#BusinessTipTuesday
Top Five Reasons Your Small Business Needs A Bookkeeper!
By Amanda DiGiacomo
This week’s business tip is the Top Five Reasons Your Small Business Needs A Bookkeeper!
For most small business owners starting or running a business means that they must wear many hats within the company. Most small business owners may not have the resources to bring in professionals for areas such as bookkeeping. Hiring a full-time bookkeeper can be costly as you must pay for their salary, benefits, and payroll taxes. Let’s not forget your time is money the opportunity cost of doing it all yourself is just to high. The simple answer is to hire a bookkeeping service.
So, what does a bookkeeper do? A bookkeeper oversees the process of organizing and storing financial and accounting documents such as account payables, account receivables, sales reports, expense reports, ledgers, financial statements, and much more.
Work-life balance prioritizing your needs.
Here are the reasons why having a bookkeeper is so crucial:
- A bookkeeper will enhance your financial analysis and management.
Proper bookkeeping allows your company to analyze and manage your records so that you can make money moves with a more accurate representation of your business’ financial situation. Additionally, having organized records will make working with a CPA or an Enrolled Agent during tax season effortless.
- A bookkeeper will make sure everything is paid and filed on time.
Running a small business means you are putting out those daily fires, managing the social media accounts, traveling here and there, and trying to make deadlines. Even in this time and age of auto-payments bills, invoices, tax payments, quarterly and annual tax filings can get missed. Which can lead to many consequences such as late fees and fines. A bookkeeper can help manage these burdens. Lastly, a bookkeeper helps generate cash flow by staying on top of accounts receivables; your services are not for free!
- Proper bookkeeping can leave a great first impression.
First impressions are important when it is time to expand. Bankers, investors, and professional insurance companies will be very impressed by the organized financial statements you will be able to provide them. This will make the application process go much smoother.
- Prioritizing your business needs.
Your time is money so start investing in your business by allocating some of the work to a bookkeeper. This will allow you to focus on the core of the business by improving daily operational tasks and connecting more with your clients.
- Work-life balance prioritizing your needs.
Outsourcing one of those many hats you wear allows you to focus on your self-care. Doing everything yourself can leave no time for yourself or your loved ones. Staying healthy and not burning out is key to the longevity of your business.
Thanks for the continued support. I hope you found this business tip informative. At Atlas Financial Solutions we offer bookkeeping services. Please make an appointment today to start prioritizing yourself and your business.
Best of luck and until next week my fellow business owners!
