How does bookkeeping benefit your business?

Organization

A skilled bookkeeper is an organization master! Maintaining and filing your records in an organized manner allows access to the information quickly. Situations like audits, investor meetings, and applying for loans all require organized records.

Budgeting

Budgets create a financial road map for your business, you're able to anticipate and plan for future expenses and predict income on a weekly, monthly, or quarterly basis.

Analysis

Internal management continuously analyzes business performance, detailed and accurate bookkeeping is the data ensuring the financial information is accurate. Maintaining current and accurate financial records also influences better decision making.

Cash Management

Bookkeeping allows a clear understanding of how a business manages its cash. Are you experiencing late fees or not taking advantage of vendor discounts? Are you collecting your receivables on time? Properly managed books by a skilled bookkeeper will identify where your cash management needs to be improved.

Profit and Growth

The income statement is used to track profit, analyzing this report from your bookkeeper can identify if your business is profitable also identifying your business operating cycles allowing you track the most profitable times of the year.

Peace of Mind

With all the responsibilities of a business owner, unorganized books can cause a significant amount of unneeded stress. Working with a reliable bookkeeper provides peace of mind knowing your books are current and organized.

Tax Preparation

Proper and accurate bookkeeping keeps your books in order all year. Come tax filing season you won't have to scramble to collect all the necessary documents to turn over to your accountants.

Its the Law

Government laws require you to keep financial records for your business, depending on your business structure you may be required to keep business and personal records separate, failing to do this can lead to fines and even termination of your business.

Save Money

Many business owners are apprehensive when it comes to working with a bookkeeper because they are worried about cost. Yes, of course professionals don't work for free and expect to be paid for their skills. Business owners should view their services as an investment not an expense.

A skilled bookkeeper keeps you compliant with financial regulations, improves your tax filing process, and advises on business decisions based off accurate financial reports. All of which will both save money and increase growth far exceeding the investment. In the long run, there are no questions about it, if you want your business to continuously grow and be profitable a bookkeeper must be a key member of your team.