is less likely to produce errors.
The Functions of a Bookkeeper
Bookkeepers provide the records that are needed for businesses to understand their financial situation. They also look for any monetary issues that may need to be taken care of. Proper planning and scheduling are important parts of bookkeeping, because they need to stay on top of records on a weekly or monthly basis.
Bookkeeping will involve several different elements and steps that apply to every type of business, which include the following:
- Documenting every financial transaction (both payments and expenses).
- Recording all debits and credits.
- Sending invoices and processing payments.
- Preparing financial statements (such as the balance sheet as well as reports for income and cash flow).
- Maintaining and balancing a general ledger.
- Performing daily banking activities.
- Completing functions related to payroll.
Bookkeepers can work with a number of different clients, and their main responsibility is to take care of the daily financial activities that are associated with their business. They oversee and record all incoming and outgoing transactions, create budgets, and balance ledgers. They may even have to manage payroll.
The Importance of Bookkeeping for Your Business
Keeping up with records for your business might be something you’re willing to do yourself, and the system you use doesn’t have to be complicated. The ledgers can be straightforward, especially if you only have a few employees (or none at all). The most important part of the bookkeeping process is to stay organized and to keep track of the details, which starts with deciding on which system you want to use.
If you prefer to delegate this task to someone else, you might be wondering where to look. You can start by reaching out to other business owners for recommendations. You can also look online for people who provide this service. You can even read reviews on Google or Yelp. If you don’t feel comfortable with hiring a freelancer, there are a number of firms that offer bookkeeping services.
In this day and age, the people you work with don’t have to be in the same city, state, or time zone. Remote work has grown considerably in almost every field (including bookkeeping). So if you find someone who is a good fit for your business, it doesn’t matter where they are.
Frequently Asked Questions (FAQ)
When it comes to its financial health, bookkeeping is an important part of any business. Whether it’s to ensure that records are kept up to date or to submit documents on designated tax deadlines, it can mean the difference between running things smoothly and struggling with the much-needed financial administration. You may have a lot of questions about bookkeeping, which is understandable. You may not be sure about what it involves and why you would benefit from hiring a professional bookkeeper.
Here are some of the common questions people ask about bookkeeping and why it’s important.
The bookkeeping process is focused on filing and keeping track of the financial transactions within a business. A bookkeeper will often create a summary of these activities, which will serve as a guide on the business’s financial health. Some of the other tasks that a bookkeeper will be responsible for include the following:
– Compiling invoices.
– Facilitating bill payments.
– Getting tax returns ready for applicable deadlines.
A bookkeeper will keep an eye on any important financial indicators that are specific to a business. In some cases, he or she will advise business owners on financial strategies.
Bookkeepers are primarily tasked with entering data and making bank reconciliations, especially when it comes to small businesses. Other responsibilities of a bookkeeper will may the following:
-Compiling reports.
-Following up on accounts (both receivable and payable).
-Filing taxes.
-Putting together annual profit and loss reports (along with balance sheet reports).
-Helping business owners with their budgets and forecasting.
-Offering advice on the best software to use for specific business needs.
-Offering training for staff with regard to best practices for bookkeeping and bookkeeping software.
In some cases, bookkeepers will serve as liaisons for accounting meetings and can even act on their client’s behalf when it comes to engaging with tax authorities. Each individual bookkeeper may offer some or all of these services, call us today to find out what Jennings & Hawley can do for you.
Accountants and bookkeepers may work together in certain situations, so there may be some overlap in some circumstances. But their skills and levels of expertise aren’t the same. Bookkeepers take care of the daily financial records of a business and can even perform quality checks. Accountants will analyze and report on the information they may get from bookkeepers. Their reports will provide snapshots of how businesses are performing on a financial level and will have information about their tax liabilities.
Because of their diverse responsibilities, you should consider hiring someone for each role. A bookkeeper will make sure your records are up to date, but an accountant will use that data to measure the performance and growth of your business. An accountant will also be able to give you insights into how you can maintain a good financial trajectory.
Technology has made it possible for many bookkeeping processes to be done online, and many bookkeepers can offer their services virtually. This can be beneficial if you only want the best on your team and don’t mind working with service providers who are located in proximity to your business. But for some companies, having someone close enough for face-to-face meetings may be preferable.
Aside from the fact that you can minimize time constraints, hiring a bookkeeper can make sure your business complies with all legal standards and is updated on any changes in the laws (including ones that are associated with payroll and taxes). A bookkeeper will be able to give you a “bird’s eye view” of your company’s financial health and will give you advice about whether you should avoid actions that could put your business at financial risk. When you get the right bookkeeper, your business will get support that goes beyond just logging in data. You’ll have someone to help you answer questions about different financial processes within your business.
One of the first things to think about when you’re hiring a bookkeeper is the person’s experience, especially when it comes to the services that relate to your business. You need to work with someone who understands the typical requirements for bookkeeping services that are specific to your industry, so you should do a careful review of each one you’re considering.
If you’re looking for a CPA in Corpus Christi to help you take care of all your bookkeeping needs, be sure to get in touch with Jennings & Hawley.