Think you can’t afford to hire a bookkeeper?
Or, do you think you don’t need to hire someone because you can do the books just fine all by yourself?
Not hiring a bookkeeper can be a costly mistake.
Many new business owners spend more than they save – (both in time and money) when doing their books themselves.
According to the Small Business Administration, “bad bookkeeping or no bookkeeping system” is a top reason why many new businesses fail.
—–>Here’s what you need to know about letting go:
1) What is it going to cost me to get my books done properly?
The cost of bad bookkeeping is higher than you realize. You can not afford to ignore this area of your business, though many small business owners do. Most businesses do not need a full-time bookkeeper, but instead of trying to do it yourself, outsourcing your bookkeeping really pays off. By outsourcing bookkeeping, you can save 30% to 50% more than hiring a full time employee to do the same thing. On the other hand, hiring a CPA to do the bookkeeping for you may cost you on average $150/per hour. I can help you with all of this at a fraction of the cost.
2) How much is your time worth?
Most business owners who do their own books don’t do it because they love to do bookkeeping. They do it because they think they can’t afford a real bookkeeper, but little do they know they are wasting more of their money and time by doing it themselves when they would be better off using that time to run their company (or relaxing!). However, most of them spend far too much time focusing on keeping their books in order and therefore, they forfeit precious time that could be spent on other tasks, or with family, friends, or even relaxing.
3) Each year are you scrambling to get your books in order for tax-season?
If your books aren’t in order, you risk having your CPA (who can cost as much as $150/hour) having to organize them prior to doing your taxes. By having them ready to go and properly prepared, you can save valuable time and money. Just by letting me look over your year-end financial statements and QuickBooks file to make suggestions can save you thousands of tax dollars (that could be reinvested into the business or used to pay bills or other debts instead!).
4) How much do you really know about accounting?
Bookkeepers like me are skilled in just that: keeping books. It’s my specialty (for over 15 years) and it is what I do to earn a living. Not only will I make sure your checks are written out properly and your income, expenses, assets and liabilities are properly accounted for, but I can also save you money by pointing out tax credits, moneys owed, or business strategies you may not be currently aware of.
How outsourcing your bookkeeping can save your business:
Operating without records are like driving without brakes – CRITICAL – both are necessities.
You may be thinking, “If my business takes in enough money, all these paperwork matters will resolve themselves. If they don’t, I’ll hire someone to clean them up later.”
PLEASE THINK TWICE ABOUT THIS! How effective, or ineffective, your accounting is not only affects your cash flow, but your survival rate. An accurate bookkeeping system is also crucial for preparing your annual federal and state income tax returns and filing sales tax and/or payroll and taxes in a timely manner.
Ignoring your books is inviting disaster. If the IRS ever audits you or your business and finds insufficient records or significant mistakes in your bookkeeping, it can disallow deductions. The IRS (as well as State/local tax agencies) can charge outrageous fines and penalties on top of any under-paid tax assessments, possibly forcing you out of business and wiping out any savings.
Want to know more?
Please contact me to request a free phone consultation.
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