So you've got a great idea and you've taken the necessary steps to officially set up your business. You've got a separate bank account, paid for a fancy logo and even remembered to file for a business license. You might even have your first client. The excitement of starting your own business is exhilarating. However, if you don't take the necessary steps to get your accounting in order, you might need to pump the brakes and get organized. If you are just starting out, you probably don't need a full-time person sitting there charging up time. A part-time bookkeeper may be all that you need to get started.
Here are 3 reasons you should hire a bookkeeper.
1. Focus on your business, not your books. If you are not an accountant, figuring out accounting software can be extremely time consuming. If you are spending time with accounting, then you are not spending time growing your business. It's much more efficient to outsource the function and pay by the hour. A good bookkeeper can make sure your quarterly tax withholdings are paid, be in charge of processing payroll and paying invoices. These administrative activities can take a lot of time and you have clients to attend to!
2. Track all that spending for tax deductions. Are you saving your receipts for expense tracking? Do you save your receipts but just don't have time to put it in a system? Lost receipts and other expenses you forget to account for can cost you big bucks when it comes to tax time. Those are business expenses that will lower your tax liability but keeping track of them is tedious and time consuming. A bookkeeper can help you put processes in place to track these expenses so you can focus on growing the business.
3. Be ready for potential investors or banks. If you grow your company through outside investments or need to take out a loan, you will need a clean set of financial statements to present to the investors and/or bankers. Having financial statements ready along with the financial analysis to back it up will give them confidence that your house is in order. Not having those things ready will signal that you are disorganized and they might not be as confident in investing or loaning money to your business.
So what are you waiting for? You should be proactive and hire a bookkeeper to stay ahead of the game. Contact Intact Solutions Group at www.intactsolutionsgroup.com for a free consultation.