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Posted by on Sep 22, 2014 in Blog | 0 comments

Bookkeeping Services For Your Small Business

If you’re a small businessman, you understand the importance of efficiency. You want to make sure every dollar as well as every hour spent gives your business the most benefit possible. One task that every business owner faces is “doing the books.” This ranges from daily sales reports and bank reconciliations to generating financial statements and tax reports. Chances are, doing these things is not your strength. That’s why so many small business owners use bookkeeping services.

You can concentrate on what you do best–running your business–and delegate the task of keeping the books to a professional.

What a Professional Bookkeeping Service Will Do For You

  • Keep the books in a professional and timely manner, so you always have an up-to-date picture of how your business is doing
  • Manage your payroll, making sure all tax payments are made on time (and you know what the consequences are if you miss those payments)
  • Provide you with monthly cash flow and profit-and-loss statements
  • Keep ledger and journal entries to help you keep track of revenue and expenses
  • Prepare financial records for your certified public accountant

Make Things Easier For Your Certified Public Accountant

A bookkeeper is not a certified public accountant (CPA); you should hire a CPA to do end-of-year financials and prepare your taxes. That said, having had a professional bookkeeping service maintain your records makes your CPA’s job a lot easier.

The better shape your records are in, the less chance of a mistake, which can be costly. Also, many CPA’s charge by the hour, so it will save you money to present him with well-organized records rather than a couple of shoeboxes full of receipts and canceled checks.

A Good Small Business Owner Delegates Tasks

If you’re in business for yourself, chances are you do a certain thing very well and are trying to market that skill. You naturally want to spend as much of your own time on doing that certain thing and would therefore prefer to have someone else do the routine tasks.

It’s strange, therefore, how many small business owners are happy to delegate routine tasks such as cleaning the office or driving a delivery truck to employees or outside services, but at the same time, try to keep their own books, even if they have no experience or expertise in doing so.

When you examine the cost of using your own time to do the task of bookkeeping, and then you consider how costly it could be to keep an inaccurate set of books, you can see that hiring a bookkeeping service is almost always the wisest choice. To learn more, contact a company like Kamphaus Henning & Hood for more help.

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