Beyond-Basic Bookkeeping

To most, bookkeeping is the practice of recording and classifying a business's financial transactions. 

Every cent going in and out, whether it's to/from clients, customers, vendors, employees, or contractors, must be entered into the general ledger. But the work doesn't stop there! Every transaction must then be filed away into categories. For many companies, outgoing cash might be categorized into wages, travel costs, and office supplies, with sometimes dozens of specialized categories that depend on the industry or service they provide. Incoming cash may be sorted into income, refunds recieved, capital investment, or donations (for non-profits and charities).

Bookkeeping is essential for tax season— the IRS needs to know what will be deducted and what will be taxed. Many small businesses stop right here with bookkeeping, or lag months or years behind, and only do the books when the IRS is banging on their door. Savvy companies understand that the key to financial success in business starts with a running up-to-date ledger.

No business owner can fully understand the health of their business without accurate, current bookkeeping. Sorting out the ledger each month allows you to identify cash flow issues as they happen, make more informed purchasing decisions, and budget properly. It cuts down on surprises and helps you learn your business's natural rhythms. In some cases, it may even help you identify fraud.

Northbound sees bookkeeping as much more than just record-keeping. 

Most bookkeepers sort out the ledger to set you up for paying the taxes you already owe. To Northbound, it is the backbone of all future business decisions. This is why we call it "beyond basic." When we categorize your transactions and reconcile bank accounts, we pick up on patterns, make notes, and provide deeper insights into where your money is going. It works in tandem with our analysis services by setting us up with accurate financial reports.

⭐As a side note...

We understand that, sometimes, the books get neglected for a while. This is why we include both catch-up and ongoing bookkeeping. We're happy to get things up to speed and keep you on track.