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The Importance of Bookkeeping for your Business
When starting up a business, there are many ways we try to save money... in order to make money. One of the most beneficial ways to actually make money is by investing in the right bookkeeping help for your business whether that means early on in the start up process or during the usual course of your daily business tasks. Below are just 5 ways that hiring a bookkeeper will help you in your business.
Depending on the type of business structure you have created for your startup, you will have various tax requirements, including estimated tax payments, corporate tax payments, 1099s for contractors or freelancers and other filings. Having a bookkeeper will get you set up for taxes throughout the year, instead of you running around like crazy during tax season. Plus, the last thing you want is to be audited or to have the tax (wo)man after you just because you forgot those quarterly or annual tax filings.
2. Focus on core business needs:
Many entrepreneurs focus solely on the areas of the business that will make it the most viable and what they love to do most---mainly the product or service that will be for sale. This means that, as the entrepreneur, your time should be devoted to strategy, marketing, funding and other key areas that require focus over the daily operational tasks. A bookkeeper can do all the finance stuff for you in the meantime!
3. Make sure everything is paid on time:
Allowing someone who is skilled in bookkeeping to take care of your finances will help your new or thriving business to have fewer financial mistakes. Remember, if you miss a bill or forget to pay something important, this could lead to significant impacts on your business credit. Having a bookkeeper will give you the confidence to know everything is being paid and handled on time.
4. Get a different perspective on your business:
Hiring a bookkeeper can help you understand the bigger picture of what is happening with your business on a monthly basis. They should be able to give you profit and loss statements every month. This allows you to see where your funds are going and how your efforts are paying off (or what might need some improvement!).
5. Saving money:
Starting a business can be costly, in more ways than one. Surprisingly, bookkeepers can actually save you more money than if you were to try and cut corners by doing everything yourself. Because when you have a professional bookkeeper taking care of your finances, there is a reduced risk for human error, lack of knowledge, missed payments, missed tax obligation due dates, and delayed accounts receivable. It’s true friends, your time IS money! If you’re still doing your finances and are struggling with keeping up with it every month, use your money in a better direction and hire a bookkeeper. If your focus is toward getting your new business up and running, you’re going to have much more success bringing in the necessary revenue to move it to the next level. Hiring a bookkeeper just makes sense to get your business where it needs to be in order to be successful!
P.S. My biggest suggestion for most creative entrepreneurs when then ask me what to outsource first is to hire a bookkeeper! So… I’ve got some really amazing virtual suggestions for you.