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hiring a bookeeper

Should I hire Bookkeeping services?

Most business owners prefer to take matters into their own hands in order to save on costs.  It’s certainly true that when you do things by yourself, you can save money, but it is not always advisable. Accounting and bookkeeping services are good examples of this. Outsourcing the bookkeeping task to a professional may pay back in several ways.

It’s well known that most people don’t find accounting interesting. In fact, it’s usually the part of running a small business that owners hate the most. Despite this, many entrepreneurs work over their books for hours on end, often coming out with no better understanding of their business than when they started. Does this sound like you? Have you been putting off outsourcing this work? Maybe it’s time to delegate this task to someone who actually enjoys it.

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Here are 3 reasons to consider hiring a bookkeeper.

1. You Don’t Have Time to Do it Yourself
No matter how hard we try to extend it, a day will always contain 24 hours. If a petition ever went around, asking for the day to go to 30 hours, I’d be the first to sign it. Until then, there are just so many things we can accomplish each day. If you are trying to juggle sales, marketing, shipping, and bookkeeping at once, something is going to suffer.

There is nothing more important to an entrepreneur (especially when they are the only employee) than effective time management. Spending 5 hours doing a bank reconciliation that would take a bookkeeper 30 minutes just doesn’t make sense. Sure, it’s an extra cost each month, but how many more sales could you have made in those 5 hours? Which scenario is really costing you more money?

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2. You’re Not a Subject-Matter Expert in Bookkeeping
Despite that there are many things that we can do, or at least try to do, in order to save some money, the reality is that every area has professionals that are specialized on them. Topics like debits, credits, ledgers and other things are a little bit confusing. Of course, that we can learn what they mean, but implementing them in a normal basis, and doing correctly, without errors, is another story.

Every business, big or small must present their numbers to the IRS and those numbers and reports can not contain errors of any kind. Once again, the question: Is doing it yourself really saving you money?

Albert Einstein tax quote

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3. Payroll
Experienced managers know that payroll problems can create all kinds of issues related to financial liability or personnel relations. Let the bookkeepers handle payroll details and focus on running your business.

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4. Annual Tax Filing
Although you may now employ a specialized tax preparer every April, a bookkeeping service might be able to combine tax services and other financial services into one neat annual service.

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5. Accounts Receivable and Accounts Payable
Your business might be doing great, but if you have to spend a lot of time digging money out of clients, or otherwise dealing with A/R and A/P issues, that may be taking time away from your productivity. A bookkeeping service can also make the Accounts Receivable process easier by giving your business a more powerful presentation.

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With user-friendly software like QuickBooks, you may think you can manage your accounts and keep all records. But for that, you have to give your crucial time and should also have a pretty good knowledge of how to do bookkeeping related things correctly.

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Daily activities
A bookkeeper does the day-to-day hands-on tasks: making sure new employees file all the right paperwork for the company’s payroll, submitting invoices (promptly) and following up on them, and paying the bills. The bookkeeper also tracks company expenses and can assure that every cost has been entered — and recorded correctly — into software like QuickBooks so that the business is ready for tax time along with filing any other reporting to, say, creditors or investors.

The experienced bookkeeper can provide the benefit of cost-effectiveness and flexibility, in some cases; we have seen you can save more than 50% in internal bookkeeping cost. The main benefit of hiring a bookkeeper is that it frees you up to concentrate on your business. You no longer have to manage and train bookkeepers if you outsource and put the time saved for more productive use. To save your precious time and money, it is better to let the professionals handle your complicated and time-consuming tasks.

They can take care of payroll, government remittances, year-end payroll forms, all your monthly transactions, budgets, pay bills and really anything relating to ongoing financial or even some admin type tasks. How often depends on how many transactions you have, but the norm is at least monthly, if not weekly. They can come in for an hour or two each week to record transactions, discuss any items with you, etc.

accounting

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Benefits of hiring bookkeepers
• Secure book-keeping and accounting
• Significant cost savings
• Meet all desire needs at one place
• Highest standards of business ethics
• Proper structure set-up and qualified resources ensure uninterrupted services to customers
• Follow best practices and methodologies ensuring the highest quality every time.
• Customer service to facilitate prompt response and resolution to client’s query
• You have more time for your core business

• All records related to documents or expenses are done more accurately
• Privacy to crucial data
• And most importantly, peace of mind that you get

In addition, there are many more benefits you will discover as you hire top bookkeeping services for your business.

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CONCLUSION:

The main benefit to hiring a bookkeeper is that it frees you up to concentrate on your business. It shouldn’t cost too much to hire a bookkeeper, and they are very efficient, often completing the tasks in half the time. Bookkeeping is their chosen profession making them subject matter experts in the field. Also, they have multiple clients so can provide assistance with best pricing on items that may be common to their clients; banking, insurance, etc.

There is no doubt that hiring a professional bookkeeper or a company that provides reliable bookkeeping services for small businesses, will not only free you more time that you can put in planning, making strategy and effectively executing it, but also will give you peace of mind as you need not to worry about whether the records are being done correctly or not.

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It's a Social Media and digital marketing consultant and owner and founder of LFStudio.com. He is also author and entrepreneur. He helps small businesses to grow, get clients and generate income.

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