Accounting for
Purpose-Driven Organizations

It is a question we get asked a lot, and it is important to really understand the difference between bookkeeping and accounting.

The process of bookkeeping is focused on the specific ways to record and organize your businesses finances around the day-to-day transactions like sales, purchases, income, and expenses. Keeping your systems maintained and organized with bookkeeping services can give your team and overall company clear insight into the financial health of the business, so they can make sure they are preparing financial statements and making decisions with the right information.

Accounting, on the other hand, is the process of analyzing and interpreting the financial accounting and data that bookkeepers gather. They will work to analyze and interpret the data, which allows accountants to create financial statements and financial reports to provide insight into a business’s financial performance.

Accounting is reliant on bookkeeping, so both are intrinsically tied together but still different functions in a business.

We know that finding the best bookkeeping services in Philadelphia, PA is a big decision for your business! You want to ensure you trust the company with your business accounting and financial data. As a local full-service bookkeeping and accounting company in Philadelphia, PA, we offer a wide variety of services for small business owners and medium-sized businesses, ensuring they have a trusted partner in the bookkeeping process.

Are you curious how we can help you improve your accounting experience? Reach out to our team through our website or give us a call to learn how we can help you with your bookkeeping.

Each bookkeeping company will offer different services and processes. Generally speaking, bookkeeping companies will offer different financial management, business administration and organization tasks, such as:

• Recording financial transactions
• Bank reconciliation
• Managing accounts payable and receivable
• Payroll processing
• Sales tax filing
• Financial statement preparation
• Budgeting and forecasting
• Financial analysis

At The Quantify Group, you can see transparent pricing and clear outlines of our services under our “Services” page or reach out to us directly to learn about our monthly packages.

The cost of bookkeeping services can really depend on a lot of factors like how big your business is, how complicated the transactions are and the level of service you are looking for. While some bookkeepers charge on an hourly basis, others will use a flat fee or retainer model for their billing.

At our company, we work with our clients through a monthly, fixed-fee model. That cost is based on the size of your company, the complexity of your accounting, the number of monthly accounting transactions, and the services we have agreed on together. Over the years, we have found that this pricing strategy is the best option and fair for everyone. Plus, it allows you to budget accordingly instead of receiving unexpected or surprised monthly bills for our service.

Our monthly bookkeeping services will fluctuate based on the size of your company and other factors. But we also offer additional a-la-carte opportunities if there are additional services you need help with.

Yes! That is exactly what The Quantify Group is here to help with. There are a lot of great reasons why you might want to outsource your bookkeeping. Here are some of the great benefits our clients experience:

• Saving money on a full time hire – For many small business owners, hiring a full time accounting or bookkeeping team is not a reasonable expense in their early business stages. That is where a company like The Quantify Group can help by keeping their overhead costs low.
• Expert financial advisor to get advice from – Our team has extensive knowledge and decades of experience working with businesses of all sizes.
• Reliable reporting – Our primary focus is to ensure your bookkeeping and financial reporting is accurate. You can trust and rely on our reporting.

Ultimately, hiring third-party philadelphia bookkeeping services like ours can be a great investment into your business and future financial planning.

When looking for a bookkeeping service, you should find someone who prioritizes your data and offers excellent security for your files. We have several security measures in place to keep your financial information safe and protected. When speaking with another accounting firm, ask about security practices, including encryption techniques, internal controls, access controls, and compliance.

Yes! As we mentioned, bookkeeping is about recording accurate transactions and financial data of the day-to-day business, making it a tedious and time-consuming task for many business owners. On the other hand, accounting requires analysis and more in-depth expertise to provide suggestions and insights on your business. Because of the greater responsibility and knowledge required, hiring accounting services is usually more than a bookkeeper.

Most virtual bookkeeping companies will have online uploading portals allowing you to securely upload your documents to be tracked and reported. This is an easy and digital way to get your important documents to your accounting firm without having to drop off paper copies in person.

While not all bookkeeping services in Philadelphia will offer tax services or tax planning, we offer tax preparation help as an add-on to our monthly packages. From tax forms to filing tax returns, our team can ensure you minimize any tax liabilities and get your documents submitted to the IRS on time.

We definitely think so! We have helped countless Philadelphia PA companies streamline their small business bookkeeping to improve their financial reporting and accounting processes. Whether you need help with tax preparation or want to get your monthly reports on track, our team at The Quantify Group is ready to assist you and your team. We will work directly with you to understand your unique business needs while delivering great service.