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.
Whatever the time of year, taxes are never far from the thoughts of most small business owners, and planning and preparing for them is an all year affair. Many small companies use tax professionals to assist them with their taxes, not only for convenience but for ensuring that their returns are timely and correct, and if you don’t yet have one, perhaps you...
There are, of course, strict penalties in place for those who incorrectly file their tax return, whether it’s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay...
Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud.
With the tax reform now in full swing, it’s more important than ever to get your taxes right and to try to understand the changes to the law as...