Entrepreneurs thrive on a DIY mentality: Do everything you can yourself and don't pay for anything new until you have absolutely have to. It's especially difficult to hire financial help like a bookkeeper.
With user-friendly software such as QuickBooks available, many business owners feel they should be able to do keep their records on their own, even as they wrestle with finding the time and wonder if they're doing things correctly.
Deciding about "hiring a bookkeeper is something I struggle with all the time," is a quote stated by over 70% of business owners nationwide according to National Association of Certified Bookkeepers. While basic accounting easy to do, it takes focus away from working on the business. It is also a fact that bookkeeping and accounting become more complex and difficult as your business progresses year after year.
Entrepreneurs who hire bookkeeping and accounting help usually discover they weren't doing nearly as well on their own as they thought they were.
Professional bookkeeping will clean up records that incorrectly mingle expenses and assets, review employee purchases for duplications, and take over the mundane but critical task of paying bills. Estimates vary however, studies have found companies save $500 to $1,000 in various fees etc. every quarter. So what are a small-business owner's options for professional help with financial tasks?
Do I Need a Bookkeeper or an Accountant?
Actually it's a trick question. You may need both.
An accountant can analyze the big picture of your financial situation and offer strategic advice. He or she produces key financial documents, such as a profit-and-loss statement, if needed, and files a company's taxes.
After tax season is over, an accountant can also act as an outsourced chief financial officer, advising an entrepreneur on financial strategies, such as whether to secure a line of credit against receivables when introducing new products.
In contrast, a bookkeeper does the day-to-day hands-on tasks: making sure new employees file all the right paperwork for the company's payroll, submitting invoices (promptly) and following up on them, and paying the bills. The bookkeeper also tracks company expenses and can assure that every cost has been entered -- and recorded correctly -- into software like QuickBooks so that the business is ready for tax time along with filing any other reporting to, say, creditors or investors.
If you don't have a bookkeeper, you're probably not being as strategic as you could be in how you spend your money.
urBook$ can take on the role of your bookkeeper and free up your time to focus on your passion, THE BUSINESS YOU CREATED! Call urBook$ today 469.304.0036 to begin your journey of experiencing the urBook$ difference today!
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