Small business bookkeepers aren’t as mysterious as they may seem.
Don’t be afraid of small business bookkeepers. Their secrets don’t need to be mysterious. Have a small business and you have been doing the books yourself? Then it’s time to take a look at what you could be missing. Here are the five best-kept secrets you need to know about a small business bookkeeper.
Secret #1: A Bookkeeper is Not the Same as an Accountant
This one might not be secret but often misunderstood. Accountants have more extensive certification and handle high-level tasks for businesses, including financial reporting, filing taxes, and advising on investments and expenditures. Bookkeepers handle the daily financial record keeping for a business that keeps the financial wheels on the track. This includes ledger entries, managing accounts receivable and accounts payable, invoicing, paying bills and creditors, deposits, financial transactions, managing and keep track of bank accounts, and overseeing payroll.
Secret #2: You Can Outsource Bookkeepers
Some small business owners are hesitant to hire a bookkeeper because they imagine hiring another full-time employee, and all that goes along with it. The truth is that you can outsource bookkeepers. In fact, they often work for large firms that offer accountants as well, so you can get the best of both worlds. And instead of having another body in your office, taking up space and benefits and payroll, you can outsource the work and get the same results, which can be a much more cost-effective solution.
Secret #3: They Can Help You Get Paid, and Paid On Time
Everyone wants to get paid, that’s the primary goal of any business owner. But actually getting the money from your clients and customers can sometimes be easier said than done, especially if bookkeeping and invoicing isn’t your strength. A good bookkeeper will be on top of your finances, know who needs to invoices when, who owes what, and when to send the appropriate notices. They will also process payments promptly to make sure you never end up in the red.
Secret #4: Bookkeepers Can Keep You Accountable
It’s hard to keep track of all of the ins and outs of your finances when you’re busy running the ship. Even with your best efforts, it can be hard to stay on top of every detail when it comes to your books and cash flow. A bookkeeper can keep you accountable, not just for what you owe, but for what others owe to you. The accountability factor also comes into play with your taxes and keeping accurate records throughout the year. Therefore, you can make sure you are filing what you should, when you should.
Secret #5: A Bookkeeper Can Help You Grow Your Business
This might be the biggest secret of all! Bookkeepers can help you grow your business. How? They have a unique insight into where your money is going, who it’s going to, and what you’re spending it on. Also, they know where your money comes from and who is spending it on your products and services. Finally, they know what the market looks like based on your daily, weekly, and monthly financial picture. They may not be able to advise you on investments and have the oversight of an accountant. However, their input is just as valuable, as they have an intimate understanding of your financial situation.
It’s vital to your business to make sure your finances are always professional, accurate and completed in a timely manner. Most small business owners can’t effectively do it themselves, and you may be one of them. If you are, it’s time to uncover the secrets that bookkeepers could hold for your business. To find out more, call 678-990-0924 for a free consultation to learn how a bookkeeper can help your business.