Keep Doing Your Own Books.. IF You’re Into Losing Money..
Small business owner? Feel like you're wearing all the hats in your business?
If you like most small business owners, you're not only the leader and visionary – you're the manager, the "do-er", the bookkeeper, the janitor, the IT person, the marketing director... ok this is starting to pile up.
Feel the blood pressure rising? Let's come back down for a second.
We get it. You are doing a lot. But, you shouldn't be losing sleep at night over all these things.
The question is, who should you hire? What tasks should you outsource? And who should you outsource it to? Let's talk about outsourced bookkeeping.
What is a Bookkeeper for Small Business?
A bookkeeper is the person who oversees helping your business stay organized. In return, they help you reduce expenses and provide you an opportunity to focus on the main objectives (aka running your business).
How do you know if outsourced bookkeeping is right for you? Let's find out.
Here are some reasons you might want to consider hiring an outsourced bookkeeper for your small business.
#1 You have more important things to focus on.
There are a lot of responsibilities that come with running a small business, and at times they all seem the "most" important. However, we encourage small business owners to look at the big picture for their business.
What is driving revenue? Where is your time best spent for your business? It might be sales, it might be meeting and nurturing current clients, and it might be leading and inspiring your team. All of these tasks will lead to growth.
But, what about items like keeping financial records, itemizing deductions, staying compliant with updated tax codes, running payroll, and paying bills to your vendors?
Do these items feel like a chore? Are they at the bottom of your to-do list?
While they might not "feel" like they grow your business. If neglected, these tasks could lead to financial losses, stunt your business growth, or lead to fines.
How can we fix this? I’ll give you a hint… A Bookkeeper can do it for you! Whether it's virtual or a local bookkeeper. Let a trusted team take over this enormous stress that you don’t have time to accomplish.
#2 You’re always late on bills or worse.. filing taxes
Because these "chore" items begin to rack up over time, they will get neglected. And worse, they get pushed back.
Unfortunately, the IRS and State Department of Revenue aren't the biggest fans of you pushing their timelines back. I'm sure your vendors aren't too happy about the late bill pay either...
What does this mean for your business?
Not only are you hurting your reputation –
You'll begin racking up late fees
You'll increase the risk of getting audited
And you might begin losing clients.
How can we avoid this from happening? If you have multiple employees, it can be intense to get everyone paid on time. Think about trying to pay vendors, employees, taxes, etc. all on time. When you have a dedicated team, they can help with day-to-day operations.
#3 You want to stop taking the big hit on taxes
Taxes are one of the biggest expenses a small business will incur – every year. Maybe you've been hit with a large tax bill. Maybe even multiple years in a row..
If you feel like you're overpaying every year, it might be time to consult a bookkeeper who can discuss tax strategy regarding your small business.
You shouldn't feel overwhelmed when it's tax season. You need a bookkeeper who can help look at your business and help you navigate the best options.
How can a Bookkeeper help?
Your chosen team/person will provide accurate month-by-month Profit & loss statements, Balance Sheets, and Cash Flow statements to show detailed inflows/outflows.
Conclusion
We understand life gets hectic and you might not have the time you once did. An outsourced bookkeeper will eliminate those timely aspects for you, so your business will flourish. Think about how much more effort could go into advancing your business instead of dwelling on the financial curves.
How can you find a bookkeeper for your small business?
Hi! We're Cornerstone and we offer bookkeeping in Savannah Ga. But, we also serve clients all around the United States with bookkeeping, tax strategy, payroll, bill pay, and virtual CFO services.
You can schedule a free consultation with us below