Benefits of working with a bookkeeper
A new business usually requires minimal bookkeeping and can be managed by maintaining a simple spreadsheet. However, as a business expands, the business owners will struggle to keep the books accurately. Accurate Tax & Bookkeeping, a tax preparation service, lists the signs that a small business needs a bookkeeper and the benefits of hiring one.
Signs a business needs a bookkeeper:
- If the books are never up to date
- If the sales have increased but not the profits
- If the cash flow is unpredictable
- If the DIY bookkeeping takes more time than can be afforded
How will hiring a bookkeeper help a small business?
A lack of experience and excess bookkeeping tasks can overwhelm a business owner whose core skill is not bookkeeping. Mistakes such as data entry errors, missing entries, double entries, and mixing personal and business expenses can make tax filing a nightmare. Business owners can ensure that their expanding business accounts are error-free by hiring a professional.
Pay less in taxes
An experienced bookkeeper can quickly identify the ordinary business expenses tax-deductible in a particular industry. Moreover, the cost of hiring a bookkeeper is also tax-deductible.
Focus on business expansion
When business owners have to spend a majority of their time on keeping the books error-free, they cannot invest time in achieving their core business objectives. Business owners need to invest time in networking, marketing, managing, purchasing and supplying, selling, and communications to pursue business expansion.
When bookkeepers take over the tax filing and bookkeeping tasks, business owners can be assured that their books are in the right hands while investing their time in jobs worth their money. A survey shows that, on average, companies’ profits increase 16% after they hire bookkeepers.
Access to critical financial information
A bookkeeper can show a business owner the accurate financial picture of the company. When a bookkeeper keeps track of the expenses and profits, business owners can discern their budgets and spending. Any confusion regarding the books can be instantly clarified when businesses work with a bookkeeper.
Pay less in accounting fees
When business owners cannot manage the monthly financial statements across the year, they are forced to hire an accountant to file taxes. This would require an accountant to prepare a report for the year. This is a bookkeeper’s task for which a small business will end up paying substantially much more to an accountant.
Therefore, hiring a bookkeeper at the beginning of the financial year ensures there are no last-minute expenses to manage the books and file taxes.
With a bookkeeping service like Accurate Tax & Bookkeeping, small businesses can save a lot of time, money, and stress when the tax filing season arrives. The accuracy with which a bookkeeper will operate will ensure that business owners can focus on business expansion and profits instead of filing taxes.
Accurate Tax & Bookkeeping Services specializes in handling financial needs for businesses of all sizes.
Greg J. Menia founded the tax preparation service company in 2010, having worked in business tax services since 1995. The team performs tax services for small businesses and large businesses alike, serving all areas around Tampa, FL.
Call (813) 655-9702 today for “accountants near me” in Brandon, Florida. Alternatively, contact Greg and the team at Accurate Tax & Bookkeeping Services by emailing [email protected] or visiting the offices at 710 Oakfield Dr. Suite 159, Brandon, FL 33511.