Advantages of a Bookkeeper
Bookkeeping is an essential part of running a business, ensuring that transactions are properly recorded and the accounts kept up-to-date to provide accurate information for future decision-making.
A bookkeeper performs tasks crucial for maintaining records in a way that makes them accessible when they are needed.
Poorly kept records mean that current and future decisions may be based on inaccurate information, leading to costly mistakes.
A bookkeeper is responsible for updating files to reflect current contracts with suppliers or discounts negotiated by employees in a way that provides a thorough record of business transactions.
An efficient bookkeeping system in a small business can save up to 15% of operating costs by minimizing errors and preventing the need for a large number of costly information requests.
A small business that keeps accurate records often has an easier time acquiring a loan from a bank, as well as being more attractive to potential buyers of the business.
Good bookkeeping is also essential for filing tax returns – without it, a business can face heavy fines or penalties.
A bookkeeper is responsible for preparing financial statements that are useful for monitoring the progress of the business, as well as essential for filing income tax returns.
A bookkeeper also helps lower insurance costs by reducing the risk of theft due to poor record-keeping practices.
Good organization is important in a bookkeeper’s work. That way, they can more easily locate information if it needs to be submitted for business loans or taxes later on.
You don’t know your financial situation
Your sales and income figures don’t add up
It takes you days to prepare routine reports
You’re afraid that the tax office will call for an audit because of your bookkeeping