Bookkeeping for IT Businesses
Focus on satisfying your customers, and let us handle the bookkeeping - our team of experts understands the unique financial needs of IT businesses, and we'll make sure you stay on top of your numbers.
Manage cash flow and plan for the future with our top-of-the-line bookkeeping process and on-demand reporting.
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Most IT businesses, including SaaS businesses and outsourcing service providers, face the following bookkeeping challenges:
Calculating Project-Wise Profitability
Calculating project-wise profitability for IT businesses can be challenging because they often have to share the same resources across multiple projects. These resources can include personnel, equipment, and technology. When multiple projects require the same resources, it can be difficult to allocate the costs associated with those resources to each individual project. This makes it challenging to determine the profitability of each project accurately.
Sub-Contracts and Employee Payments
When it comes to managing payments to subcontractors, IT businesses must keep track of payments made to each contractor and ensure that all necessary tax forms, such as 1099, are filed. Similarly, IT businesses must keep accurate records of all employee payments, including salaries, bonuses, and reimbursements for expenses such as travel or equipment purchases. It's important to ensure that all expenses are properly documented and that the necessary tax forms are filed.
Managing Client Billings
Each client may have a unique pricing plan, including various pay rates and charges depending on the services provided. IT businesses also have different SLAs for different clients, which can impact the payment schedule and billing cycle. For example, some projects give you upfront payment, while others may have payment schedules spread out over a longer period. Managing these different payment schedules and billing cycles can be daunting, especially as the number of clients and projects increases.
Lack of Financial Insights
Without accurate financial insights, IT businesses do not have a clear understanding of their revenue streams, expenses, and overall financial health. This can make it difficult to plan for future projects and allocate resources effectively. We've seen IT businesses acquiring more technology resources than required which results in low profitability. Due to this abundance of resources, they may also find themselves overcommitting resources to certain projects or underestimating the costs associated with others.
IBN's team of experienced bookkeepers works closely with your IT business to ensure that your financial records are accurate, up-to-date, and compliant with all applicable regulations. We can handle all aspects of your bookkeeping, including managing payments to subcontractors and employees, handling expense reimbursements, and issuing 1099 forms at the end of the year.
We can also help you manage your billing and payment processes more efficiently. We work with you to set up a system that allows you to track all of your client pricing plans, service level agreements (SLAs), and payment schedules in one place. This can help ensure that you are billing clients accurately and on time and that you have a clear understanding of your revenue streams and expenses.
In addition, the financial reporting and analysis tools we use can provide you with valuable insights into your finances. We'll help you track and analyze key financial metrics, such as revenue, expenses, and profitability, so that you can make more informed decisions about resource planning and management.
Experienced Bookkeepers
We have a solid track record of adequately handling retail bookkeeping for firms across the United States, with over 22+ years of expertise.
Value-Driven Approach
Our goal is not just to lower your costs but also to give value that exceeds the cost.
Ready to Scale
Our efficient management systems enable you to quickly increase or decrease the number of bookkeeping services required.
Minimal Input Required
Our certified bookkeepers manage all parts of the bookkeeping process, enabling you to sit back and relax.
Your Data is Safe
You can trust IBN's capacity to secure your data since we use cutting-edge security technologies to protect our clients' information.
Utilize Best Tools
Our experienced bookkeepers can work with whatever accounting program you like, or we may recommend one that would be appropriate for you.
