Benefits of Hiring a Professional Bookkeeper
Bookkeeping can be time-consuming and confusing, but it’s a task that needs to be properly done. Errors in bookkeeping can lead to financial losses, tax audits, bankruptcy, reputation loss, and other significant consequences. Using a professional bookkeeping service is an effective way to ensure your company’s bookkeeping tasks will be performed the right way. Below is a list of benefits of hiring a professional bookkeeper.
- Prevent errors – Even the most experienced business owners can mess up their books due to a lack of proper training. Some examples of bookkeeping mistakes include data entry errors, double entries, missing entries, and mixing up different types of expenses. A professional bookkeeper who has a keen eye can help you minimize errors and prevent unnecessary hassles and costs.
- Free up time for other tasks – Since bookkeeping requires a considerable amount of time, you can save a lot of time and effort by leaving the task in the hands of a professional bookkeeper. Use the time you save to improve other aspects of your business, such as management, communications, marketing, sales, and networking. Hiring a bookkeeper enables you to become more focused on your company’s success.
- Maintain timeliness – It is easy to fall behind on bill payments and accounts receivable when you’re trying to run your business. Paying bills is one of the responsibilities of a bookkeeper. A good bookkeeper can accurately invoice in a timely manner and knows when you should spend within budget. Using a professional bookkeeping service can help you avoid late fees and get paid on time.
- Understand your company’s standing – Another advantage of working with a professional bookkeeper is that you will always be aware of your company’s financial standing. Your bookkeeper can help you understand complicated financial concepts and provide advice on where you should allocate your money or cut back.
What Does a Bookkeeper Do?
A bookkeeper plays an important role in helping you gain a clear insight into the financial health of your company. With accurate and elaborate information from your bookkeeper, you will be in a better position to devise effective strategies and make sound financial decisions. The responsibilities of a bookkeeper include:
- Categorizing all transactions – A bookkeeper gathers all the transactions from your expenses, payroll, and payment processors. Every transaction will be accounted for and correctly categorized so that you can easily track your company’s financial transactions.
- Reconciling your bank accounts – Financial transactions can get messed up, lost, or duplicated between banks, credit cards, and other financial accounts. One of the main responsibilities of a professional bookkeeper is to reconcile all the transactions for your financial accounts to make sure everything agrees. This means the balances in your accounting software will match up with the balances in your accounts, so you can easily monitor how your money moves.
- Prepare key financial statements – Every business needs to prepare financial statements on a regular basis. Whether you’re sending your financial statements to the IRS, showing them to potential investors, or using them to make business decisions, a bookkeeper can help you prepare all the necessary documents and make sure they are complete and accurate. Some examples of important financial statements include profit and loss statements, cash flow statements, and balance sheets.
- Handle invoices and bills – Besides recording transactions, a bookkeeper may also handle your company’s invoices and bills. This responsibility typically includes managing accounts receivable and accounts payable.
Choosing the Right Bookkeeping Service Provider
If you’re planning to outsource your bookkeeping, it’s important to note that the service provider you choose will be an integral part of your company. As such, you should spend the necessary time and effort to ensure you pick the right bookkeeper. Below are a few things to keep in mind when choosing a professional bookkeeper:
- Certification – Some businesses decide to hire unlicensed bookkeepers to handle their books in order to save money. This can be a short-sighted mistake as unlicensed bookkeepers are more likely to make mistakes and cost you money over the long run. Therefore, make a point to hire a certified and fully licensed bookkeeper.
- Trust and security – Your bookkeeper will have access to your company’s most critical and private information. As such, it is essential to hire someone you can trust wholeheartedly. Ask your potential bookkeeper questions regarding their processes and methods for safeguarding your financial information.
- Communication – Some bookkeepers do an excellent job of keeping track of finances, but they may not be able to communicate well with their clients. You should choose a bookkeeper who is attentive to your needs and able to accurately communicate with you on a regular basis.
- Organization – Since your bookkeeper will be the financial record keeper for your company, you should select someone who is highly organized and has an effective system for keeping track of paperwork.
Our Bookkeeping Services
We are a trusted, certified bookkeeping service provider with an extensive track record in customer satisfaction. We offer a wide range of bookkeeping services for small business entities, large companies, and non-profit organizations, including:
- Performing bank reconciliations.
- Recording payroll transactions.
- Reconciling accounts receivable and payable.
- Recording depreciation transactions.
- Assisting with journal entries.
- Reviewing variance reports with management.
- Part-time bookkeeping.
We can provide timely monthly or quarterly balance sheets, profit and loss statements, and cash flow statements to help businesses better understand and control their performance and financial standing. Our highly trained professionals and QuickBooks ProAdvisors frequently use QuickBooks Online to offer remote bookkeeping assistance to clients.
We can also travel to your office to provide on-site training and support, or you can send us your files to perform this work. Additionally, we can help you set up and implement your system and train your accounting staff.
Our QuickBooks ProAdvisors are here to answer our clients questions by phone or e-mail.
Contact us today to find out more about our reputable bookkeeping services.