Entrepreneurs in the know realize a bookkeeping service will save them time and money. Sure, some of them know every aspect of their business including how to do the bookkeeping themselves. But, they know their time is best invested in growing their business by meeting with customers and developing new products and services.
As your business grows and becomes more profitable you may find that you need help with keeping your books accurate. Hiring a bookkeeper can be very beneficial and here’s why:
- You will have more time to focus on your core business and clients. Studies have shown that profits increase an average of 16% after you hire a bookkeeper. Let a professional bookkeeper handle the daily recording keeping leaving you more time to concentrate and expand your business.
- You may pay less in taxes and accounting fees. Professional bookkeepers know what qualifies as tax deductible expenses – reducing the amount you may owe to Uncle Sam. Also, at tax time your CPA would need to prepare financial statements for the year. Bookkeepers maintain and close the books monthly so your CPA has much less work to do to prepare the taxes. And since bookkeepers cost significantly less than CPAs this will save you money.
- Analyze your monthly financial statements so you can make adjustments throughout the year. A professional bookkeeper will be able to discuss your properly prepared financials as needed.
- By invoicing on a regular schedule your Accounts Receivable turnover will decrease and your cash flow will improve. Your bookkeeper can set an invoicing schedule and your clients will know when to expect and pay their bills. This will help maintain a regular source of cash flow.
Professional bookkeeping accounts for every dollar that comes in or goes out of your business on a real-time basis so you will be better informed about the company’s financial position and can make adjustments as needed. Accurate record keeping is the key to success and growth for any business no matter what industry you are in.
Please contact Slate Accounting Group at 919-928-4386 for a free consultation to show you how we can help grow your successful business.