How a Professional Bookkeeper Saves You Time and Money
Many companies raking in millions in revenue have gone bankrupt due to financial mismanagement. Companies are created to generate profit, but how you manage your books can determine the worth and longevity of your business. Pushing numbers to the bottom of your to-do list can have negative consequences, such as poor cash flow management.
But for many entrepreneurs, bookkeeping is tedious, time-consuming, and frequently too complicated to manage efficiently. As such, it’s easy to neglect your books and add record keeping to your “worry about later” pile. That said, it’s impractical and virtually impossible to run a company without knowing where your money is coming from and where it’s going.
Accounting is one investment you cannot afford not to make as a small business owner. Bringing a professional bookkeeper on board means you don’t have to worry about managing your accounting methods. They’ll facilitate smooth financial management, and your business will run better. Moreover, a professional bookkeeper saves you time and money. Let’s look at the ways.
1. Cut Down on Your Responsibilities
It’s no secret that small business owners wear many hats. One day you’re working on your marketing plan. The next day, you’re meeting investors, negotiating with vendors, or even filling an employee’s role on sick leave. Truthfully, it can get pretty exhausting. Adding accounting duties to your list of priorities means less and less time spent on the profit-generating functions of your business. But, on the other hand, neglecting bookkeeping, even unwittingly, is a bad fiscal plus managerial policy.
Hiring a professional bookkeeper saves you time and money, allowing you to focus on core operations while relieving the headache of having to reconcile your books. And ultimately, your company will be better off for it.
2. Outsource Payroll
Many demands come with payroll processing—whether you’re doing it yourself or having an employee handle it. Handling payroll means staying on top of changing government regulations and tax deposit rules. And there’s the filing of state and federal mandated forms necessary for compliance.
Professional accounting professionals boast extensive skills and experience managing everything from payroll to tax deductions, allowing you to take payroll off your plate. Outsourcing payroll may also save your business money as you avoid the cost of fines and penalties that can result from even minor mistakes.
3. Accurate Record-Keeping
It may be pretty obvious, but it’s worth reiterating. Getting a bookkeeper means your finances are managed by a professional. As such, the expense of hiring one is more than just worthwhile. You get to avoid the mistakes that potentially carry serious, intermediate, or long-term financial consequences for your company.
Plus, you get to understand your business better. Messy books can compromise the financial health of your business, resulting in cash flow problems, poor expense tracking, and an inability to strategize. Similarly, tax season can be a massive headache when your back office is out of order. You risk missing deadlines and making mistakes that can incur penalties or trigger an IRS audit.
A professional bookkeeper saves you time and money by ensuring financial reporting accuracy by keeping your books in order. Neither do you have to keep researching accounting rules or learning how to put together financial reports.
Outsourcing vs. In-House Bookkeeping: What’s Right for You?
In addition to paying salary, an in-house bookkeeper incurs retirement costs, health insurance, benefits, paid leaves, and more. There’s also office equipment, office space, training, and other overhead expenses. However, outsourcing allows you to pay only for the services you need when you need them, saving your business money in the long run.
Contact Goode Bookkeeping and Consulting
If your time and money seem to be dwindling, consider hiring a professional bookkeeper. For more information about our bookkeeping, back-office, and consulting services, contact us at (860) 659-6543 or leave a message on our contact page.