Delegating tasks can be difficult when you’re a business owner, especially when it comes to finances. You want to save money and stay on top of your financial health by doing things yourself. But you may be among the 40% of small business owners who consider bookkeeping and taxes the worst part of owning their business. Also, time spent on your finances is time not spent on sales, marketing, product development, or other essential tasks to operate and grow your business.
To save time and lower stress, consider hiring a bookkeeper. A bookkeeper can help prevent you from feeling overwhelmed trying to keep expenses, invoices, and tax information organized and accurate. Here are a few ways why hiring a bookkeeper can help:
1. You’ll Save Time
One of the most time-consuming parts of running a small business is keeping track of income and expenses. But you need to know exactly where your money is going to ensure your business runs smoothly. A bookkeeper handles the recording of your expenses and income, typically with QuickBooks software. Using QuickBooks is an efficient way to manage bookkeeping tasks, and you can access your records at any time. A good bookkeeper will also keep you informed about what’s happening with your business, regularly issuing financial statements and other reports.
2. You’ll Receive Expert Advice
Bookkeepers are accurate and detail-oriented. They ensure all financial transactions are entered correctly into the correct columns and on time. Additionally, they provide analysis of financial data and give you recommendations regarding cash flow, working capital, accounts receivable and payable aging, and other key business performance indicators.
3. You’ll Receive Help with Tax Preparation
Tax preparation can be extremely time-consuming for a small business owner. More than one-fourth of business owners spend over 100 hours doing their federal income taxes. Bookkeepers can help you with your taxes in a few ways. They can keep track of your income and expenses throughout the year, ensuring accuracy and the most up-to-date information. They assist you in preparing for your tax filing and provide advice on ways to reduce your tax bill. You’ll also have organized and correct books at the time of tax filing.
4. You’ll Enjoy More Work-Life Balance
Balancing work and life for entrepreneurs is one of the biggest challenges. But the cost of not doing so can take a toll on relationships and personal health. Hiring outside help to manage your bookkeeping can mean getting back a half-day or even a whole day a week without having to do it yourself. By relieving yourself of bookkeeping tasks, you’ll reduce your stress and be able to enjoy time with your family and away from work.
If you are looking for help with your finances, consider hiring a bookkeeper. They can make owning a business much easier and less stressful. Call us today at 203-641-7678 (Hamden, CT) if you have any questions about our bookkeeping services and payroll services to help your small to medium-sized business.