A good bookkeeper is your secret weapon to business success. While they might not handle the daily running of your business, everything they do is designed to set you up for success.
Bookkeepers do so much for your business that you can often hand off almost everything you don’t have the time or skill to do. Let’s take a look at just how much value they offer.
Preparing your books
If you have ever handed over a pile of receipts and more to an accountant and been met with a sigh and you know it will cost you more in time, a bookkeeper solves that problem.
They ensure that all your accounts are up to date and can go off to the accountant ship shape and ready.
Stocktake
If you run a small business, you’re going to find that bookkeeping can greatly impact things like stocktake. They will be able to highlight any issues in the numbers reported and feed that information back to you so you can find the source of the problem.
Most of the time, this is only carried out at the end of your financial year, but it is a good idea to let a new bookkeeper access everything straight away.
Financial statements
Small businesses still need to have all of the important financial paperwork that bigger businesses need – and if you’re not great with numbers and information or lack organizational skills, then a bookkeeper should be your first call.
Financial statements show the business’s bottom line and lay the information out in an easy-to-read format. Cash flow statements, balance sheets, profit, and loss – a bookkeeper can do it all.
Day-to-day accounts
Doing your accounts at the end of every day is good practice but something that not every small business does. In the end, though, it is the best way to ensure that every purchase or sale is tracked properly, making it so much easier to understand your cash flow.
Tax time
Even if you don’t know what you need to have prepared and when your bookkeeper will, they will keep you on the right side of the law too. Most small businesses don’t often put their financial books in a place of priority, but a bookkeeper will – and that is why they are invaluable.
Bookkeepers make sure that your accounts make sense and are true and accurate. This means you won’t catch late fines or deliver incomplete or incorrect records.
Invoices and receivables
Bookkeepers can prepare and send out invoices and ensure that everything is sent to the right clients. Chasing late payments, keeping accurate records, and the accounts receivable ledger can all be kept by your bookkeepers.
All small businesses should use a bookkeeper as they make the financial side of your business run more smoothly and can drastically improve your business’s overview and allow you to take a fully informed approach to the future.
A bookkeeper is one of the tools you have at your disposal for success, but it all starts with a strong foundation Building and Maintaining Success in the Business World: Strategies for Achieving Your Goals.
