woman wearing a mask at a computer doing small business bookkeeping

Getting Through COVID | Outsourcing Your Bookkeeping Can Help

COVID-19 has affected small businesses in ways they never could have imagined. It’s more important than ever to have an up-to-date and accurate understanding of your business financials. Outsourcing your bookkeeping to the experts at David Mills, CPA, LLC is the answer.

When the clock struck midnight on Jan. 1, few people could have envisioned the year that 2020 would become. The worldwide COVID-19 pandemic has upended businesses and forced companies large and small to re-evaluate. 

COVID-19 Changed How Small Businesses Operate

Some businesses have struggled during COVID-19 with lost business, redacted productivity, disrupted supply chains and more. Others have found their niche during the pandemic and have experienced business growth.

Businesses on both ends of the spectrum have realized now, more than ever, accurate financial data is key.

With offices in Morton and East Peoria, we’re Central Illinois small business bookkeeping experts. We understand most business owners don’t have the time to learn the skills necessary to accurately keep their set of books. That’s especially true in 2020 when business owners are faced with hundreds of additional decisions and challenges. Outsourcing your bookkeeping is the solution.

Our bookkeepers are current and up-to-date on all bookkeeping and payroll laws, so there’s no need to train your staff. This is especially vital in 2020 where cuts to payroll taxes, PPP loans and other COVID-related government programs have made the year unlike any other.

Up-To-Date & Accurate Financial Information is Vital

When you use David Mills, CPA, LLC to provide your small business bookkeeping services, you know you’ll receive timely financial information, allowing you to make sound decisions. 

Will you need to take out a small business loan? Should you refinance existing loans? The business climate in 2020 means many are re-evaluating their finances. Up-to-date information gives you the knowledge you need to make the best decisions for your business.

The pandemic has forced Americans to change their habits and spending. Perhaps your business has been one that’s benefitted from COVID-19. Trying to manage your bookkeeping while also staying on top of business demands can be a daunting task.

Running your business and catering to your customers’ needs is what you do best. Leave the bookkeeping to us. 

Every month, we will:

  • Record revenue and expenses
  • Reconcile your bank accounts
  • Generate income statements and balance sheets
  • Record any special journal entires
  • Provide an optional cash flow statement
  • Electronically file and pay your state sales tax
  • Generate current vs previous period profit-to-loss statements

All of the information is entered into a QuickBooks file, which can be easily retrieved whenever information is needed.

COVID-19 has made 2020 much more challenging, however, your business bookkeeping doesn’t have to be part of that challenge. Contact David Mills, CPA, LLC today.

Learn more about the small business bookkeeping services we offer.

Bookkeeping and its Importance to Businesses

Every business should be keeping track of their finances. And while nearly all large businesses or corporations have someone–or maybe even a team of people–bookkeeping for their business, small to medium size businesses tend to lack in this department. It is often due to the fact that the staff is too busy with the revenue generation activities like marketing or public relations. Bookkeeping keeps a record of purchases, sales, and receipts. Without it, financial transactions could be incorrectly recorded and future business planning could be compromised. This is why you should consider using our bookkeeping services. We offer both monthly and quarterly so you can focus on what’s important: your business.

Benefits of Outsourcing Bookkeeping:

bookkeeping

  1. No Need to Train your Staff: Our staff is always up-to-date and proficient in Bookkeeping and Payroll Laws, so you won’t have to waste time and money training your own staff.
  2. Timely Information: We make sure any important updates are given to you as quickly as possible so you can make sound financial decisions.
  3. No Costly Penalties: We electronically file your payroll forms and taxes so can avoid costly fees.
  4. Open Communication: There’s always a professional accountant here ready for your questions.
  5. Problem Identification: We will be able to identify problems before they become major issues.

Each month or quarter–depending on your chosen service–you will have access to all the files and information you might need for your business’ finances. It’s easily retrievable as well from a Quickbooks file so you can quickly and easily access any information you might need. Outsourcing your bookkeeping is a great way to approach finances for small to medium sized businesses, so make sure to give us a call. Our team of professionals is ready to help you and your business