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Whether you are a small or large business, keeping track of your finances is important for your business growth and stability. It also helps in making smart financial decisions. However, with the running and management of the business, the task of bookkeeping can easily wear a business owner down and that’s why many of them opt for outsourcing accounting services. With a certified bookkeeper, you need not worry about having to keep a record of the finances and employees’ payroll yourself. Many accounting firms offer payroll services Joliet and they provide you with regular financial reports on your business. Joliet Tax Preparation and CPA Services is one of such bookkeepers near me.

What is Bookkeeping?
Bookkeeping involves the keeping of financial records and transactions of a business. It also includes the preparation of regular financial reports, income, and balance statements. Organizing employee’s payroll, ensuring all invoices and receipts are properly documented are also part of a bookkeeper’s job. The financial records and documents kept by your bookkeeper are then given to your accountant for tax filing and preparation. Your accountant is in charge of tracking the financials of your business and helping you make strategic money decisions based on your financial situation. 

Bookkeeping Services
Although bookkeeping and accounting services can be done by the same person, the two jobs have distinct descriptions. The services involved in bookkeeping include:

• Setting up an efficient financial system with bookkeeping software to keep track of finances.
• Oversee the filing and setup of payroll services.
• Preparing and filing of sales tax
• Keeping track of accounts payable and accounts receivable. 
• Income and expenses are properly organized, including reimbursement of employees.
• Preparing regular financial reports and cash flow analysis. 
• Registering and bookkeeping of inventory. 

Hiring the services of a certified bookkeeper is a lot more efficient than trying to get the financial tasks done yourself. Unless you have a wealth of financial knowledge, it’s always best to let an expert bookkeeper or certified public accountant Joliet handle it.

What to look out for when selecting a bookkeeper?
There are certain tips that can aid your selection of a suitable bookkeeper and good accountant for your business.

• Certification and credentials: Hire a certified bookkeeper with the right credentials in accounting procedures and practicality.
• Experience: Hire a candidate with prior experience in the field of bookkeeping. This way you can have an idea of the individual’s performance based on previous records.
• Bookkeeping software knowledge and experience: Your prospective bookkeeper ought to have some experience with bookkeeping software and its operations. If not, this might impede the efficiency of the work to be done. 

References and reviews: Make sure to research all prospective candidates and find out reviews on their work performance. Ask for references to their previous employer and go through online reviews for their services.