As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means that you might be less likely to hire people who can help your business, like bookkeepers, who are great investments for any small business.
So, what does a bookkeeper do? Bookkeepers take care of the daily financial records for your business and make sure your books balance. They track receipts and reimbursements, reconcile accounts and prepare certain financial reports. All the frustrating day-to-day financial stuff that you probably dislike, they love.
Bookkeepers are a great investment for your small business, for a number of reasons.
Unless you’re great at bookkeeping and really enjoy it, you may find bookkeeping a headache. Chances are, you’ll put it off until it’s a massive chore to take on, then take 10 times as long to do it. You’ll find it takes you away from other business tasks such as training staff, networking or marketing your business.
The time you spend trying to understand your financials could be better spent on tasks you’re good at. A bookkeeper should be more efficient, and in the long run can save you a lot of stress.
Your time—and your sanity—are worth the cost of a bookkeeper.
Bookkeepers can advise you about any changes to the tax laws and what those mean for your business. They can also provide you with insight into your company’s financial situation. If you’re overspending in a certain area or need to reallocate funds, your bookkeeper will tell you. If there’s something you don’t understand about your financial situation, your bookkeeper can explain it to you, so your financial situation isn’t a mystery.
Because bookkeepers are experts in their field, they won’t make the same mistakes that could be made by someone unfamiliar with how bookkeeping works. Those mistakes might seem small at first, but data entry errors, mixing up expenses, and other errors can add up, costing the business owner money. A lot of business owners will do their own bookkeeping to save money, but in the long run this could end up costing more.
The services a bookkeeper provides can help you financially in the long run. They also prevent a lot of headaches and save you valuable time.
As a small business owner, there’s no way you can be an expert in all aspects of running your business. If you don’t like bookkeeping or don’t have the time or knowledge to do it well, a bookkeeper is a valuable resource and a great investment for you.
Want some help with your bookkeeping? Talk to us today. You can check out our monthly plans here.
Not sure whether to lease or buy a vehicle or equipment for your business? This guide covers the costs, tax savings, and cash flow impacts to help you maximize deductions and make the right financial choice.