A bookkeeper can be a valuable asset to any small business. They bring with them a wealth of experience and knowledge that can save a busy business owner both time and money. Bookkeepers can also help to keep a business organized and on track.
However, bookkeepers are not essential for all businesses. In some cases, the business owner may be able to handle the bookkeeping themselves. It really all depends on the size and complexity of the business.
What Does A Bookkeeper Do For A Small Business?
Accurate bookkeeping is a vital piece to any successful small business. Bookkeepers are responsible for keeping track of the financial transactions of a business, including income and expenses. They also prepare financial statements and reports, which can be used to make critical business decisions.
In addition, bookkeepers may also be responsible for managing payroll and customer invoicing. Working with a bookkeeper can also help businesses be better prepared for tax season. Essentially, bookkeepers play an important role in ensuring that a small business runs smoothly and efficiently behind the scenes.
Without proper bookkeeping, it’s very difficult for a business to keep track of their finances. A good bookkeeper can assist in budgeting and forecasting, as well as provide invaluable insights into the financial health of a business. Not only that, but many bookkeepers can help to ensure that businesses are complying with tax laws.
Bookkeepers are trained in accounting principles and methods. They understand how to categorize transactions and properly prepare financial statements. Most bookkeepers are certified by a professional organization, such as the American Institute of Professional Bookkeepers (AIPB). Accounting professionals, such as CPAs, can be bookkeepers as well. CPAs provide expert advice not only regarding bookkeeping, but also on tax law, business strategy, and financial planning.
Who Needs Bookkeeping Services?
Bookkeeping services are a valuable asset for any business owner who either lacks the expertise to properly keep their books, or just doesn’t have the time to do it themselves. But if you’re still on the fence about whether or not professional bookkeeping services are necessary for you, here are a few telltale signs:
- You don’t know where all of your money is going.
Having all transactions properly recorded helps you to see where your money is going and track spending patterns. Tracking spending helps you control your finances and make informed decisions about where to allocate resources.
- You only begin to review your books at tax time.
If you find that you’re scrambling to get your books together come tax season, that’s a big red flag that you most likely need a bookkeeper. Being properly prepared for tax time will help you maximize your deductions and minimize your tax liability.
- Your time and expertise could be better spent doing other things.
If you’re a business owner who has no idea where to start when it comes to bookkeeping, you’re not alone. And maybe you do know how to keep your books, but your time could be better spent elsewhere. Outsourcing your bookkeeping can free up time so you can focus on running your business. Plus, you can rest easy knowing all your financial records are correct and in order.
How Much Does A Bookkeeper Cost For A Small Business?
The cost of bookkeeping services will vary. Some bookkeepers charge by the hour and some charge a flat rate or have different levels and packages.
Some businesses will consider whether they need bookkeeping services on a monthly, quarterly, or yearly basis. Ultimately, the cost of bookkeeping services will depend on the specific needs of the business.
Looking For Bookkeeping Services Near Me?
When shopping for bookkeeping services, be sure to ask about their experience and qualifications. Bookkeepers should be able to provide you with a list of references, and answer any questions you have about their services.
If you’re looking for a trusted bookkeeper in the Hampton Roads region, we hope you will consider us here at Minton CPA and Associates. We understand the unique bookkeeping needs of small businesses as we’ve been providing bookkeeping, accounting, and tax services to Hampton Roads business owners for over 30 years.
We’re a local and family-owned business, so we know the importance of personal service. We use the latest bookkeeping software to streamline our bookkeeping process and ensure accuracy. And because we’re a certified public accounting firm, you can trust that we have the knowledge and experience to handle all your bookkeeping needs.
Contact us today to learn more about our bookkeeping services and how we can help your small business grow – 757-546-2870.