Do I Need A Bookkeeper?

If you are wondering whether a bookkeeper is what your small business needs, you are not the only one. The hard truth out there is that most of the new small businesses fail within the first five years, and the number one cause for this failure is their financial mismanagement.

Therefore, every new business owner or solopreneur must consider the critical role of bookkeeping in their successful business. So, instead of asking yourself if you need a bookkeeper, you should definitely hear all the advantages that this decision brings.

With An Experienced Bookkeeper, Filing Taxes Is A Breeze We all know that filing and paying your taxes is a must. For business owners, this is a decision that cannot go without accurate bookkeeping. Instead of handwritten notes in a notebook or receipts, you need to rely on a professional bookkeeping practice that ensures your company’s cash flow at tax time is well maintained.

You Can Get Paid A bookkeeper is also vital in situations when you want to get paid. Without reliable bookkeeping, you won’t know who owes you what and you cannot send invoices and get payments accordingly. Every small business should look forward to payments, especially during growth when it is hard to track things like payables and receivables. The point is, bookkeeping here is in a close link with reliable cash management.

You Can Get Paid You Will Have A Clean Bank Statement That Shows If You Are Making Profits Hiring a bookkeeper lets you have a monthly bank statement where everything matches up - a situation known as bank reconciliation. Accurate bookkeeping makes this possible and prevents banking errors and potential financial problems. Additionally, accurate bookkeeping lets you see whether your business is actually profitable - something that is hard to see with a bank account that is in the black at the moment or has just been funded. Keeping accurate books allows you to see the exact inflow and outflow and know what to expect in the future.

You Will Pay Less In Taxes And Get Financing Easier Accurate bookkeeping lets you pay less in tax. This is because of the tax bills which are usually higher when you have more expenses that are hard to track. On top of that, if your business is growing and you are considering financing, an accurate book is the foundation that gives the bank all the evidence to finance you and help you achieve your goals. Ultimately, a lot of business owners still see bookkeeping as something that is ‘easy to handle’ by themselves. Even if that is the case in the beginning, there comes a certain point in business where it definitely makes sense to bring in a professional and rely on accurate bookkeeping. Not only a decision like this will get your books lined up well - it will also let you refocus on growing and managing your business. So, are you ready to use a bookkeeper for all of your accounting tasks - from the simplest to the most complex? Finding the right fit is always the first step to successful bookkeeping. At Professional Bookkeeping Services, we take pride in helping a lot of businesses excel with reliable and accurate bookkeeping. Contact us today and see how we can help you reach your goals!