Depending on your business’s current state, it could make sense to hire a bookkeeper for part-time help.
If you need more organized financials but don’t have enough time, the benefits of working with a bookkeeper far outweigh the costs.
There are several benefits of working with a professional bookkeeper. Some of these benefits are obvious, but others you might not have considered.
We’ve created this blog to highlight the three most significant benefits of involving a professional bookkeeper with your business.
First and foremost, this is the most crucial benefit of all. Getting a company’s financials organized and maintaining them are a bookkeeper’s primary goals.
Working with a bookkeeper holds you accountable for getting financials together and staying on top of them.
They will help you create a system to organize invoices, receipts and any other important financial documents. When a structure and routine are in place, you’ll spend far less time on financials.
There’s a reason we chose organized financials as the most significant benefit. Once organized, you’ll have accurate monthly and annual financials to provide a clear understanding of your company’s position.
Organized financials make it far easier for you to plan and predict the future. When you’re confident in the data, you can take advantage of any opportunities that present themselves. For example, you might find your business qualifies for some sort of government grant.
Organized financials also provide peace of mind for solving issues. Your updated financial health determines what your capabilities are for things like hiring or handling legal disputes.
Lower Costs and Save Money
Secondly, an effective bookkeeper should be able to lower your business costs in many ways.
1) By ensuring that your company pays bills on time. Interest and late fees are unnecessary business expenses that can be eliminated. Some vendors offer discounts for early payments.
2) Organized financials can help improve your tax return. A bookkeeping professional can help you navigate these waters and write off expenses you might not have considered. For example, part of your housing costs for the space that’s used for business.
3) Bookkeepers are invaluable when it comes to audit assistance. If you do get audited by the CRA, a bookkeeper can help streamline the process since they prepare all of your business’s financial reports.
Having a reliable bookkeeper also ensures your business is being legally compliant with financial expectations.
4) A bookkeeper can help highlight your business’s positive aspects to potential investors or financial institutions.
5) Lastly, a part-time bookkeeper offers an unbiased opinion on your finances. There is no conflict of interest. These things can end up saving your company money in the long run compared to having a business partner or family member handling your books.
You can Focus on What is Important to You
Another impactful benefit of working with a bookkeeper is freeing up your valuable time.
You can then focus on what’s more important to you, like sales, product development or marketing. You might also choose to spend time on personal interests outside of your business.
Professional bookkeepers enjoy their roles and have several years of experience behind them. With most of your company’s financial responsibilities in good hands, you can afford to focus elsewhere.
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We hope you’ve found this article to be insightful. There are several other benefits of working with a bookkeeper, but we’ve focused on the three biggest here.
If you found this article helpful, you will likely enjoy 3 Signs You Need to Hire a Bookkeeper.