The roles a business owner disappears into are very diverse, and the time that they should make up for it is also very limited. Managing the business’ finances are one of the most important roles that a business owner must undertake, however not everyone is fond with struggling with numbers, and not everyone has time.
Sadly, even when this is the case, many business owners try to cut costs by doing their own books instead of hiring a bookkeeper. What they don’t know is they’re losing more money than they are saving! Not to mention their increased stress levels and decreased time to rest. We’ve listed some reasons why not hiring a bookkeeper is costing you more money:
Costly Mistakes
Not all business owners have a background in accounting or dealing with numbers, which will cause chaos if they try to wrestle with books that they do not understand. Instead of creating revenue for the business, if the accounting books were balanced in the wrong way, then damage might take more time, effort, and money in sweeping up all the mess.
Tax Penalties
The IRS is pretty strict with the errors on your payroll taxes and the business’ sales, so you better get someone who is much more experienced in balancing the books than risk making mistakes and be awarded with absurd fines. Just like we mentioned in the previous point, the penalties you might get will actually cost you more money than hiring a bookkeeper, so get ahead of the game by getting an efficient bookkeeper to smooth things out for you.
Work ON — Not IN — Your Business
Okay, you might actually be good enough when it comes to managing your books. You might even excel at it. But even experienced bookkeepers take their time to carefully handle these things, and if you’re doing it while trying to run and grow your business, you might be doing one of them wrong. Are you willing to miss out on big opportunities to gain new clients, expand your business, or improve your service, in exchange of managing your books better? Think again. By hiring a bookkeeper who will focus on your books, you can focus on growing your business.
Mix Personal Accounts with Business Accounts
When small business owners try to execute a one-man show, it is inevitable that they mix business with pleasure. The way their expenses go, confusion sometimes arise when tax season rolls to a close and expenses for both their personal and business accounts get mixed up. With the aid of bookkeepers, these two accounts will never cross each other’s paths as bookkeepers are efficient enough in sifting through the varied expenses.
In having a business, no matter how small it is, you will always need more than one mind to keep it running smoothly. You cannot divide yourself and your brain between the many roles and functions you need to undergo just to run the business.
So when it comes to number crunching and financial documentation, let us help get your accounting books up to date and make your money work for you. Contact us today to get help!
