I can imagine that as a business owner, you started your business with a passion in mind. You thrived on working on your product or service. When you earned your first dollar, it was like winning the lottery! More and more customers began knocking on your door for what you had available to serve them. Then, the infamous tax day arrived. What did you do? Well some may scramble to find a CPA to handle their shoebox full of receipts. Others, hid their shoebox of receipts (or lack thereof) and ignored the IRS deadline. Maybe you opted to try to file the tax return by yourself, in an attempt to save money. Yet found yourself almost wishing you didn’t start your business by the time you pressed submit.
These stories are common more than you know. Most business owners do not start a business to wear all the hats. They just want to work on what makes them the happiest in the business. These hats are important however, so let’s talk about the very important hat, financial record keeping.
A bookkeeper is a professional who takes care of the financial record keeping of a business. They keep track of the transactions, and make sure that everything is in order. Bookkeepers have a lot to do with accounting, and they are usually in charge of keeping track of cash flow and making sure that payments are in line with company policies. They also balance the books, which means they make sure that all of the money coming in matches up with what's going out.
Bookkeepers can help small business owners by making sure that their financial records are accurate and on point at all times. Most bookkeepers work for companies in a wide variety of industries. They might be employed by an online retailer, a restaurant, or even a law firm.
By having a bookkeeper managing your transactions, this will give you access to the financial health of your business. Some of the services a bookkeeper can provide are:
Provide you with monthly reports on the financial status of your business.
Reconcile transactions between both external and internal accounts.
Provide quotes for vendors, including tax and legal documents for incorporation, etc.
Understand your industry and their trends to help guide your business’
Every year, small businesses are failing and I believe that part of the reason is due to not understanding what their financial health. Bookkeepers are small business owners too! Book a discovery call today to get the help you need to grow your business.