Do you Need to Hire a Bookkeeper?
As a small business owner, your books are extremely important. They can help you properly track your incoming and outgoing money, help you see what is profitable and not-profitable and help you when it is tax time. When you first start your business, you may try to do your books yourself. However, this is not always the best decision. Many businesses should hire and could benefit significantly from hiring a bookkeeper. Here is more information that can help you determine if it is time to hire a bookkeeper.
What a Bookkeeper Does
A bookkeeper is tasked with doing many different jobs. Some of the things they may do includes keeping track of all of your sales, payments and your receipts. They can organize and record all of your day-to-day financial data, including incoming sales, outgoing payments and what exactly is selling and moving on a day-to-day basis. A bookkeeper can help you come up with internal business processes that can help you to grow your business, spend money wisely and track your expenses better. And they can record all of your information easily so that an accountant or tax professional can make sense of it when tax season rolls around or in the event you get audited.
The Benefits of Hiring a Bookkeeper
There are many benefits associated with hiring a bookkeeper. One of the biggest benefits is that you have someone who knows how to properly keep the books. This helps to ensure that no errors are made and that your books are in order. Another benefit is that it frees up more of your time. As a business owner, chances are, you are spread thin. When someone else keeps your books for you, you have more time to focus on other aspects of your business. Lastly, a bookkeeper can keep everything organized for you, which can help your accountant or tax professional. This helps to ensure your business has the records it needs to to take the deductions you are legally allowed to.
Signs You May Need to Hire a Bookkeeper
One of the top signs that you may need to hire a bookkeeper is that you are slacking on your financial data. You may not have the time or energy to input receipts, sales or expenses. If you have a stack of financial data piling up, it may be time to hire a bookkeeper. Another sign that you need to hire a bookkeeper is that you are becoming overwhelmed with your financial data. If you don’t know what to input, what not to input or how to input information, you may benefit greatly from hiring a bookkeeper. Lastly, if your account or tax preparer tells you that your records are a mess or you don’t have the right information for your taxes, a bookkeeper may be needed.
Do you think your business could benefit from hiring a bookkeeper? If so, Blue Collar Back Office is here to assist you. We are QuickBooks Pro Advisors who also understand the needs of small business owners. Contact us today to find out how we can help you with all of your bookkeeping needs.