With ever developing technology and needs of users all over the world, there are many small businesses that are opening up every day. These businesses, although, are quite adept in making success through their main product or service, however are not very good in handling the financial side of the business. To keep the cost and expenses bare minimum, companies try to manage the accounting on their own rather than employ a bookkeeper.
This, at times, results in mistakes that can take a lot of time to unravel, even by an experienced bookkeeper. By believing in the myth that hiring professional bookkeepers leads to unneeded expense, many businesses suffers with mistakes that can be easily avoided .
The most important and basic task of a bookkeeper is to manage payroll (monthly as well as annual forms), monthly transactions, Government remittances, pay and collect bills, track budget and similar finance related as well as some admin tasks.
These tasks require at least monthly input from the bookkeepers but it can vary as per the number of transactions that take place.
The charge asked even by a very experienced bookkeeper is quite nominal for such mundane but imperative tasks.
These tasks, if handled properly from the starting, leads to saving of lot of time and money.
The first and foremost advantage of hiring a bookkeeper is that once your finances are in the safe hand, you can concentrate on the main aspect of your business.
You also do not have to worry about unnecessary mistakes as bookkeepers work on finances day in and out due to which they are less likely to miss out any detail or make mistakes.
They can also provide sound advice and assistance on other related aspects of the businesses like insurance, banking etc.
Most common mistake made by many businesses is that they confuse between bookkeeper and CPA (Certified Public Accountant).
Bookkeepers perform basic bookkeeping tasks and sometimes more in depth financial services, if specifically asked by the client.
On the other hand CPA undertakes all sorts of accounting tasks which include managing the whole finance section of the business.
So as per your needs and requirements choose either bookkeeper or CPA, but do not think of both as same.
No two bookkeepers are same nor will they quote same price.
Depending on the experience and professional background, bookkeeper’s cost may vary for the same number of tasks.
So before zeroing on any particular bookkeeper, do a thorough check so that you are aware why the cost is quoted.
Some jurisdictions also accord bookkeeping certifications, so you can also approach local association for list of expert bookkeeper.
The above points proves that having a bookkeeper in the starting months makes maintaining and managing a business’ financial that much easier and systematic. For example if there is need for yearly audit of finances, then your bookkeeper can keep you aware regarding the guidelines and processes that you need to follow and keep in mind for smooth yearly financial audit to take place. This ensures that you don’t end up making mistakes for which fine and penalties can be put forward. Thus having a bookkeeper as early as possible is always advantageous.
Having a bookkeeping managing and maintaining your business' financials is easier all the way around. If there is a yearly financial audit, the bookkeeper makes sure that guidelines and processes required are followed and performed throughout the year. This way, issues don't go unattended resulting in fines, penalties, interest and other negative consequences.
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