Having a bookkeeper is an important part of running a business. A good bookkeeper can help keep your business out of trouble and save you money in the long run. They ensure that all your business expenses are accounted for so that come tax time, it’s easy to file with an accountant. In this article, we’ll share nine ways a bookkeeper can make your life easier—and save you time and money:
Your Bookkeeper Will Keep up With Your Bank Accounts
It’s important to be aware of how much money you have in your bank account, as well as where it comes from and how much is being spent. A bookkeeper’s job is to help you understand how much money is available for bills, taxes, and costs related to running your business so that you can stay in the black. They also make sure that you have all the appropriate documents for a good audit defense.
They Will Make Sure you Have a Budget and Stick to it
A budget is a plan for spending, which helps you to plan for the future. If you have a budget, it will be easier to save money and reduce debt. A bookkeeper can help with making sure that your business has a budget and sticks to it so that they have enough funds available when tax season comes around. They act as a buffer to show you if you are overspending and are in the red or if you are in the black as you operate your business.
They Will Help you Make Long-Term Financial Decisions for Your Business
A good bookkeeper will help you make long-term business decisions for your company. They can help you decide how much to spend on advertising, whether or not it is time to hire more employees and if it is time for expansion. The bookkeeper will know your financials inside and out and can be a valuable asset when you are needing to know what to do next.
They Can Help You Find a Good Credit Card Processor
The person who balances your books can help you find the best credit card processor for your business. While shopping for a credit card processor, it is important to consider the fees that will be charged and the ease of use. A bookkeeper can help you evaluate what these fees will look like over time.
You should look for numerous benefits including a great rate. The best processors offer no-fee or low-fee processing and automatic refunds on chargebacks or billing errors. They should have a strong customer support team. If you run into trouble with your payments, you want to be able to get help from people who know what they’re doing—and fast. The product should be easy to use as well. Your staff should not have to jump through hoops every time they want to process a transaction; finding an easy-to-use system can save time while increasing productivity overall at your company.
Bookkeepers Understand Local Laws
A good bookkeeper is familiar with your state’s laws and regulations, which can save you time and money. A good bookkeeper has a firm grasp of the laws and regulations that apply to your business. They can help you navigate them to save you time, money, and legal trouble by making sure you stay in compliance with state and federal regulations. They know how to maximize deductions and tax credits, which means more money in your pocket at the end of the tax season.
They Can Help You Stay Organized
Business owners don’t often have a lot of time on their hands to be worrying about small details. Bookkeepers help them keep all their financial records organized and sorted. This helps them significantly when tax time comes around. Instead of scrambling to figure everything out, business owners can rest easy that everything is in the right place.
Bookkeepers Prepare You For Audits
Your bookkeeper can help you prepare for audits or inspections from other agencies. In the event that your business is audited by the IRS, you will be advised of this and given a time frame in which to comply. The good news is that most audits are simply a review of your records and are non-confrontational. In fact, they’re often used as an opportunity for companies to get their finances in order or correct errors on their part. However, if you’ve been keeping poor records or have not filed taxes correctly, then an audit can become much more stressful and complicated than it needs to be.
