If My Business Has Slowed Down Do I Still Need a Bookkeeper?
As the owner of a small to medium-sized business, you learn that consistency is essential to keeping your business moving forward. You set your goals. You open up on time every day. To top it off you respond when the phone rings, and you greet your customers and clients with a smile. When you ask yourself the question, “do I need a bookkeeper?” the answer is always yes.
What if your business slows down?
When you’re trying to survive a slowdown, you often decide what to let go of and what to keep. Bookkeeping is one of those services you might choose to do yourself. Before you add one more task to your lengthy list of responsibilities, it’s a good idea to think it through.
1. Why do I need a bookkeeper? Because you need consistency
When you apply for a business loan, your bank wants to see a consistent financial activity pattern. Bookkeepers regularly track, organize, and update your financial records, following consistent professional practices. When you need complete, concise records to support your bank loan, they produce precise records and detailed financial reports that meet your bank’s expectations
- Income Statements
- Cashflow Statements
- Balance Sheets
- Accounts Receivable and Payable Aging Reports
2. Why do I need a bookkeeper? Because you must get it done
If you add bookkeeping to your long list of responsibilities, you’ll always have a bookkeeping to-do list. It isn’t a task you can do well when you relegate it to five minutes at the end of the day. If bookkeeping isn’t a priority compared to all your other business-related, you’ll get it done when you have free time* in your daily schedule. (*You’ll never have enough free time to get it done right.)
3. Why do I need a bookkeeper? Because you must have accurate, up-to-date records
If you do your own bookkeeping and you don’t have time to do it right, your records will never be as accurate as you need them to be. Bookkeeping isn’t an occasional task. It requires consistent attention. It involves tedious detail-work that follows specific procedures and protocols.
Even if you use a bookkeeping app, you’ll have to spend time setting up your accounts, inputting your data, and syncing your records. Besides, your phone app will never be as professional as a real-world bookkeeper.
4. Why do I need a bookkeeper? Because tax time is always around the corner
Tax time is never easy, but it’s a lot easier when a professional bookkeeper organizes your financial details. The IRS wants you to file your taxes on time, send in an accurate return, and pay what you owe. They’ll even accept many tax forms electronically as long as you do it right.
Bookkeepers help you give the IRS what they want. They track your sales, expenses, employee deductions, and other business-related costs. They produce accurate, concise records, just like the IRS demands.
5. Why do I need a bookkeeper? Because bookkeepers do bookkeeping better than you
You went into business because you’re good at what you do. Maybe you make great widgets. You do great haircuts. Maybe you make the best pizza in town. But one thing is clear, you didn’t set up shop to be a bookkeeper, but Goode Bookkeeping did. It’s probably a good idea to let us do it.
Contact Goode Bookkeeping and Consulting
Contact us to learn more about our professional services. We work remotely. We do accurate, consistent bookkeeping, and we’re really good at it. Call us at 860-659-6543 or complete our consultation form to arrange a free appointment.