Many business owners think that they're saving money by doing their own bookkeeping because that's one less expense. If you're one of them, keep reading to find out why you're putting your business at risk and NOT saving money by doing your books yourself.
1. MONEY VS. TIME
You think that it doesn't take you much time or hassle to handle your own books. Why spend money on something you don't need? Well, have you considered what else you could be doing to grow your business? If you can be increasing revenue during those hours you're handling your books, wouldn't that be a better way to spend your time? If you spend 3 hours a month on your bookkeeping, a professional bookkeeper could do it in half the time. That's what they do. Wouldn't you be better off focusing on what you do best? Besides, bookkeepers also know things you don't, such as:
2. STREAMLINING PROCESSES & MAXIMIZING PROFITS
You probably have systems in place in your business that seem automatic to you now because you've created them to streamline and make things go smoothly. The Bean Counters Bookkeeping team does the same. After many years of doing the books for all kinds of businesses, bookkeepers know how to do things EFFECTIVELY, QUICKLY, and LEGALLY.
3. LEGAL OBLIGATIONS
Most business owners aren't keeping up with the constant changes with tax laws and deadlines. Do you know what due dates, stipulations, requirements, and obligations are to a T? Why mess with the IRS when you could be making better use of your time? Not to mention the stiff fees and fines that come with missing a deadline or legal obligation. Bookkeepers know exactly what your specific business needs to follow to comply with the tricky and complicated world of taxes. Everything will be prepared and ready for your accountant.
4. KNOWING YOUR UNIQUE SITUATION
You probably know your business inside and out, but are you missing the big picture when it comes to your financial situation? Professional bookkeepers can give your business a fresh set of eyes, and show you where you could be maximizing profits and deductions and minimizing your expenses. If you're not already making changes to stay compliant or save money, they can show you what to do.
Handling your own books may SEEM like a great way to save money, but why did you start your business? Unless you own a bookkeeping business, you probably don't want to spend hours on doing your own books. What else SHOULD you be doing?
What is your time and peace of mind knowing you're staying compliant to the IRS worth to you? If you're reading to stop slaving over constant tax obligations and tracking your expenses and revenue, give our team a call or book directly from the tab at the top of this page for a free consultation.