The ABCs of Affordable Business Bookkeeping Dallas
A is for Accounts
You need a bookkeeper who can keep up with every type of account. This includes expenses, revenues, assets, liabilities, and equity.
Our bookkeepers produce financial documents and other statements in addition to preparing deposits and checking receipts. They handle staff payroll, invoices, purchases and keep track of all accounts. It is important that all bookkeeping documentation is done in a timely manner without errors.
Part of our job is thorough reporting. This documentation helps you know what’s happening in real time even as you plan the future of your business. Having an accurate knowledge of your business finances is essential.
Our team provides the following to our customers on a regular basis:
- Reconciled bank statement
- Balance Sheet
- Statement of Cash Flow
- Operating Statement
- Retained Earnings Statement
- Performance Graphs
- Detailed General Ledger
- Quarterly Tax Reports
B is for Bookkeeping Method
To achieve a true financial picture of your company’s health, you need to pick the best bookkeeping methods. Accrual shows money in the month it was earned, not necessarily paid. Cash is more straightforward, showing when the payment arrived instead of when the debt occurred.
Double entry bookkeeping keeps track of expenditures and debts according to generally accepted accounting principles. It offers a true look at your liabilities and assets on a monthly or even weekly basis.
C is for Candor
While an employee is less likely to give it to you straight, an independent bookkeeping team will tell you exactly what they see. That candor is essential to your business’ financial health. You will know the good, the bad, and the in-between. With that knowledge, you have the best chance of succeeding now and in the future.
The Top Five Reasons to Outsource Bookkeeping Services
1. Focus Your Resources on Growing Your Business
Many companies have discovered that outsourcing bookkeeping allows them to focus their resources on running their business. While we handle the grunt work, you handle talent, productivity, and growth planning. Our team is focused on receivables vs payables and single vs double entry. Our goal is to produce accurate income statements and balance sheets.
2. Reduce Your Payroll Costs
The cost of outsourced services, when you utilize the Slaton team, can be far less burdensome than hiring someone full time. After all, you are paying just for the hours you need and not paying extra for fulltime benefits and salary. Plus, our team provides fresh eyes on every item on your balance sheet. Our goal is to do the math and to report to you accurately without bias or agenda.
According to the U.S. Bureau of Labor Statistics, the average pay for an in-house position is over $40,000 for someone starting out in bookkeeping. It’s no wonder. Keeping the books is a complicated job, and a thorough understanding of everything from double entry to general ledgers is essential.
3. Be Ready on Day One
If you are just starting out, you need a bookkeeper who is ready on day one. Our team has the know-how to get your business on a good financial footing. We understand the demands of day to day financial recordkeeping and tax related matters. We’ve got expert knowledge of general ledgers and the ability to present financial data to you that you can understand.
4. Ensure Continuity
Choosing our team provides you with continuity, even during times of turn-over within your own team. You can set a new course and know that we will keep your books on an even keel, despite any turbulence your business may be dealing with.
5. Save Money on Software
Our team has access to the best bookkeeping software, providing you with the benefits of good software without incurring unnecessary costs.
Better Financial Services for Your Dallas TX Business or Organization
Michael Slaton has been in the financial services business here in Dallas for over 30 years. He’s seen business needs grow as quickly and broadly as Dallas itself. He’s assembled a team of bookkeepers and other financial professionals to handle the needs of many different types of entities.
Slaton professionals handle the needs of big businesses, small businesses, franchise owners, and start-ups. We are happy to serve nonprofits as well.
Our team will provide expert care for your business books. Ask us about the best way to handle your bookkeeping needs.
For Your Information: Bookkeeping and Relevant Government Resources
Slaton Financial Services staff must keep up-to-date on a variety of tax issues due to our work in bookkeeping and tax preparation. The Texas Comptroller is the government entity responsible for taxes and fees. Here are some resources from the Comptroller that many business owners find helpful.
Grocery and Convenience Stores
The grocery store resource page explains what is taxable under Texas sales and use taxes. This is vital information for our bookkeeping clients who are in the retail food business, whether it’s a grocery chain or a busy convenience store.
Restaurant owners must pay taxes on many goods and services, but sometimes items are exempt. This restaurant resource page explains what can be purchased tax-free and what restaurant owners must pay a sales tax on.
This homebuilders resource page explains how sales taxes are applied to general contractors, developers, and more. Residential repair and remodeling has similarly complex tax rules. Good bookkeeping by Slaton can help your business as it handles the ins and outs of Texas sales tax laws.
How does Texas define information services and how do sales taxes apply to these businesses? The Comptroller offers these general guidelines.
Nonprofit and Exempt Organizations
This nonprofit resource guide provides important information on the responsibilities of nonprofits and other exempt organizations. Slaton Financial Services handles bookkeeping for many nonprofits, including home owners associations. Therefore, we understand how essential it is to understand how these exemptions apply and to whom.
Sales Tax Rates
The city tax chart provides the local code, the local rate, and the combined state-local sales tax rate. While cities vary greatly, many Texas counties have a flat 0.5 percent sales and use tax rate. This county tax chart provides the local code for every county. It also provides information about counties that have a higher rate or that have a county-wide special purpose district tax. This sales tax rate locator lets you find the sales rate by the address.
Requirements for Reporting and Paying
This Texas sales tax resource page explains how you may report and pay for sales taxes, based on last year’s tax levels.