Why hire the best outsourced bookkeepers for your business sooner than later.
Are bookkeepers overrated? Can’t you do everything even the best outsourced bookkeepers can do for less muss, less fuss? Want the truth? The answer is a resounding nope. Knowing that you still probably want to know what they can do and how they can benefit your business. Here’s the lowdown on what a bookkeeper does, and what they can do for you.
A Bookkeeper Keeps the Books
A bookkeeper’s job is to manage the general ledger for a business. This means that they document all of the daily financial transactions using a software program that will manage all of the accounts for that organization. While today’s bookkeepers have come a long way from the labor-intensive practice of keeping track of transactions in a hard-copy record book, the basic principles are still the same. Where accounting is often interpreting financial data and information, bookkeeping is more straightforward. It’s the act of compiling and recording all of the financial transactions done by any and all employees of a company.
How a Bookkeeper Goes About Keeping the Books
Entering financial information into accounting software is about more than data entry, although that is a fair share of the job. It’s more than just data entry, however. Being a successful bookkeeper requires organization and keen attention to detail.
While they are responsible for labeling and entering expenses, tracking payments, recording receipts, and sending invoices, they do more than just that. They can create profit and loss statements to help you understand your revenue vs. your expenses. They’ll build balance sheets which provide a view of your financial information for a given time. They can provide cash flow statements so you know what’s coming in and what’s going out. In addition to these job duties, they can also be responsible for the following:
- Monitoring assets and inventory
- Collecting and remitting sales tax
- Paying and invoicing suppliers and customers
- Recording bank transactions including deposits
- Monthly account reconciliation
- Provide financial statements and reports to you and your accountant
- Process payroll information
- Report any financial variances as they arise
How the Best Outsourced Bookkeepers Can Benefit Your Business
Now that you know what a bookkeeper does, you can start to see how they can benefit your business. But let’s break it down so you can truly know where the value lies when you hire one to support you and your organization.
- A reliable, experienced bookkeeper understands the key factors in the financial well-being of your business. These include costs, revenue, profit, and loss, as well as budgets, payroll, and proper documentation of all of it.
- A bookkeeper can help you make better decisions when it comes to your budget and your spending. With their expertise, you can rely on the accuracy of your financial data and can have a pretty accurate picture of where your money goes and when.
- They can give you peace of mind knowing that your books are accurate, timely, and organized. Not only does this benefit you throughout the year, but especially at tax time, when it’s vital that all of the financial information for your business is accurate.
- They will give you back your most valuable asset – your time. When you’re trying to run and grow your business at the same time you’re also trying to fill the role of bookkeeper, you lose valuable time. You should be focusing on your product or service, your customers, and your employees. Let the pros manage your books, while you manage your business.
Have you hired the best outsourced bookkeepers around to help you manage the financial data and documentation for your business? If not, it’s time you should. Click or call 678-990-0924 for a free consultation to learn how a bookkeeper can help your business.