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Do you need a bookkeeper full time?

It is said that a healthy business will spend 1-4% of its gross sales in its accounting department. Truth is, some businesses may not need accounting services that would require them to spend more than !% of their gross revenue. This is true to the professionals, doctors, and artists.  There is nothing much to account for when they get their net income from their agents or hospitals. The taxes have been withheld and they have nothing much to report as expenses. All they need is to send their total income received, and all the Form(s) from their brokers and agents, the gas or mileage they may claim, then the tax accountant will do the rest. Simple income tax filing requirements. 

Some businesses, on the other hand, require extensive accounting services to file taxes, and more accounting services to find if the business is actually earning. This is so true for the future trading, hedging and financial services industry. The same is true for the manufacturing, construction and e-commerce industry. 

We at Accounting Department Online focuses on serving the small and medium enterprises, excluding the financial services industry (trading and hedging). 

Accounting Department Online services are very suited to the small and medium businesses who are start  ups or are now starting to scale, requiring payroll for employees (up to 200 employees), selling assembled products, or dropshipping, and digital products. We can also help Amazon sellers get a more accurate cost of goods sold, by First In First Out or Average Method of inventory tracking. Some of our clients are in short term rentals, operating up to 200 units or properties. We also have clients in the construction, retail and healthcare industry. 

Accounting and bookkeeping is standardized internationally. This standardization of accounting principles and reporting allows the cohesive and common interpretation and understanding of financial reports, primarily the Profit and Loss Report and the Balance Sheet. There are rules that must be consistently applied for the reports to make sense to investors, and to the tax agency.

We at Accounting Department Online work with our clients up to the tax preparation, ensuring that the financial reports are ready for the tax accountant/CPA/EA. 

Some clients may also require more accounting services to assess profitability of the business, delving into their receivables, to know how fast does their capital turnover, the higher the turnover the better. Other services we offer are checking the turnover rate of receivables, and the profit margin, if they should increase their price or find ways to reduce cost. 

Again, some businesses do not need much accounting service. But some businesses do require it, to give clarity to the operation of the business, make informed decisions, and make plans for the future. Bookkeeping may be what you need for tax filing, but accounting is what you need to make plans. 

Whether you just need a part time bookkeeper, or a full time staff to not just do bookkeeping but also provide admin support (collection, social media marketing, email management, and more), we at Accounting Department Online can be your solid partner to scale and find confidence in your business. 

You may fill out our form on the Free Services page to schedule a meet.