Every business needs to keep accurate books, but many small businesses struggle to keep up and could use a little help to ensure things run smoothly all year round.
This blog will explain how S.H. Block Tax Services’ business bookkeeping services can help you and your team save time and money while minimizing stress and decreasing your chances of getting into hot water with the IRS.
Keep reading to learn five reasons you need a great bookkeeper for your small business.
1. Financial Expertise
The first and most obvious benefit of hiring a bookkeeper for your small business is that these professionals are dedicated to ensuring your company’s financial integrity. Not only that, but they have the education, experience, and skill set needed to do so.
And since 40% of small business owners agree that managing their organization’s finances is the worst part of owning their company, enlisting the help of an enthusiastic ally with serious expertise creates invaluable peace of mind.
Common bookkeeping activities include:
- Tax filing
- Reconciling accounts
- Recording transactions
- Processing payroll
- Creating financial statements
- Accounts receivable and payable
2. Manage Risk
Regardless of how long you’ve been running your company, non-professional bookkeepers are bound to make mistakes, such as basic data entry errors or miscategorizing expense types. And when it comes to keeping small business books, even minor mistakes can have major consequences.
By hiring a skilled bookkeeper, you can reduce the likelihood of these errors, manage risk, and reduce the chances of being penalized or even audited by the IRS. Best of all, a good bookkeeper will understand the most common expenses within your industry and, thus, know which of these expenses are tax deductible—which includes the cost of hiring a bookkeeper itself!
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3. Save Time
Not only is managing your small business bookkeeping difficult, but it’s also tedious and time-consuming—especially if you’re learning on the fly and constantly double-checking your work.
Enlisting the assistance of a seasoned bookkeeper, however, will allow you to focus your time and your energy on running your business, managing your employees, and providing your customers with great products, services, and experiences. The increased productivity could easily more than make up for the cost of a bookkeeper in the first place!
Let the financial experts handle the books so you can keep your eyes on the prize and achieve meaningful success and growth.
4. Stay Ahead
There’s nothing worse than falling behind with your small business finances and then having to rush to complete your paperwork in time to hit the deadlines. Obviously this is extremely stressful, but more importantly, it often leads to penalties, fees, or, worst of all, mistakes.
When you work with a professional bookkeeper, you can stay on schedule with all your financial obligations. This applies to accounts payable and receivable, quarterly small business taxes, income statements, filing tax returns, and forecasting available budget. And when you’re not constantly rushing to square your business finances, you can spend more time with your friends and family doing the things you love.
5. Scale Properly
For most small business owners, the most important goals are to expand their customer base, grow their company, and drive revenue and sales. Enlisting the help of an experienced bookkeeper is one of the most efficient and cost-effective ways to grow your small business at scale.
Depending on the size, shape, and scope of your company, you can hire a full-time, part-time, or contract bookkeeper—whatever works best for you and your small business. In addition, these financial professionals can help you determine when, where, and how to invest your business capital, as well as how to improve existing processes, and even give great advice on how to diversify your company as it continues to grow.
S.H. Block Tax Services Small Business Bookkeeping Services
S.H. Block Tax Services’ business bookkeeping services are here to help you and your organization manage and optimize your finances. Whether you’re just getting started or are a seasoned business owner, our team is here to handle the dollars and cents so you can concentrate on making your business as great as it can possibly be—while also opening up some extra time for you to spend with your friends and family.
The content provided here is for informational purposes only and should not be construed as legal advice on any subject.