Business owners often assume it is best to do their own financial record-keeping, but that is seldom the case. In MOST cases, it’s not only detrimental to your business… but costly, either by not having the most accurate financial information you need to make sound business decisions, or it can be very costly come tax time.
Here are six reasons why:
- Time. Hours you spend tracking sales, classifying expenses, reconciling accounts, recording payments and creating monthly reports could be spent on revenue-generating activities, or taking a needed mental health break from work.
- Accuracy. An amateur bookkeeper can make mistakes that lead to expensive surprises like tax audits. Losing track of a large receivable, or neglecting to pay an invoice, could adversely affect your credit rating.
- Money. Outsourced bookkeeping services often save companies money, by having more expertise and working more efficiently that an in-house person not trained in bookkeeping can.
- A clear picture. Bookkeepers like Eric Buchholz Bookkeeping can run reports monthly or weekly to show how much you are earning, where the money is going and how your efforts are paying off. We provide the “big picture” that it might be hard to see on your own.
- Cash flow. With a bookkeeping professional on your side, cash flow will remain optimal, which helps when you need funding. You want to be able to show positive cash flow.
- Partner relationships. An outside bookkeeper can prevent conflicts between business partners. With proper processes in place, no partner can withdraw money without the others knowing.
Run your business with confidence
Get help and guidance when you need it from real bookkeeping experts at Eric Buchholz Bookkeeping… Get Started right HERE!
Don’t Believe the Myths about Outsourcing to Bookkeeping Companies
There are a lot of falsehoods floating around about outsourced bookkeeping services overall. Some business owners erroneously think “outsourced” means “offshore,” or believe they will lose control of their finances if someone else keeps the books. Others have trust, time management or cost concerns.
If you vet each bookkeeping firm carefully, you will not have to worry about any of the above:
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- Check each firm’s education, experience and references
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- Make sure they use streamlined, secure, cloud-based software and your data is encrypted
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- Meet in person (or virtually) to see if you have good chemistry and will get along
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- Ensure they can communicate financial matters in understandable language
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- Find out how they bill. We charge a flat monthly rate based on the complexity of your business.
Bookkeepers are not all alike. They range from minimalists to “do-everything” services. It’s your decision what assistance you need. Some firms may just clean up data the client has entered, and others do everything from logging bills to sending out invoices.
Be as Involved as You Want to Be
A good bookkeeper will help you understand pertinent financial matters and let you be as involved as you like. They will reduce your stress by providing clean, up-to-date reports that clearly show you where you stand at all times in your business lifecycyle.
Ready to get started?
Take routine bookkeeping off your never-ending to-do list with the help of a certified professional. At Eric Buchholz Bookkeeping, we can help ensure that your business’s books close every month, and you’re primed for tax season. Our expert certified QuickBooks ProAdvisors have over 25 years of experience working with small business bookkeeping across various industries.
Whether you’re learning how to streamline your accounting to save time, or how to set-up your chart of accounts for the first time, Eric Buchholz Bookkeeping can guide you down the right path. Schedule your FREE phone consultation today!… Simply CLICK HERE.
Originally published at https://bookwerks.io/blog/
