If you are a small business owner, odds are that you are a “do-it-yourself” kind of person. After all, you started your own business for a reason, right? However, some of the biggest mistakes small business owners make could have all been avoided had they just asked for a little help.
We know many entrepreneurs cringe at the thought of asking someone else to “take care of their baby”. However, asking for help with your business bookkeeping in Parkersburg, WV could be one of the best steps that you take to ensure that it continues to grow and scale properly. This doesn’t mean that you have to put out for a full-time bookkeeping position; in fact, as long as your business has fewer than 30 employees and does not make more than $1 million in yearly revenue, you most likely only need to hire part-time help. But many businesses over those thresholds also find value in outsourcing their business bookkeeping. Quality professional bookkeeping services will save you money, time and stress. Let’s take a closer look:
How Professional Business Bookkeeping Will Save You Money
- Ensuring that you pay your bills on time
While seemingly small as they come, interest and late fees are unnecessary expenses that can be easily avoided with some time management organization. Some vendors even offer discounts and refundable amounts for paying bills early or on time, and a bookkeeper can effortlessly help you stay on top of this.
- Saving on hiring, training, and additional payroll costs
Unless you have over 30 employees and/or annual revenues over $1 million, it is highly unlikely that you need a full-time staff position to keep track of your books. Plus, the hiring search, interview, and training process is no cheap adventure in itself. Save time and money by contracting a professional bookkeeper to manage your finances who is already well trained and up for the task.
- Offering insight on how to increase small profit margins
A good bookkeeper will be able to save/earn you money by analysing your operating expenses versus your revenues and offering up suggestions on how to leverage the amounts you are spending to run your business with greater returns.
- Helping you make a more solid pitch to investors
Investors like numbers. Especially ones that are about to take on the considerable risk of investing in a small business. Having a bookkeeper can help you create professional financial statements that highlight the positive aspects of your business and where you need investment in order to improve success.
- Help find all possible tax deductions
When your year-end bookkeeping style looks a lot like how you used to cram for exams back in school, you will often miss many opportunities to save money come tax time. A professional bookkeeper in Parkersburg, WV will be keeping track of these things all year long, and will help you owe less and get a greater refund.
How Professional Business Bookkeeping Will Save You Time
- Freeing you up to focus on things like customer and employee relations and sales
As a business owner, your main goal for how to spend the day should not be with your nose in the books and your hands on the calculator. You should be able to spend the majority of your time networking with potential clients/customers, forming solid relationships throughout the community, taking the time to understand and provide for your employees and oh yeah…sales. Outsourcing the tasks of bookkeeping can really free up your calendar.
- Saving time on the hiring process of a full-time bookkeeper
We mentioned above that outsourcing could save you the money involved in a full-time position job search, but it also will save you a ton of time! Advertising for a position, searching for potential employees, reading applications, interviewing contenders, and training whomever you choose takes a considerable amount of hours most likely best spent otherwise.
- No arduous midnight research
We know you’ve been there…googling accounting rules, watching YouTube videos of how to work bookkeeping software, and looking up professional financial report templates online…all for a bundle of mistakes that could totally throw off your reports and warrant a lengthy audit. Again, it is okay to ask for help! Leave it to a professional bookkeeper to save you all the hours of research and headaches.
- No more scrounging through the receipt shoebox
Most business owners that try to take on bookkeeping by themselves save everything for the year’s end. The problem is, that when you are sorting through all your receipts and you are up against the new year, it is going to be near impossible to remember what every purchase was for, much less how you paid for them and which account they belong in. Save time and let a professionally outsourced bookkeeper keep consistent track of these things for you all year long so that tax filing comes and goes like a breeze.
How Professional Business Bookkeeping Will Save You Stress
Imagine you woke up tomorrow, and someone had flawlessly reconciled your books, cleaned up your accounts receivable and accounts payable, reviewed and updated your assets, and taken care of all your 1099s. Did you just feel a weight lifted off your shoulders?
That is exactly what an outsourced bookkeeping service in Parkersburg, WV could do for you and those stressful tasks. If you are up at night unable to quiet your brain about all of the financial tasks you have put off on the to-do list and are beginning to feel that looming procrastinator’s guilt, it is time to do yourself a service and hire a bookkeeper.
Anxiety over incorrectly categorized expenses, overlooked tax deductions, missed deadlines, remembering what every transaction was for, bank reconciliation, controlling your cash flow, sticking to a budget, small errors turning into big mistakes and more, GONE. Poof. Somebody else’s problem. Now isn’t that priceless?