Small Business Bookkeeping – What is Bookkeeping?
For small businesses with limited funds, hiring your own accountant is a luxury. It costs businesses an average of anywhere from $300 to $600 a month. With Mazuma, however, you have access to a team of experts who specialize in providing bookkeeping for small business organizations for less than $100 each month.
Each month, your assigned accountant will handle your company’s bookkeeping and compile all of the information into an easy-to-read report. These reports include all bookkeeping basics and more, including your Income Statement (profit and loss report), your Balance Sheet, and an Account Ledger with details on your company’s financial situation.
In addition to your regular basic bookkeeping tasks, Mazuma will also prepare and file your business’s taxes each year as a part of your regular subscription. And if you need your Mazuma accountant to help you catch up on your bookkeeping or file taxes for previous years, that’s included, too.
When it comes to handling bookkeeping for small business, it really doesn’t get much simpler than our process. It can all be completed in just a few easy steps:
How Mazuma Works
Step 1: Send Us Your Financial Documents
Here’s how to do bookkeeping with Mazuma: each month, gather all of your receipts, bank statements, and invoices in one place. Then, once a month, put all of those documents into one of our iconic purple envelopes. Postage has been pre-paid, so you can just drop the whole thing in your outgoing mail.
Step 2: …
Actually, that’s it. You’re done! Once you’ve sent us your documents, we’ll take it from there. Your Mazuma bookkeeper will record all of your transactions and make sure your accounts align. Five days after we receive your information, we will send you your key reports: a detailed Account Ledger, along with your Income Statement and Balance Sheet.
Your Mazuma accountant will become familiar with your business’s finances and offer proactive advice on ways you can save money. Because Mazuma serves as both your bookkeeper and your tax accountant, we are in a unique situation to spot deductions a different accountant might accidentally miss. Meanwhile, if you have additional questions about your finances or small business bookkeeping, you can contact us as often as you need at no additional charge. You can use our “Ask an Accountant” form on our website, but if you would like to speak directly to your accountant, you can request a call back. In most cases, we’ll be able to get back to you right away, but we ask that you allow up to 24 business hours to hear back from us.
If you’re interested in learning more about the small business bookkeeping services Mazuma can offer you, why not try our services for 30 days at no charge? You can get your first month of small business bookkeeping from Mazuma absolutely free, with no obligation to continue. You don’t need to sign up with a credit card to receive the offer, either. No obligation. Just 30 free days for you to try us out. Call us or click below to get started.
An Ideal Solution for Small Business Accounting
While small business bookkeeping may be at the heart of the services Mazuma offers, we provide our customers with so much more than just bookkeeping basics. Here are just a few of the benefits Mazuma offers to small businesses:
Time – For small businesses, one of the most scarce and valuable commodities is manpower. In order to keep the business running smoothly and efficiently, business owners cannot afford to waste their time. Because Mazuma’s process is so simple, it takes very little time to complete. It only takes a few minutes each month to stuff the month’s receipts, invoices, and bank statements into our pre-paid envelope and drop it in the outgoing mail. Mazuma’s expert bookkeepers will take care of the rest of the work while still providing managers with valuable information about company finances.
An active participant in managing your company’s finances – Many online bookkeepers offer little more than access to a piece of basic bookkeeping software. Small business owners are still required to input the information themselves and hope that they haven’t made any mistakes or missed any important details. With Mazuma, your finances are input and reviewed by an expert accountant who is familiar with the way your finances are run.
As they keep track of your account, your bookkeeper and tax accountant are constantly keeping an eye out for different ways to proactively save you money. There are many deductions that are easy to overlook, and your team at Mazuma will make sure that you don’t miss out.
A readily accessible source of information – If you have questions about any bookkeeping basics or how business decisions will impact your company, Mazuma can be a valuable resource. If you are considering a giveaway on your blog, we can guide you through the process and offer insights on the effect it will have. If you want to run a new marketing campaign, we can help you to run the numbers and predict the outcome. And through it all, your bookkeeper will keep careful records of your finances so that when tax season rolls around, you and your accountant will be prepared with a proper strategy.
Organization and Decreased Liability – Every business has tools it invests in, and most of these tools can be deducted when you file your taxes. Investments like computers, cell phones, vehicles, and home office space are all potentially deductible — that’s just bookkeeping 101. But if you use those same tools for personal use in addition to work, the situation can get a bit more confusing.
When you file your taxes and claim these investments as deductible business expenses, you need to report using it for personal reasons such as personal calls or travel that is not related to your business. Your tax accountant at Mazuma can help you to separate business and personal use and allow you your deduction while still keeping you out of trouble in case you get audited.
Serving All Types of Industries
No matter the industry, Mazuma is well equipped to serve your small business bookkeeping needs. Below, you can see just a few of the different industries we work with and the benefits that we offer to our clients:
Bloggers, Creatives, and Photographers – You might not think that an accountant would be a necessary investment for a blogger, but Mazuma’s CPAs can make a big difference with even just a few bookkeeping basics. We can help you to separate personal and business expenses to maximize your tax deductions, and let you know whether your blog is considered an actual business by the IRS or just a hobby. Your Mazuma bookkeeper can also give advice on how to keep expenses down during giveaways and special promotions.
