Helping You With All Of Your Numbers
Even during the initial stages of starting a business, you need to deal with numbers. Any business no matter the size has to keep accurate and detailed records of all of its transactions. This includes everything from sales to expenses and even salary payments. In fact, every single transaction where the money is moving in or out must be tracked.
While it’s a viable option to consider handling the tracking of these cash flow movements on your own, it is highly unlikely as a business owner that you are either trained or skilled in bookkeeping. Therefore, it has become increasingly common for business owners to seek out outside help for this task, wit professionals such as Bould Bookkeeping.
In this particular guide, we will be explaining exactly why you should look into hiring a bookkeeper and how you can go about identifying one that would be a good fit.
Reasons You Need To Hire One
While you might think you can get away with not hiring one at the early stages of starting your business, you would be wrong. A lot of business owners assume they can rely on their quarterly check-ups with their accountants or even get away with having their accountant check on their records once per year. There are plenty of reasons you should be hiring a bookkeeper instead. Below, we will talk about a few of them.
Reasons To Hire A Bookkeeper:
1. Save You Time
Unless you are a bonafide expert on bookkeeping, it is not a good idea to attempt to handle it on your own. Having to do things like process receipts, expenses, and handle payments is really only a fraction of what they do. They are capable of assigning expenses to clients and they take all of the numbers and input it accordingly. Likewise, they even look at the numbers, analyse it, and make sense of it all. A good bookkeeper is going to know exactly how each transaction should be classified and treated to provide the best and most useful business reports. It is a very skilled occupation and having professional handling it for you is going to allow it to be completed in a fraction of the time it would take to handle it yourself.
2. They Gain An Understanding Of Your Business
As a result of handling the day to day accounting involved with your business, they are going to be able to gain a deeper insight into your company and its finances. This alone is going to give you a lot of useful information because they will be able to share this insight with you. This will help them come up with specific plans of action that you should be integrating into your business operations and to keep you abreast of anything you need to do to minimise issues throughout your business. A good bookkeeper is going to help watch over your finances and allow you to steer clear of trouble.
3. They Will Effectively Manage Your Cash Flow
Having a professional bookkeeper there will do much more than an accountant would be able to do simply because they have more insight into your business. An accountant is going to look at your business’ numbers once or a few times per year. A bookkeeper will have a much closer eye on your accounts which can help you keep cash flow as steady and as under control as possible.
Know What You Need
Being able to hire the right bookkeeper comes down to knowing exactly what you need. Figure out certain requirements you have in the bookkeeper’s job to find the right one.
What Type Of Business?
First, you want to consider the type of business you have. Knowing the type of business can help you identify the right one because your business will have very different requirements than other non-similar businesses.
Number Of Transactions You Have
Knowing how many transactions your business has on a daily, weekly, and monthly basis will allow you to figure out how much record-keeping is going to be required.
What Software Do You Use?
If you use online software, you will be able to interact with your bookkeeper online.
What Key Dates Do You Have?
Knowing key dates including your tax return deadlines and payroll days is going to allow you to find a bookkeeper that is ready and willing to keep your records and accounts up to date before each of them. Simply ask them if they can handle it.