Are you spending too much time on your bookkeeping management?
As a small business owner, you’re the only one who knows how much time you spend on your bookkeeping duties. You have plenty of practical reasons to keep your financial records up to date.
- Accurate bookkeeping helps you document your incoming and outgoing cash.
- It allows you to monitor your business’s financial health.
- Systematic documentation reduces your tax season workload
- Timely accounting is the only way to calculate your financial success.
Bookkeeping is a necessity, but it’s also a lot of work. Fortunately, you have alternatives. You can purchase accounting software, hire a professional, or work with a bookkeeping management Service.
Bookkeeping is a lot of work
Bookkeeping is probably one of those back-office tasks you didn’t think about when you started your business. It’s all about documenting and tracking your cash flow. That sounds easy enough, trendy even; but getting it right involves a lot of tedious, mind-numbing tasks.
A SCORE article, “10 Bookkeeping Basics You Can’t Ignore,” lists, Cash, Accounts Receivables, Inventory, Accounts Payable, Payroll Expenses, and five other possible accounts you should set up just to get everything organized. After that, you must record, calculate, classify, post transactions, and more… every single day. So, what are your options?
What about accounting software?
Accounting software and simplified apps can increase your bookkeeping efficiency, but you’ll still have a lot to do. You must keep your system data updated, manage your transactions, reconcile your accounts, and more.
There’s a learning curve, as well. Before you gain a single benefit from your software, you’ll have to set up your accounts and spend time figuring out how the software works.
Should You Hire a Professional?
A dedicated professional can relieve your bookkeeping burden and free up more time to grow your business. Of course, you’ll have to deduct the salary from your bottom line.
The Bureau of Labor Statistics cites a mean hourly wage of $18.87 for a bookkeeper/accounting clerk, $33.34 for an accountant, and higher for a CPA. Again, only you know how many hours of professional bookkeeping time you’ll need to keep your records straight.
Bookkeeping management is a cloud-based bookkeeping hybrid that merges the best benefits of a bookkeeping professional and accounting software. When you work with a bookkeeping management service, you limit your hands-on tasks. You hand off your invoices, receipts, and other financial documents and let a professional manage your accounts.
A bookkeeping management system uses the latest technology and accounting software. When you submit your financial data, your bookkeeping professional uses secure technology to process financial transactions, track your cash flow, and keep your financial data organized and current. Technology makes it possible to offer you a professional bookkeeping service for an economical price.
The Goode Bookkeeping Management Option
At Goode Bookkeeping and Consulting, we understand that when your bookkeeping is accurate and up to date, it can be your most effective tool for measuring your finances and monitoring your success.
Our bookkeeping management team sets up your bookkeeping system so you can get a snapshot of your financial health when it’s convenient for you. We handle your bookkeeping tasks the way you would if only you had the time.