Bookkeeping is a vital aspect of every business, yet it is one of the most overlooked jobs in most companies. Many business owners try to do their bookkeeping but eventually find themselves impeding risks losing track of potential opportunities.
Here are just a few reasons you should consider outsourcing your bookkeeping needs.
1. Bookkeeping is a complex process that professionals should handle
Bookkeeping involves maintaining financial records, preparing statements, and tracking all the business’s financial transactions. Therefore, it is a complex process that requires knowledge of accounting principles and practices. Most business owners do not have the time or expertise to handle bookkeeping independently.
2. You can focus on your core business
By outsourcing your bookkeeping needs, you can focus on your core business and leave the financial management to the professionals. Thus, this will free up your time to focus on growing your business.
3. Professionals have the experience and knowledge to ensure that your books are in order
Bookkeepers are trained to keep financial records organized and up-to-date. They have the experience and knowledge to identify errors and discrepancies in financial records. Therefore, this helps to prevent potential problems in the future.
4. You will save money in the long run
Many business owners try to save money by doing their bookkeeping. However, this often leads to mistakes that can cost the business money in the long run. Hiring a professional bookkeeping service will save you money in the long run by ensuring that your books are accurate and up-to-date.
5. You can avoid potential legal problems
If your financial records are not accurate, you could face legal problems. This is especially true if the IRS audits you. Therefore, a professional bookkeeping service can help you avoid legal issues by keeping your records accurate and up-to-date.
6. You will have peace of mind
When you outsource your bookkeeping needs, you can have peace of mind knowing that your books are in good hands. This will allow you to focus on other aspects of your business.
7. They can advise you on ways to improve your business’s financial stability
Bookkeeping services keep financial records and advise business owners on ways to improve their financial stability. Besides, they can offer advice on how to reduce expenses and increase revenue. Moreover, this can be invaluable to a business owner who is trying to improve the financial health of their business.
Outsourcing your bookkeeping needs is an intelligent business decision. It will save you time, money and potential legal problems in the future. Therefore, if you are not currently using a professional bookkeeping service, now is the time to consider doing so.
Benefits Of Bookkeeping
Bookkeeping is essential for any business, whether small or large. It provides critical financial information that helps to make sound business decisions. When bookkeeping is done correctly, it can save a business time and money.
There are several benefits of bookkeeping for your business, but here are some of the top seven advantages of bookkeeping that’ll help you the most:
1) Detailed recording of the financial transactions:
Bookkeeping provides a clear and concise record of all the financial transactions within your business. This detailed recording is essential for tax purposes and understanding where your money is going.
2) Helps to prepare financial statements:
Accurate bookkeeping is essential in preparing factual financial statements. Thus, financial statements assist in tracking the progress of your business, identifying trends, and making important decisions about where to allocate resources.
3) Predicting and planning the future of your business:
This information is essential for making informed decisions about where to invest resources and how to grow your business. Moreover, you can use it to predict future trends in your industry and plan for the end of your business.
4) Improves investor relations:
If you are planning to seek investment from outside sources, accurate bookkeeping is essential in providing potential investors with the information they need to make an informed decision.
5) Demonstrates compliance with laws and regulations:
Detailed bookkeeping records can demonstrate compliance with various rules and regulations. Thus, this is important for businesses that are required to comply with industry-specific regulations.
6) Facilitates audits:
If your business is subject to an audit, accurate bookkeeping records will make the process much easier. Thus, auditors will have a clear understanding of your financial transactions and will be able to identify any areas of concern quickly.
7) Makes tax time less stressful:
If you have a clear and accurate record of your financial transactions, tax time will be less stressful. Therefore, you’ll be able to quickly identify deductions and credits that you may be eligible for, and you’ll have the documentation to support your claims.
Average Salary Of A Bookkeeper
The average salary for a Bookkeeper is $67,500 manually. At the same time, the hourly wage maybe $34.62 per hour or less based on the bookkeeper’s experience.
Alos, the salary of the entry-level bookkeeper is $60,000/year, while the experienced bookkeeping services may change up to $80,000/ year.
However, the average salary range for a bookkeeper may go up to $120,000 or more per year for an experienced professional bookkeeper.
Popular Bookkeeping Services Tools Used By Bookkeepers
There are many bookkeeping services available in the market. Some of the popular bookkeeping services are:
1) QuickBooks bookkeeping service
QuickBooks bookkeeping services helps to track income, expenses, invoices, and payments. QuickBooks is one of the most popular bookkeeping software programs. Thus, it offers a variety of features and is easy to use.
2) Xero bookkeeping service
Xero is another bookkeeping software program. It offers many features, including tracking income and expenses, invoices, and payments.
3) Sage bookkeeping service
Sage offers a variety of features such as–track income, expenses, invoices, and payments.
4) Wave bookkeeping service
Wave helps you to keep track of your business finances and prepare invoices. It is a free bookkeeping service that offers a variety of features.
5) FreshBooks bookkeeping service
FreshBooks is an online bookkeeping software program. Therefore, it offers many features, including tracking income, expenses, invoices, and payments.
6) Zoho Books bookkeeping service
Zoho Books is an online bookkeeping software program. Thus, it has several features, including tracking income, expenses, invoices, and payments.
7) FreeAgent bookkeeping service
FreeAgent is an online bookkeeping software program that helps track your business finances. Therefore, this bookkeeping service offers a variety of features, including the ability to track income, expenses, invoices, and payments.
Daily Responsibilities And Duties Of A professional Bookkeeper
The responsibilities and duties of a bookkeeper are:
1) Maintaining the records of the financial transactions of the company.
2) Keeping track of the income and expenditure of the company.
3) Reconciling the bank statements with the company’s records.
4) Preparing the financial statements of the company.
5) Assisting the auditors during the audit of the company.
6) Preparation and filing of the tax returns of the company.
7) Any other duties as may be assigned by the management.
If you are still unsure whether or not to outsource your bookkeeping, consider the many benefits. You will have more time to focus on other aspects of your business, but you can assure that your finances are in good hands. Also, the NB Accountants prove that this job is worth investing in, and with the right tools and services, they can help take your business to the next level. Give it a try today!