Hiring a bookkeeper can feel like a burdensome or overwhelming experience, especially if your business is just starting out. Some business owners try to do their books and rely on applications to handle everything until things get out of hand. A bookkeeper will not only help keep your books in order; they will also go above and beyond to see your business thrive. Here are some ways hiring a bookkeeper can help your business.
You Never Miss Critical Information
Running a business requires you to keep track of many essential forms and pieces of information. It can be hard to juggle that on your own. When you hire a bookkeeper, they will prepare a balance sheet and an income statement for your finances. These financial statements give you the essential information you need to run your business and file taxes. That way, you will never miss an important bill or deduction. With a qualified bookkeeper, financial statements are prepared properly, and they adhere to accounting standards, so your bookkeeper can quickly and easily file your taxes.
Saves Time and Money
There are only so many hours in the day and your time is better spent focusing on growing your business, not whether your bills are paid on time or your financial records are being reconciled. To avoid burning yourself out, consider outsourcing your business needs to create a healthy work-life balance. A trained bookkeeper can take several hours worth of work and complete it in under an hour.
You Save on Taxes
Many business owners do not realize that hiring a bookkeeper can be tax-deductible! When bookkeepers are experienced in your business industry, they understand common expenses and can let you know which business expenses are tax-deductible. For example, a bookkeeper who works with other restaurant owners can tell you whether the cost of additional training for one of your chefs can be deducted from your taxes.
Increases Your Profits
Bookkeepers do not just ensure that your records are in order; they can also increase your business profits. Studies have shown that, on average, companies’ profits increase up to 16% after they hire bookkeepers. One reason for this is that bookkeepers are experienced enough to efficiently manage your records, giving you more time to focus on other areas of your business, like increasing profit. If you are unsure of how to plan for target profit, your bookkeeper can assist you in developing the right strategy for you.
Contact Bowman & Company Today
Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services aim at decreasing your taxes and increasing your net worth through responsible, timely, and accurate recordkeeping. We offer our services to clients throughout the Washington, D.C. metropolitan area including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter, Linkedin, Facebook, and Youtube.