In my last post, I went over how important it is for a business -large or small- to have a bookkeeper. Below are five reasons that go into more detail as to how a great bookkeeper will save you money and help your business grow:
Concentrate on your business’ goals
Bookkeeping involves tracking the fine detail and recording it in accounting software such as Quickbooks or Xero. Working with these numbers can make it hard to see the big picture. For this reason, it’s often better to have someone else do this work.
Reduce your accounting costs
If you are using an accountant to manage your daily transactions and run your monthly payroll, you could save a lot of money by having a bookkeeper do this work instead. A good bookkeeper will be just as knowledgeable about GAAP (generally accepted accounting procedures) as an accountant will. However, their rate is significantly lower
Be a keen pair of eyes watching your cash flow
If you want to avoid running out of money suddenly, you need to keep an eye on your cash flow. It helps to have someone else checking the numbers in this area to make sure your cash keeps flowing. A bookkeeper can do that
Get quick access to financial figures
Having an accountant manage your monthly business reconciliation and reporting is important. But what if you need some financial information part-way through the month? Bookkeepers can give you the information you need quickly, without you having to wait-and pay- for your accountant to respond
Keep control of your financial data
Very few small businesses can afford to hire their own accountant, and so most accountants work on a part-time basis for their clients. If they use online accounting software to manage your financials, it makes collaboration between professionals much easier. Online software means that your bookkeeper can work on the same set of data as the accountant. They can work together to give you the best outcome and help your business grow.