The Best Chicago Bookkeeping Service For Small Business Owners
By having a back office solution in place, entrepreneurs can stop stunting the growth of their business and start embracing success. The failure of many businesses comes from spending too much time and resources on things that could be handled in a more efficient manner.
GLG Accounting has seen this growing epidemic, and we want to make sure that businesses can have access to the most reliable and cost-effective Chicago bookkeeping service.
Bookkeeping can be time-consuming, especially if it isn’t done efficiently. You should spend more time taking your business to the next level – not on how much “book work” you have to catch up on. That’s why you need to have an efficient system, so you can keep track of how much you’re bringing in and taking out.
The Bookkeeping Services Process
The purpose of bookkeeping is to record the financial activity of a company or organization, and the effect it can have on its cash flow. It can be done manually, but an electronic method will be more common in today’s Digital Age.
Part of the process is to keep track of documents associated with recorded transactions, which can include:
- Deposit Slips
Other banking information may also be recorded, and each entry is totaled at the end of every month. This is done according to money taken in (under the “debit” column) and money taken out (under the “credit” column).
Bookkeepers can use this information to create financial statements, which can include:
- Income Statements – Shows a summary of the company’s profit or loss.
- Balance Sheets – Shows the company’s financial position.
- Cash Flow Statements – Illustrates the company’s cash flow.
- Statements of Changes in Equity – Shows the change in a company’s cash reserves and retained earnings.
Every one of these documents can give a company some insight about its financial situation.
Chicago Bookkeeping Systems
By having a back office solution in place, entrepreneurs can stop stunting the growth of their business and start embracing success. The failure of many businesses comes from spending too much time and resources on things that could be handled in a more efficient manner. GLG Accounting has seen this growing epidemic, and we want to make sure that businesses can have access to the most reliable and cost-effective Chicago bookkeeping service.
The Chicago Bookkeeping Service Process
Companies will use two main types of bookkeeping systems, and both of them have their uses and their advantages.
Here is a list of the two main bookkeeping systems:
- Single-Entry System – It involves a “cash book” that is like a checking account statement. It records the income and expenses associated with that business or organization.
- Double-Entry System – Every transaction is recorded in at least two different ledger accounts.
The single-entry system is enough for most small businesses, but a double-entry system can be used to record additional information. It can include information with regard to assets, liabilities, equity, expenses, and revenue accounts.
The Benefits of a Chicago Bookkeeping Service
As fellow entrepreneurs (and financial professionals), we know how a bad accounting system can affect a business. We’ve spent years developing the most efficient and effective bookkeeping process. By working with us, you will be able to enjoy the fruits of our labor.
Don’t let lack of time be an excuse for bad bookkeeping. Let our CPA’s do the work for you, so you will never have to worry about being behind on your finances. That way, you won’t waste precious time on tedious tasks you can hand off to someone else.
Some of the bookkeeping services we offer include, but are not limited to:
- Accounts Payable
- Accounts Receivable
- Bank Reconciliation
- Balance Sheets
- Cash Flow Reports
- Bookkeeping Cleanup
- Custom Financial Reports
- General Ledgers
- Income Statements
- Non-Profit Bookkeeping
- Outsourced Bookkeeping
Our team is trained in all aspects of financing, and we can make sure your books are in order. That way, you can focus on building your business and taking it to the next level.
GLG Accounting has expert CPA’s who are trained to manage a company’s financial records, and they deal with numbers every day. Not only can we keep track of your books, but we can also help you prepare your taxes. So, we can be your “one-stop shop” for all your accounting needs.
If you want more information about our premier Chicago bookkeeping service, contact us to schedule your FREE consultation. We would be happy to speak to you about our process and what we can do for your business!