Why do many businesses fail despite their respective industry’s consistent growth? One of the main reasons is the lack of financial records. Missing the major aspects of accounting, and the business managers are not aware of the money influx and expenditure. Many new business owners and young entrepreneurs may not be aware of advanced accounting practices, hotel accounting systems, point-of-sale systems, and Bookkeeping Services. The businesses must record every transaction, regardless of scale, and maintain a well-organized system. From where they can retrieve financial data at any moment.
And here, recording transactions is not for any law enforcement agencies or the sake of law. Well-organized accounts speak about the health of the business. Let us explore more about the Bookkeeping Services offered by Nimble Property and its best practices that help you stay organized and keep your accounts ready for any business analysis, apart from regulatory requirements.
Budeting and Planning
Booking helps you stay organized, keep track of income and expenses, and bring you a summarized report of balance, depreciation costs, profit and loss, and numerous accounting variables based on the size of the business. Particularly in service-oriented hotel businesses maintaining detailed records is imperative. Financial reports generated with advanced analytics give a clear picture of business performance, help the revenue managers focus on areas of improvement, and develop a strategy for upcoming financial years.
Data Management
The basic aspect of any finance is managing data, in bookkeeping transactions, are recorded daily, and statements are generated making use of that information. All these tasks are handled by bookkeepers, in the Nimble Bookkeeping Service we allocate a dedicated relationship manager who is a certified professional to look after the service. Nimble makes use of objective character reading technology to extract the data from scanned invoice copies. The entries were approved post-verification. All the data will be handled with utmost importance. Depending on the requirements of the clients, sometimes payroll management is also allocated to this service.
Bank Reconciliation Process
The reconciliation process deals with matching the business transactions with actual bank statements. The advanced feature of Nimble Property includes auto reconciliation, all the day-to-day transactions get reconciled without manual effort. However, a bookkeeper has to manage the process, if there are any discrepancies, inform the same clients and address the issue at the earliest. The entire transaction within the business must go through the reconciliation process. Usually, Nimble’s Bookkeepers or relationship managers make weekly reconciliations to monitor unauthorized transactions.
Accounts Payables and Receivables
Accounts payables and receivables, both are day-to-day activities, they decide the overall financial health of any business. Nimble’s RM looks after processing invoices through automation tools and takes them as entries, which further helps maintain cash flow. This organized maintenance helps the accountants keep books clean. Set reminders for vendor payments and clear all the bills regularly. In addition, our certified accounting professionals will have regular monthly calls with clients before closing the monthly books.
Payroll Information
Nimble’s interactive dashboard throws light on detailed analytics of investment against the labor costs incurred. It also includes department-wise expenditure on labor against returns. Here, Nimble Bookkeepers records each employee’s details along with the wages, in case the client is using any other service for payroll processing, they can directly import payroll files into Nimble Property.
Prepares Financial Reports
Bookkeeping means recording the transactions daily, whereas accounting deals with overall financial health. The bookkeeper plays a crucial role in helping generate financial reports.
Balance Sheet:
Provides a glimpse of what the company owes and equity of shareholders, assets, profits, and other financials. Experts can easily evaluate the business, using these metrics.
Profit and Loss:
Provides a summary of the property’s performance, revenue, costs, and loss. It enables the owners to focus on growth opportunities.
Cash Flow Statement:
All the money generated through services or business operations is recorded in this statement. It speaks about the purpose of your investment.
Accounts Receivable:
Pending bills from customers or receivables are included in this section.
Accounts Payable:
Vendor payments are streamlined in this section. The statement shows the due amount to be paid to all the suppliers.
All the above financial statements are maintained on a weekly, monthly, and yearly basis by the bookkeeper.
Adhering to Tax Regulations:
A bookkeeper ensures that financial reports are clean and ready for the tax season. All the financial statements are calculated as per the deductions set by the respective agencies.
Apart from the above-mentioned aspects of bookkeeping services, Nimble Bookkeeping Services extends a helping hand through continuous support. Our dedicated certified chartered accountants and accounting professionals are always available to answer your queries anytime. We have been successfully offering services to over 1100 clients in the United States. We are planning to expand our services in the entire North America.
Conclusion: Designed by industry experts, Nimble Bookkeeping services cater to a wide range of property owners in the United States. Our dedicated relationship managers continuously work to record all the day-to-day financial transactions to help businesses generate flawless financial reports annually.
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