Let's face it. Bookkeeping definitely leans towards as insignificant and is considered as a menial task, and that's almost always the case with every Startup Company or small business. We both know you aren't doing business just so you could spend half of your day crunching in numbers, thinking about your statements.
You're supposed to be creating plans, negotiating deals, and drawing the bigger picture of your company – not giving a self-inflicted headache. It has been proven that when a company starts asking for accounting advice, the company's efficiency skyrockets!
Investing your company to a professional bookkeeper or to a good accountingservice could lead your business to start getting even more profits. It may take hours for you to finish balancing your sheets, but it would only take minutes for an effective service to realize the numbers at hand.
By doing this method, you're able to save yourself from unnecessary headaches, and keep your company updated to any change of tax laws, thus, preventing your business from paying penalties in the future.
Here are the 10 signs you ought to be aware of:
1. You're not using your company's true potential.
There's a huge difference between when a novice does it and when a professional keeps your books. No matter how hard you try, you can't keep up the demand of work that you're juggling from left to right.
Once you've asked help from a new pair of hands, you'll see the drastic changes in your company. Plus, you'll be amazed on how much you would have already saved if you got a bookkeeper from the start.
2. Your time is being divided.
Follow the fundamental rule of any businessperson: Law of Leverage. You're not exactly doing it right if you are doing a one-man-show.
3. Failure to record everything.
You don't have the luxury of recording every last penny that you spent on your company you can't even get a decent coffee break! Leave it to someone else.
4. No unexpected fees.
It's your bookkeeper's job to keep up with the times. You don't have to attend seminars and training for updates of legal laws.
5. Paying more to an accountant.
There's a chance you're spending a lot of money on an accountant, whereas if you hire a bookkeeper, they're economical and will save you money.
6. Automate your task.
Thanks to cloud technology, a modern bookkeeper could easily be acquainted on the latest accounting technology released. It's faster to automate, and no manual labour.
7. Saves you trouble.
Even when it's not your intention, but when there are inaccurate files of your legal finances, you have to pay a certain penalty to keep you out. But with a bookkeeper, all of these could be avoided.
8. Boosts Company's growth.
Bookkeepers are professionals in finances. They know the needed course of action to take for a healthy standing on your company's financials.
9. Managing your payables and receivables.
There are bookkeeping services that keeps a record on the clients who owes you money, and to the people you owe money to. They have a detailed record on when's it due to let you prepare your finances.
10. Save on tax.
You can't keep up with everything – but a bookkeeper can. They're able to manage on tax deductions properly without a cinch.
February 22, 2017