Bookkeeping Service Philadelphia FAQ

Straightforward FAQ

When is the time to hire a bookkeeper?

The decision to employ a competent accountant is generally prompted by the business owner’s knowledge of working late into the night, only to find that they still do not keep up with their accounting duties. By this point, their books are generally out of order and, whether they know it or not, they also cost themselves money by paying more in taxes than they really need. Hiring a bookkeeper will help you increase the transparency of your company’s books so that you are completely aware of your profits and expenditures.

How is a bookkeeper different than an accountant?

To regular people, bookkeepers and accountants can look pretty much the same. They both document and maintain company financial records. The fact, however, goes far deeper and is far more complex than a simple explanation would have you believe in. In order to fully appreciate and understand what bookkeepers and accountants can do for your company, you must first understand the duties of each position.

Are there benefits of outsourcing bokkeeping?

Outsourcing your accounting to a specialist has many advantages. Maintaining the integrity of your books is a primary advantage. Moreover, outsourcing your accounting to a specialist helps ensure that you pay the correct amount of taxes, optimize your profitability and, most importantly, that you have more time to concentrate on the day-to-day operations of your company.

What is the cost difference of having in-house bookkeeper versus outsourcing?

Outsourcing finance and accounting is a long-standing tradition of the industry since it makes good business sense and is economically advantageous. Outsourcing accounting saves you money on payroll taxes, insurance, and other benefits, overhead for office space and equipment, and downtime

What do I need to know about Tax Nexus?

Nexus is also known as the substantial physical presence needed before you have to collect and/or pay taxes in a state. Having workers working in a state, having a warehouse or office in a state, and having a corporate officer or business partner living in a state are all circumstances that could cause a nexus; further, if you fulfill any of the conditions, this would result in a nexus.

It is best to contact the accounting officer on this matter to ensure that you comply with all applicable city and/or state tax laws.

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