As a small business owner, you are likely concerned about every penny you spend.
That is a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business.
So, what does a bookkeeper do? Bookkeepers take care of the daily financial records for your business and make sure your books balance. They create and send invoices, track receipts and reimbursements, reconcile accounts and prepare certain financial reports. All the frustrating day-to-day financial stuff that you probably dislike, they love.
Bookkeepers are a great investment for your small business, for several reasons.
They save you time
Unless you are great at bookkeeping and really enjoy it, you may find bookkeeping a headache. Chances are, you will put it off until it is a massive chore to take on, then take more time to do it. You will find it takes you away from other business tasks such as training staff, networking, or marketing your business. Worst is that it takes you away from your social and personal life.
The time you spend trying to understand your financials could be better spent on tasks you are good at. Bookkeepers are more efficient, and they will not have as many errors, and in the long run can save you a lot of stress and time.
Your time—and your sanity—are worth the cost of a bookkeeper.
They are experts in their field
Are you up to date on the various tax laws and fully aware of how they affect your business? Bookkeepers are. They can advise you about any changes to the tax laws and what those mean for your business. Bookkeepers are also accountants that provide not only bookkeeping but also accounting services and if you are lucky enough, they can offer tax services as well and can prepare your tax returns.
Bookkeepers can also provide you with insight about your company’s financial situation. If you are overspending in a certain area or need to reallocate funds, your bookkeeper will tell you. If there is something you do not understand about your financial situation, your bookkeeper will explain it to you, so your financial situation is not a mystery. They are great advisors!
They prevent errors
Because bookkeepers are experts in their field, they will not make the same mistakes you will make. Those mistakes might seem small at first, but data entry errors, mixing up expenses, and other errors can add up, costing you money.
As an accountant they are very much aware of what to check and how to deal with those mistakes.
They help you get paid
As a small business owner, you might have so many other tasks that the ones that ensure you get paid—like sending out invoices—fall off the priority list. How many small business owners can say they have never been late sending out an invoice?
Your bookkeeper makes sure your bills are paid on time and all invoices are sent out promptly. If your invoices are not paid by their due date, the bookkeeper will be on top of it.
Is there any better investment for your business than one that makes sure you get paid for the work you do?
Bookkeeping can be a messy job especially handling all receipts and invoices on a daily basis. There will be a handful of tasks in bookkeeping alone and an expert is needed to have an updated and clean book of accounts.
The services a bookkeeper provides can help you financially in the long run. They also prevent a lot of headaches and save you valuable time.
As a small business owner, there is no way you can be an expert in all aspects of running your business. If you do not like bookkeeping or do not have the time or knowledge to do it well, a bookkeeper is a valuable resource and a great investment for you.
If you are experiencing a difficulty in maintaining your daily transactions (bank, bills, and invoices) you need to contact now an accounting firm that provide bookkeeping services, like Mizael Partners.
About Mizael Partners
Aside from bookkeeping services, Mizael Partners are also tax accountants, auditors and experts in providing accounting, tax and audit services. Mizael Partners is an accounting business located in Ringwood – Eastern suburb Melbourne – which can help your business with assurance, audit, forensic accounting, SMSF audit, trust account audit and accounting support.
Mizael Partners provide Accounting, Audit and Bookkeeping services in the following suburbs:
Ringwood, Ringwood East, Ringwood North, Croydon, Croydon South, Mitcham, Nunawading, Donvale, Doncaster, Doncaster East, Melbourne, Melbourne CBD, Kilsyth, Glen Waverly, Wantirna, Wantirna South, Clayton, Chadstone, Box Hill, Malvern East, Dandenong, Springvale, Blackburn, Blackburn South, Blackburn North, Burwood, Burwood East, Vermont South, Ashwood, Bayswater, Bentleigh, Mitcham, Forest Hill, Templestowe, Bulleen, Balwyn, Balwyn North, Surrey Hills, Hawthorn, Canterbury, Glen Iris, Oakleigh