We’re going to talk about the benefits of having a bookkeeper. I see many clients who either do their books themselves, or they don’t know why they need a bookkeeper, to begin with. There are six significant benefits to having a bookkeeper.
Be Ready For An Audit
The first reason is maybe one of the most important reasons. That is being compliant with the law. If you have a professional doing your bookkeeping, then everything is done to the proper level. It’s kept up to date so that if heaven forbid, anything happens, and there’s an audit. Then your books are ready. This way, you don’t have to try to get prepared during the audit. Also, to this point, if you do have a negative audit situation as a result of not having a bookkeeper, it will be much more costly at that point to organize them.
My second benefit is accurate books. The point here is to allow the professionals to do what they do best while focusing on what you do best. Having good books will enable you to be able to see your business for what it is. You won’t have to be worried about what the numbers mean.
Everyday Business Decisions
My third benefit is having a clear view of how efficient your small business is running. This gives you the ability to have data to make everyday business decisions. While you run your business, you may see the cash flow coming in. You may see the money in the bank. You may be able to pay your bills. However, you don’t know where this money is coming from and where it is being used.
My fourth benefit is time management. Get the most out of your time while allowing the professional bookkeeper to keep up with the records. Keeping a good set of financial records is vital, but it can be very time-consuming. As we know, business owners are very busy people. We have a personal life, we have our businesses, and we have other endeavors that we may be involved in. Letting a small business bookkeeper invest the timekeeping financial records allows you to get the most out of your time.
Impress Bankers And Investors
The fifth benefit is having better relationships with bankers or potential investors. Having well-kept and accurate books that are readily available leads to better outcomes when dealing with investment and loan situations. Banks will want to see your financial statements during the loan application to ensure you can pay back the loans that they potentially may give you. Investors have may be more at stake when dealing with you and your business. Having accurate books helps them to be confident you are a safe investment. Not only will they want to see financial statements, but they may also want to take an even deeper dive into the books before they inject their funds into your business.
My sixth and final benefit is saving money on income taxes. Well-kept, accurate, and available books allow your tax advisor to be able to do an estimate at any given time. They can see where you’re at financially, which helps your business to make smart tax decisions. These are decisions that will help you save tax dollars when that time comes.
If you need assistance with bookkeeping, Aldaris CPA offers this valuable service for all you self-employed and business owners out there. Please reach out to us, and we can talk about a plan to help you out. Thank you.