If you are running a small company or business, you need a bookkeeper. There is no doubt about it, even if you feel otherwise. But, most importantly, bookkeeping is the key if you are truly serious about your business, its growth, and expansion. But, of course, we don’t mean to say that it is the only thing but one of the formulas for success.
We can understand that it is tempting for you to save a few thousand dollars by doing the accounting part yourself. And especially after the Covid-19 pandemic, everyone is trying to save as much money as possible. However, if you want your business to have a long life and feed you even after you retire, this is where you start.
At this stage of your business, you need to be at the helm and lead it with all your might. Your energies are better suited for direction, idea generation, motivation and collaboration. But, on the other hand, if you remain stuck at saving money for insignificant things like bookkeeping, your business will have a short life.
Also Read: How Much Does A Bookkeeper Cost?
So, here we have discussed reasons why it is a good idea and necessary step to hire a bookkeeper.
Who Is A Bookkeeper In Business?
If you don’t come from a business background or have many ideas regarding finance and accounts, then you certainly need a bookkeeper. A bookkeeper is a professional who records all the day-to-day transactions, manages accounts, tracks expenses, savings, and investments etc.
Don’t confuse bookkeeping with accounting, as both are different things under the same category. While bookkeeping is more administrative work, accounting requires special knowledge and skills. This is not to say that any ten-year-old or fresher can become a bookkeeper.
To become a solid bookkeeper who is an asset to any company or business, they need years of experience under their belt. Moreover, if your business is stagnating and you can no longer make profits, then it is their experience that can help you come out of it. In that sense, you can hire an experienced bookkeeper if you cannot afford an accountant.
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Why Hire A Bookkeeper For Your Small Business?
There are several advantages of hiring a full-time bookkeeper or outsourcing them. Let’s take a look at them.
Freedom To Work At Peace
When you start your business, it is a given that you have to do the tasks from A-Z without a helping hand. Thankfully, the workload is less at that stage and offers you enough free time to strategize your next move.
However, as your business grows and so does your demand in the market, your daily expenses and income become as many as a hundredfold.
At some point, the workload can overwhelm you to an extent you cannot touch base upon the other things. Accounting and tracking can fill your mind with chronic stress and thus, reduce your productivity.
To avoid this kind of long-term problem, hiring a bookkeeper who will take over this aspect of your business will be a great source of relief. Moreover, we should take help and even ask for it unhesitantly when it gets beyond our control.
Also Read: Top 7 Ideas For Small Businesses To Save Money In 2021
You Save Plenty Of Time By Keeping A Bookkeeper For Your Business
There is a saying in the English language that goes like this – Time equals money. So, in simple terms, when you use and manage your time wisely, you will make more money than you can imagine. However, if you do the opposite, you are less likely to make more money. As a result, you might lose out on what you already have.
Delegating administrative work to professional bookkeepers like Professional Accounting Solution, Inc will declutter your mind. You will be surprised to see the amount of free time you gain and what you do.
Furthermore, outsourcing bookkeeping to professionals will prepare you for the tax season. It will help produce your financial details without the tax collector breathing down your neck. A timely and detailed balance sheet saves a colossal amount of time and improves your reputation as a business owner.
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Convenient, cost-effective, practical bookkeeping service approach to meet your business challenges.
- Monthly/Quarterly financial statements
- Monthly/Quarterly management reports
- Month-End closing:
- Posting and classification of transactions
- Bank and Credit Card reconciliation
- Lines of Credit, Liabilities, and Loans reconciliation
- A/R & A/P (Invoicing and Bill Paying)
- Inventory management
- Asset depreciation
- State sales tax reporting
- Preparation of year-end 1099’s
In addition to these key points above, here’s what is most important. As a business, if it does not grow, it barely exists in the world\’s eyes. If you have a bookkeeper who records and manages your financial data, you will know what to do next. Furthermore, it will help you to know exactly what your expenses and incomes are and how to manage them at their very best.