October 24, 2016
Business owners the world over, spend countless hours each day, week, and month tracking their accounts, and recording their expenses. Even small business owners find this to be time consuming and often frustrating, particularly as there are other areas of their business that they would prefer to be working on.
There is perhaps only one way of ensuring that as a business owner, you’re able to spend your time doing the things that matter to you though, and that’s by hiring a bookkeeper. Instead of having to worry about daily record keeping, or preparing taxes, you could focus your energies on building and sustaining your business, safe in the knowledge that your paperwork is in good hands.
Read on to discover how a bookkeeper could help your business:
Answering accountancy questions that you may have:
As a business owner, there will be myriad questions that you’re forced to ask yourself - and often daily – such as whether any of your clients owe you money, whether you owe your clients any monies, will you be able to meet your tax filing deadlines and how to accurately process payroll, to name but a few.
These questions can all be answered by a professional bookkeeper, but many business owners feel that by paying for their services, they are losing money; but this couldn’t be further from the truth. A good bookkeeper may even be able to save you money, by spotting deductions that you’ve missed, ensuring that you’re 100% compliant with federal and state tax laws, and never allowing you to file a late return. Read on to discover more ways in which a bookkeeper can save you money:
Saving you money:
As well as getting the most out of your tax return, keeping up with tax laws and filing on time, a bookkeeper can save you money with your operating costs and staffing, and when your accounts are running smoothly, then your business will inevitably follow the same track. As your attention is focused away from keeping your accounts in order, you’ll find yourself with much more time to spend on other aspects of your business, and this alone, could result in you making money as your business becomes more efficient, competitive and profitable.
Allowing you to continue running your business as you see fit:
Some business owners worry that in outsourcing their bookkeeping, they will lose control over certain aspects of their business, but this is rarely the case. If you put an effective system in place, then as the owner of the business, you will be able to have full control of all management based decisions, while the bookkeeper simply sticks to tracking and recording the businesses accounting activities.
Enabling your business to continue to grow and progress:
As your bookkeeper gives you regular reports that accurately reflect your businesses activities, you’ll find that you’re able to make informed decisions that will keep your business on the right trajectory.
All small businesses will go through a series of ups and downs, and solving some of the problems that can arise, takes time and patience. Most owners of small businesses complain of not having enough time to do everything that is required of them, but finding time to update the books so that their bookkeeper can do their job efficiently, is one thing business...
For many small businesses, keeping track of, and managing their taxes is a yearlong commitment, and there are several important types of deadlines to be aware of throughout the financial year:
1099 forms for contractors, need to be in the mail by the end of January, and must be...
With April 15th very definitely behind us, most US citizens who didn’t file for an extension, have filed their taxes successfully, either alone or with the help of a tax professional. Many folks will be disappointed to discover that they owe taxes, while others will be pleasantly surprised with a refund.
Tax refunds can...