What is bookkeeping at Aldom?
Bookkeeping is a broad term used to describe the overall record-keeping of a business. Because this term is so widely used, it can make it difficult for a business owner to compare companies when shopping around for a partnership. For this reason, we want to introduce you to Aldom's definition of bookkeeping and what it will mean for you to partner with us.
Step 1: Is my bookkeeper reputable?
It is extremely important for a business owner to understand that not all bookkeepers are created equal. When searching for a bookkeeper, you should always confirm they have a solid accounting background and they are fluent in your industry.
Aldom exclusively uses QuickBooks to service our clients. Because we prioritize quality and affordability, we choose to remain consistent with our process and the software we utilize. Additionally, Aldom's bookkeeping clients are overseen and only reconciled by a degreed accountant; books are only maintained by QuickBooks Certified ProAdvisors.
Step 2: What can my bookkeeper do differently than me?
A common scenario with new bookkeeping clients is the term "reconciliation". Many business owners believe that a reconciliation is simply matching transactions to your statement, that is not the case. While a bank reconciliation is performed [monthly] for each account, that is the last step to a much larger process. Although our complete list of the tasks performed during a reconciliation are available during a "New Engagement Appointment", a high level overview of what we perform is as follows:
- a customized chart of account review and regular maintenance, customized to your business
- manual adjusting journal entries
- proper transaction allocation analysis
- accounting & operations support
- [unaudited] financial statements
- loan, credit card, payroll, and bank account reconciliation
- year-end close and tax file preparation
Working with Aldom for your bookkeeping needs is designed to emulate having an accountant on staff without the $50,000+ payroll expense.
Step 3: What are the benefits and is it worth the cost?
When applying for loans, filing taxes, applying for grants, and to stay in federal and state compliance many businesses are required to provide financial statements. Unfortunately, most businesses do not realize how much they're impacted financially by a poorly setup chart of accounts and/or poorly handled bookkeeping until they are in these situations and it's too late. Bookkeeping packages allow you to grow with them so it's always more affordable to start out the right way vs doing a clean-up down the line and paying thousands. Having a solid bookkeeping process in place allows you to stay organized, get ahead of tax savings, manage your budget, stay on top of your profit margins, control costs of your business, and much more. Having a resource to rely on for information and support during decision-making can be what keeps a business going during uncertain times.
