Bookkeeping

Affordable Bookkeeping Services for NYC Small Businesses

Shark Accounting is a one-stop shop for all companies. We offer a smooth bookkeeping process that records all transactions chronologically. This allows you to conveniently track business processes during specific periods.

Professional bookkeeping is one of the most basic requirements for a business. It also ensures your business processes are smooth and transparent. We understand each business is unique and provide accounting services accordingly.

Bookkeeping records are not limited to products, employees, and customers. They also include expenses and other business and financial aspects.
It is a legal requirement in the country for every company to have a record of all transactions. This applies to both large and small businesses.

A government agency could randomly call for an audit. Intelligent business owners are always ready for this possibility. They partner with the best bookkeeping firm to get authentic financial record-keeping services.
To keep the whole process smooth and error-free, it is best to partner with Shark Accounting. This will help you avoid any problems in an audit. We provide the best bookkeeping services in New York.

How does Shark Accounting work to serve you?

Address all your accounting requirements

We adhere to a procedure before providing any services like small business or personal bookkeeping services. And we hold a meeting to assess what you need and then guide you through it. Moreover, we want you to be a part of the process as we deal with all your accounting requirements on behalf of your company.

All transactions are recorded

It is a question that any new company owner may ask. Overall, the best bookkeeping means you have recorded all the transactions chronologically to get periodic and run-time reports. With Shark Accounting, you do not need to worry about whether this process has been run smoothly or not.

Record Maintenance for audits

You can keep tabs on your stock and your annual and monthly expenses through bookkeeping NYC. It is because audits are essential to keep everything according to legal and financial requirements. Partnering with Shark Accounting for audits is a great way to prepare your business for all internal and external audits.

Time Management

If you have maintained your records, you can continue working on new ventures without considering the audit. It helps you stay ahead and have all the required documents for an audit available.

Transparency

Records are evidence that certain things took place at a specific time. This way, if there are any allegations, the company can use its bookkeeping records to prove its innocence.

Easy detection of fraud

Records are evidence that certain things took place at a specific time. This way, if there are any allegations, the company can use its bookkeeping records to prove its innocence.

Accounts Receivable

Accounts receivable makes a complete record of any amount you have yet to be paid by the customers through its outsourced bookkeeping agency.

Profit and Loss Account

A profit and loss account is a financial statement that states the sales, costs, and expenses in a summarized form after a specified period. We prepare this statement generally after every quarter of the year.

Bank Reconciliation

Bank reconciliation helps when you need to match the company’s cash account balance with the bank statement. Shark Accounting offers this service to avoid discrepancies in your finances.

Bookkeeping for Startups | Lets Your Business Grow Successfully

1- What is the cost of bookkeeping services for small businesses in NYC?

The cost of bookkeeping services varies from business to business. However, as a small business, you can expect $95 to $175 per month. Additionally, if you hire a bookkeeping service at an hourly rate, you can expect $35 to $65 per hour. These are general estimates, but the costs can be different depending on the bookkeeper’s expertise, your work requirements, and your business type.

2- What are the three types of bookkeeping services?

Basically, there are full-service bookkeeping services, basic bookkeeping, and specialized bookkeeping services. Below is everything included in these services:

Full-Service Bookkeeping: Covers all aspects of financial record keeping, including bank records, recording transactions, accounts receivable and payable management, and payroll processing. Additionally, you can expect financial report generation, tax preparation, and filing.
Basic Bookkeeping: Includes recording transactions, categorizing expenses and income, maintaining financial records, and generating a basic financial report.
Specialized Bookkeeping: Covers construction accounting, non-profit accounting, real estate accounting, and retail accounting.

3- Are bookkeeping services cheaper than accounting services?

Generally, bookkeeping services are way cheaper than accounting services. The main reasons are demands and expertise level. Bookkeeping services generally revolve around transactions, payroll and tax preparation, and financial report preparation. On the other hand, accounting services handle more work, including specific industry accounting, tax filings, and more.

4- Do I need both bookkeeping and accounting services?

It depends on your business size and the complexity of your services. For small businesses, bookkeeping services are usually required, along with occasional accounting services. However, if you have a medium- or enterprise-level business, you need both bookkeeping and accounting services. In short, accounting services are required depending on your business’s complexity.

5- Should you hire a bookkeeper or do it yourself?

If you are working as a solopreneur, doing it yourself can be a manageable idea. However, for businesses with more than ten employees, DIY bookkeeping isn’t recommended. It will consume your valuable time that you can utilize on more important business tasks.