FinancePal: How to keep impeccable financial records for your business
Every business wants to make money. But very few businesses know how money flows during their operations.
If you’re in this shoe, this is a big problem for your business. First, it’s difficult to understand your financial performance if you don’t keep accurate records.
Second, businesses sometimes encounter activities that waste their money. Without accurate records, it’s almost impossible to find and fix these financial loopholes.
Beyond these, every business wants to thrive and grow. Sometimes, you need external funding to achieve your lofty targets.
But before a serious investor will release their money, they need to see your books. Having poor records is a sign to an investor that you have a poorly run business.
So, having said these, what are some vital financial records you need to keep during your business operations?
- Tax preparation
While these records are great, you can’t keep them accurately without expertise in those subjects. That’s why you need accounting and bookkeeping experts who can provide record-keeping services and protect you from violating the law.
FinancePal is a company that promises to improve business operations and keep you on the side of the law by providing impeccable financial record services.
In this FinancePal review, I’ll go through the details of the financial services that this company provides to its customers. Let’s dive into the details.
Managing your financial documentation with FinancePal
If crunching numbers is an activity you’d rather not think about, then you need to outsource it to experts who love doing it. After all, no business can run successfully without keeping its financial books in top shape.
FinancePal is a company of financial experts who understand what records businesses need to keep and how they can manage their cash flow. In light of this, their financial services have been divided into a few categories.
I’ll go through the basic details of these categories in a moment.
For the average business, many transactions go on daily. These can add up to a huge number within a week or even a month.
To even think of these records can be daunting. Beyond remembering to note all these transactions, do you understand bookkeeping rules?
This is where a bookkeeper can assist in collecting and recording the right pieces of information in your books. FinancePal has expert bookkeepers who can study your business and understand the records you need to keep.
An important service you’ll obtain is transaction recording. No matter the type of business you run, there’ll be both incoming and outgoing transactions.
This ranges from customer purchases, buying raw materials, overhead costs, salaries, and more. Another reality you have to face is that some customers won’t pay immediately after buying your products.
Sometimes, this happens because they’re repeat customers and pay at intervals. In such cases, you need to send invoices at the right time.
A bookkeeper sends invoices and manages other account receivables for your business.
Another vital piece of information a bookkeeper prepares is the income statement. Since your business serves customers, you have to know the amount of income you realize from them over a period.
While making income is important, it doesn’t always tell the full story about your business. What are your expenses? How much do you spend on production, marketing, and salaries?
To make sense of your finances for a period, there’s a need for a balance sheet preparation where the bookkeeper compiles both the credit and debit entries. On the balance sheet, bookkeepers can find discrepancies and fix them.
In a case where you’ve been lagging on your bookkeeping for weeks or months, FinancePal can go through your books and get your financial records up to date. Overall, a FinancePal bookkeeper will help to centralize your business’s financial data and ensure they’re compliant with government regulations.
While keeping records of your financial transactions is vital, making sense of them is just as important. This is why a CPA should check your books to analyze your financial performance for a period.
From the FinancePal dashboard, one of the company’s experienced CPAs will analyze your financial statement to uncover insights. What are your biggest expenses? Which product makes the most profit? Is your business turning in profits or running at a loss?
A CPA will answer these and more questions about your business through your financial records. Beyond this, they’ll look into your books to ensure you’re compliant with regulations. So, when there’s an innocent mistake in your books, an accountant will detect it and fix it to avoid legal issues.
Furthermore, they’ll review your cash flow position. From these reviews, they can categorize your expenses and income.
Apart from these, a CPA from FinancePal can help in financial planning. This can be after consultation with your business to understand your goals.
After consultation, a FinancePal CPA can help create forecasts and build a financial strategy for the next period. If you lack a payroll system for your employees, an accountant can help you set up this system for more effective salary payments. Another vital task a CPA will execute is to help you prepare your tax.
Depending on your state, there are tax rules you must follow. Due to years of experience in the United States, FinancePal CPAs can file your tax according to your state requirements.
Now, what if you used tools for invoicing and other tasks? FinancePal supports some popular integrations on its platform. These integrations include:
- Quickbooks Time
With these integrations, it’s easy to import financial data from those tools into your FinancePal dashboard.
Overall, a FinancePal accountant will look into your books, analyze the numbers and provide vital recommendations to better run the financial side of your business.
One of your business’s responsibilities is paying taxes. But if you’re like most business owners, you don’t know how to go about it.
How much tax should you pay? When should you pay? How much should you deduct from your employees’ salaries?
FinancePal helps you answer these and more questions. The company experts will evaluate your tax liability based on your location.
As you probably know, tax laws vary across different states in the U.S. So, it’s important to know what works in the state you operate in.
Furthermore, the amount of tax you pay depends on your business structure. Common business structures include sole proprietorship, partnerships, LLCs, corporations, non-profits, etc.
Whatever business structure you run, FinancePal will provide the necessary information to prepare your tax payments. In some situations, your business deserves tax credits and deductions.
And if you’re oblivious to this, you can pay more than you need to pay in taxes. Even if you’ve overpaid for months, FinancePal will take you through the process to obtain your tax refund.
In addition, the company can evaluate liability for paying sales and uses taxes. With access to tax professionals and attorneys, you can obtain the right information about tax legislation and file your taxes on time.
If you have many employees working for your business, processing payroll can take a lot of time. Beyond basic salary, you have to consider benefits, taxes, and other considerations.
With FinancePal, you can process your payroll within a short time. FinancePal professionals will track deadlines to ensure taxes are filed on time.
Furthermore, experts will review your payroll to ensure it’s accurate as well as identify tax-saving opportunities. Furthermore, FinancePal will work with you to avoid tax liabilities.
Accounts payable services
While running your business, running costs will always be present. Sometimes, these costs are paid in the future.
How do you keep track of these costs? First, FinancePal has an automated data entry feature that pulls receipt and invoice information from your email into your books.
This way, it’s easy to see how much you need to pay your vendors. Better still, FinancePal allows you to set rules for your bills.
Through these rules, you can determine various actions for your bills. Furthermore, FinancePal experts will conduct a manual review to detect possible errors in your account payable statement.
Accounts receivable services
On the other side is your account receivable statement. Here, you can manage your payment requests and update your financial records.
FinancePal helps you update your records quickly and follow up with customers who are avoiding payment. To further make the process easier, FinancePal has an automated invoicing feature that sends notifications to customers and allows them to review and pay.
You can also create customizable payment reminders at intervals to make payments easier. For repeat customers, FinancePal allows you to create automated billing at the end of each month.
To make your life easier, your bookkeeping is instantly updated as customers complete these transactions. And to communicate better with your customers about invoices, you can use the online notes and comments feature.
With features from FinancePal, it’s easy to collect payments from repeat customers and those that are reluctant to pay.
How much does bookkeeping and accounting cost with FinancePal? Well, it depends on your needs.
Costs start from $150 per month but can vary depending on a businesses needs. Pricing includes access to a bookkeeping software like QBO.
Managing your business’s financial records can be complicated and tiring. Moreso, you can lose money and get on the wrong side of the law if your bookkeeping is shoddy.
That’s why it’s vital to employ experts who are experienced in managing financial records. FinancePal is a company of professionals who can take care of bookkeeping, accounting, and other aspects of your finances.
Fortunately, you only pay according to your needs. Reach out to them today and explain your business needs.