They say that behind every good business is a great bookkeeper, and it’s true! A great bookkeeper does far more than keeping you compliant – although that certainly is an attractive benefit. Hiring a great bookkeeper is a big step towards improving the financial health of your business and can really help with planning for the future. Here’s how a bookkeeper can help your small business to succeed.
Save Time
One of the most attractive benefits of hiring a bookkeeper is the relief of not having to do it all yourself. Accounting is notoriously difficult and time-consuming. A great bookkeeper will save you many person-hours and allow you to get back to growing your small business.
A Smaller Tax Bill
A great bookkeeper won’t see you pay a penny more in tax than is strictly necessary. Many small business owners, despite their best efforts, end up missing out on tax deductions or incentives. It’s best to have a quality bookkeeper on your side who can help ensure you are tracking all available business expenses.
Accurate Records
It’s important to maintain accurate financial records to ensure that mistakes don’t compound and spiral out of control. A great bookkeeper will ensure that your records are impeccable so that you don’t end up with a tangled web of errors on your hands or worse, mistakes on your tax return that could come back to bite you.
Financial Planning and Stability
Cash flow can be very tricky to handle and it’s often difficult for business owners to get a clear picture of how much money is entering and leaving each month. A bookkeeper will help you to manage your cash flow and ensure that there’s always enough in the bank to continue operations, even when times are tough. This helps to keep your business stable and running smoothly. You’ll be able to offer both your staff and your clients a consistent and positive experience, maintain high levels of trust and loyalty with both.
Marketing
It may not seem obvious at first that a bookkeeper would be able to help with marketing, but they may in fact be able to advise you on where to spend your money and which practices aren’t generating a worthwhile return on investment. This allows you to focus on the marketing activities that truly drive the needle for your business and cut back on areas that aren’t serving you. Furthermore, cash flow analysis can help you decide when to launch a new campaign and get a clear picture of the results.
Summary
A great bookkeeper is so much more than a number cruncher – they function as a partner and guide to help you make the best possible financial decisions for your business. Whether you’re in the startup phase or looking to grow your business, hiring a quality bookkeeper is a decision you won’t regret.