Small businesses – no matter what you’re selling – all have one thing in common. Bookkeeping.
Scrambling to organize every receipt, log every mile driven, tracking each expense, and feverishly downed cups of coffee as you meet with a client. At the end of each quarter, it’s time to figure out exactly what you owe in taxes – what you made, your expenses, etc. It can be a stressful time for even the most organized business owner.
You might be dogged by worries as well. This is complicated work. What’s the difference between bookkeeping and accounting? What if I make a mistake? What if I missed something important?
If those have echoed around in your head before, it may have also crossed your mind that you can hire a professional to help take the burden off your shoulders. Even that can seem intimidating – to hire someone else to take a look at your books and finances. But the benefits can far outweigh the costs.
- Bookkeepers Provide AccuracyYour records will only ever be as accurate as the bookkeeper maintaining them. If you manage that yourself, you may make mistakes, mislog things, or miss things entirely.
Bringing in an expert bookkeeper can provide a higher level of accuracy to your recordkeeping. An outside eye will be able to sift through your expenses more easily. Not to mention bookkeepers are knowledgeable. They follow standard practices, are experts in their field, and are well-versed in how to keep your records in order.
- Bookkeepers can Help You Save Time It honestly doesn’t need to be said that maintaining your records takes time. There are many things that need to be tracked in order to ensure your records are accurate. That’s where a bookkeeper can help.
One example of how a bookkeeper can help you save time is financial reconciliation. This is a process of comparing your recorded financial transactions again the recorded transactions of your financial institution. If there’s a discrepancy, the bookkeeper will correct the error if it’s with the records, or will call the financial institution and request that they correct it. This type of work is time-consuming, and can easily fall by the wayside for a busy small business owner. That’s where professional support can come in handy.
- Bookkeepers can Help You Save Money This may sound backwards, as hiring a bookkeeper is, itself, a cost. But in the long run, hiring a professional to maintain your records will save you money. They’ll be able to help you keep careful records of accounts receivables, pay bills on time and prevent late fees, provide you with information to help you make sound financial decisions, and more.
- Bookkeepers can Help You ScaleHow can a bookkeeper do that? Well, it’s simple. Since your records are off your to-do list and your mind, you’ll have the time and energy to pour back into your business and work on growing and scaling.
Plus, a bookkeeper will be equipped with the tools and knowledge to maintain your records even as your business grows – and therefore, your reporting needs grow as well. Instead of things getting messy and hard to handle for you as the business grows, you can relax knowing that your records will be as meticulous as always.
From the money and time you can save, to the professional support to know everything is done for you – it makes sense to bring on a bookkeeper to support your business.