Bookkeeping

We are a New Hampshire business. We offer full service bookkeeping at competitive rates.

Services we offer:

  • Maintaining your financial records using appropriate accounting software to record expenses and income, and to reconcile accounts
  • Helping you select and install accounting software if you are not already using any
  • Training you and your staff on what they need to do, and when
  • Regular reporting to look at your income and expenses, and discuss anything that needs attention
  • Advising on invoicing (i.e., payment terms, late fees, overdue letters), and helping you decide when and how to pay bills
  • Help with invoicing and bill paying
  • Preparing year-end reports you can take to your accountant

Bookkeeping FAQs

Why does my business need a bookkeeper?

It’s not just about bean counting. Professional bookkeepers do much more than just enter numbers onto a spreadsheet. It’s about knowing how to categorize information, analyze it to spot trends and discrepancies, and support the growth and success of your business. Without accurate records it is impossible to know where your money is going, and what’s coming in. Budgeting, understanding cash flow, data-driven decision-making, easier tax preparation, and peace of mind all flow from a clean set of books. A professional bookkeeper is a trusted advisor, helping you to uncover the data you need to make informed decisions about your business and preparing financial statements to help you and any investors get a clear view of how your business is performing.

Can’t I just do it myself?

Maybe, if you have the time to learn bookkeeping basics, and then to spend hours each month reviewing, categorizing and recording what you are spending and what you are earning, making sure that you are up to date with tax compliance, and running the reports your tax preparer will need to file your annual tax return. But when your business starts growing and bookkeeping tasks start taking up too much time, you should consider hiring a bookkeeper. If your business is going to be successful, there are more productive ways for you as the business owner to use your time and effort.

What financial statements do I need?

As a business owner, there are three financial statements you want to be familiar with:

The Income (Profit and Loss) Statement looks at the money your business earns and spends over time with the goal of understanding whether you are making a profit. This statement is also very helpful as you prepare your business income tax return.

The Statement of Cash Flows keeps track of the money flowing in and out of your company. It lets you assess how effectively your business manages debt and expenses, and determine if you are earning enough money to effectively and sustainably run your company.

The Balance Sheet provides a snapshot of you company’s financial situation on a specific date by showing current assets (cash, equipment, inventory, money owed to you, etc.), liabilities (bills not owed but not yet paid, loans, mortgages, etc.) A balance sheet helps you better understand the liquidity (cash you need to pay off debts, payroll, etc.) and financial structure of your business.

What are the tax compliance rules for a small business?

There are a lot of tax rules even if you are a small business.

You must file a return if you earn $400 or more in net earnings from your business. Net earnings equal taxable business income minus allowable business deductions. Your return must be submitted by April 15, unless you file as a partnership. Partnership returns are due March 15.

If you have employees, you must deposit and report federal (and where required, state) employment taxes including income tax withholding, social security tax, and Medicare tax, as well as federal and state unemployment taxes. How often you are required to deposit funds (monthly or semi-weekly) depends a number of factors, but they must be deposited electronically.

In addition to depositing employment taxes, employers must report wages, tips and other compensation paid to an employee by filing Form 941, Employer’s Quarterly Federal Tax Return, and any applicable state forms.

At the end of the year, you must prepare and send Form W-2 statements for each of your employees and 1099 forms for contract employees. Both W2 and 1099 forms must also be submitted to the federal (and, if applicable, state) governments. File W2s with the federal government using Form W3.

To set up a free consultation, contact us at rachel@wallachandwallach.com