You may not have ever thought about hiring a bookkeeper for your small business, thinking instead that you can handle it on your own. Bookkeeping is not fun or exciting, but it makes sure you pay your taxes on time, keeps all of your bills up to date, and can help you learn about your business. There are a few questions that you need to ask yourself before hiring a bookkeeper. Read on to find out about these and some of the benefits you can expect if you choose to go this route.
- Are we struggling to track expenses?
If you find that you aren’t writing down all of the expenses for your business or are paying for some out of your own pocket, then it may be time to hire someone to keep track of your money for you. Any disorganization on your part will have a negative effect on your business.
- Is it taking forever to balance the books?
While you may feel like you want to do everything for your business, chances are you have more important things to worry about than balancing the books. If you aren’t able to call on customers, work on new products, or even enjoy a quiet evening once in a while, you may be spending too much time balancing your books.
- Are we struggling with collecting from clients?
You have to be organized to ensure that you are collecting money from clients in an timely fashion. It takes time to send out reminders, bills, and collection letters. If you aren’t getting your accounts settled on time then you may want to look for help.
There are a myriad of benefits that you will enjoy if you choose to hire a bookkeeper. In addition to knowing exactly where your money is at all times, you will be able to project your future cash flow. This is a great way to predict when you may have slow times in your business and allow you to plan for that. You can pay yourself without worrying about cutting into the bottom line of your business. Another benefit is that the IRS isn’t likely to bother you, as you will be on top of your taxes.
You can always decide to DIY your bookkeeping with the help of an app or program such as FreeAgent or Freshbooks. These will organize your receipts, track sales, and have different priced plans depending on your need and size. You can also outsource to a company like Enkel. They will track your information based on receipts that you send them. Finally, hiring someone in-house is probably the best way to ensure that everything is being tracked and taken care of on time. You may only need someone part-time or seasonally, which can help cut the cost.
Good bookkeeping is an imperative part of running a small business. If you have been thinking about hiring help, answer the above questions and see if it may benefit your bottom line.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like How to tweak your small business for success and How to tweak your small business for success and all topics related to Singapore Business. Need information on setting up company in Singapore? Call us or visit us.
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