The decision of when to engage bookkeepers is among the most difficult decisions faced by entrepreneurs, yet the advantages of this type of service are fairly well-known. Bookkeepers take care of all aspects of financial management for a business , such as keeping track of client transactions as well as sending and tracking invoices, and making sure that the payment of professional or tax-related fees and other bills are paid in time. While these tasks may be appealing to tackle on your own, when is the best time to employ an expert? Read on for the top reasons you ought to engage an accountant.
1. You’d like to actually relax on the Weekends
The decision of when to engage bookkeepers is among the most challenging decisions for entrepreneurs, yet the benefits of hiring one are well-known. Bookkeepers take care of finances of running the business , such as keeping track of client transactions in addition to tracking and sending invoices, and making sure that the payment of professional or tax-related fees and charges are paid on time. While these tasks can be easy to handle yourself but when is the best moment to engage an expert? Read on for the top reasons you should employ a bookkeeper.
Do you feel like you are spending your weekends and holidays using the QuickBooks program instead of spending time with your family? Entrepreneurs with a DIY method typically put off personal time to complete the administrative tasks associated with bookkeeping. The cost of hiring a bookkeeper will be worth the cost in terms of freeing valuable time to pursue activities that yield more value like spending time with your loved ones. If you choose to work over playing, the time is more productive in finding new customers, rather than performing tasks that could be easily outsourced.
2. You Pay Late Penalties Often
If you are considering hiring an accountant, the penalty is another factor to take into consideration. There are a variety of taxes that all companies must submit regularly. While filing taxes is usually simple but a late filing deadline could cause a significant amount of penalties. In the words of the IRS approximately 47% of the penalties they collect result from late filing. This money can be invested in marketing to increase the size of your company. Employing a bookkeeper can eliminate a lot of “To Do” things from your already busy schedule and avoids financial loss because of fines.
3. You need help with invoicing
If you are finding yourself sending invoices that are late, and often forgetting to send them all You require an accountant. If you don’t receive payment, invoices aren’t submitted and documents and the tracking can be put off. It’s even more difficult to track the invoices after they have been sent, and pursuing late payments or balances that are not paid. In reality, around 80% of all payment delays are due to inaccurate invoices. Bookkeepers can ensure that invoices are sent out promptly and note any payments and contact customers who are in the process of paying. A timely and accurate billing process will be sure that your company has enough revenue to expand.
4. You’ll be able to finally qualify for Financing
If the idea of borrowing money is on the near future it is sensible to employ a bookkeeper today to make sure your books are in order. The majority of loan applications require extensive documentation of your company’s finances for some months. Complete and precise Financial statements are an essential element of proving that your company is a risk-free investment. The final thing you would like is to be denied funding because of a sloppy recording. A clear financial picture of your company will allow you to determine any instances where you’ll require more capital, and the amount of capital you require.
5. You Can’t Track Client Expenses Accurately
Are you having difficulty to keep track of your clients and their expenses? A single line item missing isn’t just bad for business as it could result in a the loss of income It can also be perceived as incompetent or unprofessional in the event that the customer finds out. It is also a risk of misplacing the transactions of customers. In the simplest sense the incorrect record-keeping process can provide only a partial view of your business’s overall financial situation.
The decision to engage bookkeepers is one business owners often think twice about but it’s rarely an investment they regret. A bookkeeper is an essential component in the growth of your business, and it will prove to be a smart investment. If you are hiring a bookkeeper ensure that you hire a person who is engaged in your business and focused on your business’s success. Bookkeeping should not be just about making calculations, but should also include the identification of patterns in your company’s financials, and a growth-oriented approach.
Are you thinking about employing a bookkeeper to help make sure your finances are in order? Contact us now to discuss the ways Quick4Support Accountant and Bookkeeper can help you save time and energy as well as money by offering bookkeeping services.
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