Well hello there. I see you’ve returned to get this week’s nugget. Welcome to another read on The Keys. It’s your favorite Money Motivator – Growth Instigator, Erica Fields bringing you the keys to your financial house!!
When we begin our journey on the path to entrepreneurial greatness, we sort of have our blinders on to threats lying and waiting to flare up at the wrong time. Losses and tax requirements are major adversaries to small businesses. Having a professional service provider on your team will help you identify weaknesses in your financial process.
Better Money Habits
A high number of sales and cash in the bank is temptation waiting to happen. Most new or solopreneurs fall victim to dipping into the business’ retained earnings. Frivolous spending on things like eating out, personal services and other nonbusiness items can ruin your ability to make decisions. It’s difficult to know how best to spend your money if you aren’t exactly sure how your money is being spent.
With the help of outsourced bookkeeping, you will help your business save money that you didn’t even realize was being misused. You can see trends in spending and assess the need. Given enough time to analyze these figures, your bookkeeper will put you on the path to help your business grow.
There comes a time where your business will grow clientele. That same growth will bring more responsibility. Tracking payments coming in and going out will become a full-time task of its own. And missing a payment to a vendor or worse, an employee may put your business in danger.
With your due dates being tracked by a bookkeeper, you will save your company from any missed payments or late fees. You’ll also have fewer chances of missing an unpaid customer invoice. When every transaction your business makes is documented, better financial decisions can be made in real time.
Instantly Saves Money
Imagine you’re a consumer attorney and you have a staff of three paralegals. Law is your expertise, but bookkeeping is not. And your firm needs assistance with escrow accounts. You don’t really know the questions to ask to hire a full-time resource. And putting the work off on your office manager isn’t quite working out. Not to mention, the burden costs associated with bringing on a new staff member. Office space, payroll taxes, and other overhead costs increase with each new hire.
Outsourcing your bookkeeping to full services firm will take care of bookkeeping, payroll, and taxes. A professional understands your business. They also know the financial responsibilities you have to your clients, employees, and vendors. If you’re working with a value-priced option, you will get the level of service you need at a low monthly rate. When compared to the cost of employing an internal resource, the benefits are endless.
Whether you are a very new business or your business is well-established, outsourcing your bookkeeping needs will reduce costs for your company in more than obvious ways and will ensure that your business continues to grow financially. A professional bookkeeper can devote time to ensuring your books are accurate so that you don’t have to.