The Value of a Qualified Bookkeeper

Bookkeeping is the first step of the accounting process. It is a systematized practice of categorizing and documenting financial transactions including sales, expenses, payroll, large dollar purchases, and customer deposits.

Businesses of all sizes need experienced, qualified bookkeepers to help them manage this key function. Below are some examples of ways bookkeepers have made an impactful contribution to businesses both large and small.

Bookkeepers provide financial insight into your business. Chances are, you are not a bookkeeper and you haven’t done this kind of work in a previous role. Professional bookkeepers have specific training, education and knowledge to manage key financial data. Additionally, many bookkeepers have recognized certifications such as “Certified Bookkeeper” and have been trained to interpret and analyze financial reports to provide business owners ways to improve their business’ performance.

If you don’t have an employee on staff you can entrust with your business finances, a qualified bookkeeper is a great option and a cost-effective choice! From handling the day-to-day financial management a good bookkeeper can become a trusted partner helping you manage the business as well as keep an eye out for potential problems such as reduced cash flow or late bill payments.

While business owners manage many different functions of their company, a bookkeeper focuses on the financials and keeping the books up-to-date. With a role focused on the business finances, bookkeepers can provide timely and accurate financials, exactly when you need them! Additionally, a great bookkeeper will review your financials with you to help you understand how your business is performing. Bookkeepers can provide a big picture view and recognize where you can make some improvements.

In order to grow your company, services and products, you must focus on the things that only you CAN do, not the things you COULD do. Focus on your strengths and outsource the rest! For instance, if you are a designer, only you can hone in on the creative direction for the company. Entering expenses and reconciling bank accounts should be left to a qualified bookkeeper.

Do you have multiple partners in the business who have different philosophies on money management? Bookkeepers can be an impartial person who can establish processes for spending money, paying vendors, and taking money out of the business. By creating an approval system for the business finances, bookkeepers can head-off potential conflicts within the business management team.

Life is short! Spend your time in your business on the things that you enjoy doing. Think back to the reasons why you started your business in the first place. Eliminate or delegate those to do’s that you hate doing, such as processing payroll, preparing customer invoices and other tedious, but necessary business tasks.

Being pulled in a lot of directions is frustrating and things are bound to get missed! You don’t want to forget to process your payroll or miss a vendor payment! A good bookkeeper keeps a schedule for all of their clients’ important business tasks like tax payments, payroll, and bill payments which keeps their clients out of trouble with the IRS, employees, and vendors alike!

A bookkeeper is a business necessity and his or her fees are 100% tax deductible! An experienced bookkeeper can actually save you money and provide you with confidence that your business finances are accurate and in proper order. So, stop doing everything yourself. Save yourself some money, get actionable financial data, and get back quality “me-time” by hiring a qualified, experienced bookkeeper.

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Do you need bookkeeping help in your business? Reach out to me today and let's chat.

Does your bookkeeper help you manage your business finances? Please share in the comments below the biggest contribution he/she has made in your business.