One thing that I hear from small business owners frequently during tax time is what a pain it is to round up documents for their tax professional to prepare their tax returns at the end of the year. Keeping track on receipts as well as accounts receivable can be tough if you aren't keeping track of these things all year. The solution to this problem? The bookkeeper. Your new friend in productivity.
Hiring a bookkeeper can help alleviate the hassle of keeping track of receipts, handling accounts receivable and payable, taking care of payroll and handling the reconciling of your bank accounts.
What do you look for in a bookkeeper? Someone who has experience in bookkeeping is a must. A bookkeeper does not have to be an accountant and many times is not but there is certifications and schooling that one can go through to be a bookkeeper. One place to find qualified bookkeepers is the American Institute of Professional Bookkeepers. It's a good idea to find a bookkeeper that has experience in your industry as well.
Bookkeepers are typically not used so that business owners can keep their costs down. Often what gets ignored with this line of thinking is the amount of time business owners waste trying to keep track of receipts and the balancing of accounts when they try and do it themselves. Not to mention that when you try and do things yourself that don't play to your strengths, you typically do them wrong.
Utilize a bookkeeper to keep your day-to-day finances organized. The nice thing is that you don't have to hire someone F/T and they don't have to be an employee. Reduce your stress. Get help with your bookkeeping and start using that time saved to increase productivity in your business.
PS. This week's podcast welcomes Chris Anderson from Soulence again to talk about Tax Myths and other items business owners should know about tax.