Real Estate Agents, Property Management, & Brokers – Yard signs and licensing fees are obvious business expenses for real estate agents, but they may not the only deductions you are entitled to. Your accountant can give you clear advice on what qualifies as business travel—such as driving to a home to show a potential buyer—and what is personal and could get you into trouble if you try to claim otherwise.
Insurance Agents/Brokers – Insurance agents have to invest a significant amount of money into marketing, licensing, and meals with potential clients—all of which are deductible. Your bookkeeping team at Mazuma will comb over your finances to make sure you don’t miss a single deduction, as well as help you to find ways to cut expenses.
Legal Service Providers – When attorneys do pro bono work for their own clients, that can work to their benefit when they file their annual taxes. Mazuma can help you with your bookkeeping and teach you how to keep accurate records to reflect the work you do.
Mechanics & Glass Repair Shops – Depending on several factors, the IRS might consider your auto and glass repair work to be a business or just a hobby. We can help you determine which applies to you. Mazuma can also handle your bookkeeping work, giving you more time to focus on the actual repair work that brings in money.
Physical Therapists, Chiropractors, & Massage Therapists – Whether you’re buying medical supplies or donating your time or money to charitable causes, there are many expenses you can write off when filing your annual taxes. An expert accountant from Mazuma can work with you to make sure that your accounts are all in order. If you have staff working in the front office, we have an optional payroll service that can simplify the process.
Construction & Renovation Businesses – A lot of construction work requires a team of workers to get the job done right. Mazuma can take care of your payroll so that you don’t have to worry about making sure everyone gets paid. Our CPAs can handle your bookkeeping as well, so that you can be sure all of your expenses are tracked and no surprises will pop up down the line.
Dentists – Running a dental office takes more than just cleaning patients’ teeth. There are a lot of expenses to keep track of that are easy to forget. In addition to medical supplies and business cards, it costs money to renew magazine subscriptions for the waiting room and to hire a service to keep your office clean. Our bookkeepers keep track of all of your expenses and keep your books balanced so that you don’t have to drown in paperwork each month.
Residential Service Providers – Taking care of yards and pools takes a lot of work. Your Mazuma accountant can relieve some of that work by taking care of your payroll and making sure your employees are compensated properly. We’ll also track your expenses, whether that means cleaning supplies or marketing materials, so you know exactly where your money is going each month.
Online Businesses – Online stores have to jump through a plethora of financial hoops to make sure everything is reported properly. By working with a Mazuma bookkeeping team, it’s easy to keep track of the money you bring in so that you don’t have any surprises come tax season.
Medical Professionals – It’s unlikely that any healthcare professional will claim that they entered the medical field so they could spend all their time juggling finances. Mazuma takes that work off of your plate so that you can focus on the real reason you entered the medical field—to give patients the best quality care possible.
Restaurants & Food Trucks – Any restaurant owner will tell you that opening your own place is no easy prospect. Aside from managing inventory and keeping the food quality high, owners have to make sure staff is paid properly, which is complicated further when you have to take tipped wages into account. Mazuma offers an optional payroll service in addition to our normal bookkeeping services so you can rest assured that everything is taken care of. Our bookkeepers are experts and pay close attention to ensure that nothing is missed.
Brick-and-Mortar Small Businesses – Running a retail store is riddled with bookkeeping tasks. From paying rent for the physical space to managing the cost of goods and inventory, keeping everything straight can be a bookkeeping nightmare. Mazuma can take care of a lot of that work and offer advice on how you can save money or even grow your business. Your bookkeeper will be familiar with your finances and can also point out trends. If you have shop employees, our optional payroll service can help you to keep everything running smoothly.
Frequently Asked Questions
How do you keep books for a small business?
Since most small businesses can’t afford to hire a full-time accountant, virtual bookkeeping is a good alternative. A certified accountant will oversee all essential bookkeeping tasks, and file your taxes, for a much more affordable price.
How is bookkeeping done?
All financial documents are collected and tracked to make a record of financial transactions such as purchases and sales, to make sure that everything is above board and ready for tax season. There are many methods of bookkeeping, one of which is virtual bookkeeping. To learn more about how bookkeeping is done, check out our Guide to Basic Bookkeeping.
What does a bookkeeper do for a small business?
A small business bookkeeper is able to take care of the financial aspects of a small business that a busy Small Business Owner would usually have to handle, despite it often not being in their area of expertise.
How much does a bookkeeper cost for a small business?
An in-house bookkeeper can cost anything from $1,300-$1,600 a month, but a virtual bookkeeper with Mazuma can cost as low as $75 per month.
How much does it cost to outsource bookkeeping?
If you outsource bookkeeping to Mazuma it will cost $75 a month for a sole proprietor or $125 a month for an LLC or S-corporation.
Take the Stress Out of Bookkeeping
To start your free trial or learn more about how Mazuma’s personalized small business bookkeeping services can help your growing business fill out the form below!