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Does my small business need a bookkeeper

Bookkeeping for Small Business

Does my small business need a bookkeeper?



It is a fact that the owner of a small business tries to save money as much as possible.

One of the areas in which they do this, is by not employing the services of a bookkeeper, but by trying to do the job themselves. If you are good at finances and bookkeeping, this is not so much of a problem, except that it takes away time that you should actually spend managing your business.

If you are not so good at bookkeeping and finances, you could be in for some big problems. Let's take a look at some of the things that go into maintaining good financial records for a business.

Bookkeeping Tasks for Small Businesses



  • Financial record keeping

  • Management reporting

  • Cashbooks / ledgers

  • Debtors reconciliation

  • Creditors reconciliation

  • Bank reconciliation

  • Income Statement (monthly/quarterly/annually)

  • Balance Sheet (monthly/quarterly/annually)

  • Annual Financial Statements

  • Audit preparation

  • Payroll

  • Reporting

  • Tax preparation


Does my small business need a professional bookkeeper?



First of all, if you looked any of the tasks on the above list and thought to yourself, “I'm supposed to be doing that?” then you definitely need to talk to a professional, even if it's on just a consulting basis to get you set up with a system for maintaining you financial records.

At the end of the day, as a business owner you want to know where your money is coming from, and where it is going to.

In order to keep a tight rein on this, it is advisable that you have the help of a qualified bookkeeper. Ultimately, this investment will save you time and money. The information gathered from good financial records and reports will help you to make informed decisions about your expenditures, enabling you to be proactive rather than reactive in your financial matters, and to make any necessary changes in your income generating endeavors.

Financial Web lists 4 Reasons to Use a Bookkeeping Service for Your Small Business



Opportunity Cost

The bottom line is it takes time to keep your own books; this is time you could be spending on other areas of your business. If you are not an accountant or have little familiarity with software that assists with bookkeeping, the time it takes you to enter transactions into your ledger will be much higher than what is necessary. Think about cost not just in terms of the dollar amount you could save doing this yourself but also how much more you could earn for your business if you were not spending time keeping books. You may find it makes financial sense to bring in a third party, even if it involves some additional expense to your business.

Accuracy

When you hire a bookkeeping service, you are employing an individual with accounting experience or even a certified accountant. These individuals know how to enter and classify your transactions. This not only helps keep your books accurate; it also helps for pre-tax planning. When you keep your books yourself, you may find a certain amount of procrastination is natural. You get busy, and you decide to close out the month on the third of next month instead of the thirtieth of this month. A person employed for the sole purpose of keeping the books will procrastinate less, check more often and usually do a better job.

Conflict of Interest

You may be in a partnership or business arrangement where there is more than one individual with an interest in the accounting of your business. Even if you think you have a great business relationship, these relationships can easily turn sour if there is any accusation of misconduct with bookkeeping. Even an unintentional error at the hands of one person can cause a serious and unrepairable rift in a business relationship. Take the potential conflict of interest out of the situation, and use a third party to carry out the transactions. You and your business partners will be better able to deal with any potential issues if none of you are directly at fault.

Outsourcing

Today, there is no need to hire an in-house bookkeeper or accountant for most small businesses. If your transactions demand a daily, full-time accountant, then it may be the time to seek one. However, if you simply need someone for a few hours a day or a few hours a week, consider outsourcing the job. You will save money on salary and benefits to the individual. With the advances of Internet technology, communicating with a third-party accountant is as simple as sharing your information with an external hard drive. You do not even need to have the bookkeeper in the office if you can share files effectively.

Professional Bookkeepers is a company that doesn't believe in any job being too big or too small for our attention. We have qualified professionals who are able to meet the individual needs of your small business.


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Frequently Asked Questions
  How will bookkeeping help me?
  Does my small business need a bookkeeper?
  What services can a bookkeeper provide for my business?
  Whats the difference between a bookkeeper and an accountant?
  How can a bookkeeper help me get ready for tax time?
  Can a book keeper help me with payroll?
  What do I need to provide my bookkeeper?
  What are some book keeping tips for small businesses and/or freelancers?
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How will bookkeeping help me? How will bookkeeping help me? How will bookkeeping help me?
Does my small business need a bookkeeper? Does my small business need a bookkeeper? Does my small business need a bookkeeper?
What services can a bookkeeper provide for my business? What services can a bookkeeper provide for my business? What services can a bookkeeper provide for my business?
Whats the difference between a bookkeeper and an accountant? Whats the difference between a bookkeeper and an accountant? Whats the difference between a bookkeeper and an accountant?
How can a bookkeeper help me get ready for tax time? How can a bookkeeper help me get ready for tax time? How can a bookkeeper help me get ready for tax time?
Can a book keeper help me with payroll? Can a book keeper help me with payroll? Can a book keeper help me with payroll?
What do I need to provide my bookkeeper? What do I need to provide my bookkeeper? What do I need to provide my bookkeeper?
What are some book keeping tips for small businesses and/or freelancers? What are some book keeping tips for small businesses and/or freelancers? What are some book keeping tips for small businesses and/or freelancers?