Bookkeeping, Controller and CFO Services | The Quantify Group

5 Ways Bookkeeping is Key to Growing Your Business

If you’re a small or mid-size business owner, your bookkeeping and accounting is a necessary but sometimes cumbersome part of running a business — especially if you don’t have the expertise and aren’t formally trained in bookkeeping and accounting services.

But, if you’re not ready to hire full-time administrative support to help, you might feel like you’re stuck doing it yourself.

That’s where Quantify Group can help. We specialize in supporting small-to-medium sized businesses with their accounting and bookkeeping services in the Philadelphia PA area and beyond. Our detail oriented, full service approach to working with our clients sets us apart, giving us a unique opportunity to work with mid-size and small business owners to grow their company finances.

Don’t overlook the value you can add from hiring an outside accounting firm to help with all your accounting needs!

Let’s explore how your bookkeeping is crucial to growing your business.

What is the difference between bookkeeping and accounting?

Bookkeeping and accounting are two essential functions often used interchangeably, but they differ in scope and complexity. Bookkeeping is primarily focused on recording and organizing financial transactions, while accounting is centered around analyzing and interpreting financial data to provide insights into a company’s financial performance.

Bookkeeping is a crucial foundation for accounting because it provides the raw data that accounting draws on to create reports and analyses of the financial situation. Accurate bookkeeping ensures that all financial transactions are recorded correctly and on time, which is essential for producing accurate financial statements.

On the other hand, accounting involves step by step analyzing and interpreting financial data to provide insights into a company’s financial health. This includes preparing financial reports such as balance sheets and income statements, which can be used to make help business owners make informed decisions.

While bookkeeping and accounting are distinct functions, they are both essential for understanding and managing a company’s finances. Accurate bookkeeping provides the foundation for accounting, which in turn provides valuable insights into a company’s financial performance.

Without accurate financial reports, you have no idea how your business is actually performing and where you can make it more profitable. It’s a crucial aspect of growing your business and establishing a baseline for profit.

Benefits of Bookkeeping and Accounting Services

Getting support for your bookkeeping and accounting can save you money, time and stress, allowing you to focus on growing your business strategically.

If you’re on the fence about outsourcing your bookkeeping and accounting, here are some of the key benefits our Quantify clients see when they work with our team.

Get clear organization of your financial records.

No matter what size business you operate, having an organized file system for all your financial data is crucial to running your business smoothly and efficiently. Whether you’re applying for a new business loan or it’s tax season, being able to find the information you need easily can save you unnecessary stress.

When you hire a professional bookkeeper, you’ll have a clear picture of your financial statements and a simple organizational structure to keep track of everything.

Tax preparation will become a breeze.

Most business owners dread the tax preparation process because of the complicated process and large time commitment. At Quantify, we work closely with our clients during tax season to ease the stress of filing taxes and help prepare them for the next tax time and future filings with our tax planning services.

Accurate financial reporting can help you make the right financial decisions.

Implementing a trusted and reliable bookkeeper services here in Philadelphia PA provides financial reports that can help you track profit and cash flow, allowing you to understand how your business is performing and where you can improve.

Without accurate bank statements and current accounts payable reports, you don’t have the full picture of your small business’s performance — which can hinder your ability to make the right financial decisions around payroll, bills, management and more.

Get paid on time from your clients

As a small business owner, collecting money from your clients on time helps you manage finances and cash flow across your expenses. But, without accurate and prompt financial statement preparation, your own books and bank accounts might suffer while your clients wait for your invoices.

Our team can help you establish an accounts payable process that ensures you, and your customers, have a delightful accounting experience.

Save money by outsourcing your bookkeeping and accounting

Adding a full time accounting position to your team can be expensive, and if you’re a small or mid-size company, you probably don’t have enough work to maintain a full time position.

Hiring a bookkeeper Philadelphia team can get you the support services you need without the cost of a full time employee. You’ll only pay for the services your company needs, without the added overhead of hiring a full time accounting team, paying benefits or having an office space for them.

Plus, when you hire our team, you’ll have a clear in depth picture of your financial situation, giving you the clarity you need to identify cost-saving areas in your operations.

Add the support and knowledge of our firm

Accounting software like Quickbooks online or other online tax services can’t replace our team’s extensive knowledge and experience. Whether you have a payroll question or need help with your own tax return forms, our team offers peace of mind and support with your finances.

You can’t afford to let your business books go unkept.

Quantify has been helping small businesses and mid-size businesses with accounting and bookkeeping services for the last decade in Philadelphia PA and beyond. When you work with our team, you’re more than just a client — you’re a partner.

We believe that responsible and accurate accounting can help business owners of all companies unlock the potential of their businesses by reaching peak profitability.

Reach out to us today to learn how we can help you streamline your bookkeeping and accounting to grow your business from the inside out.

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