Every business owner has a goal to become wildly successful. It is, after all, why you went into business. You are an expert at what you do. Whether you are a dentist, a lawyer, a restaurateur, or a retailer, your expertise lies in your specific knowledge of the business you are growing. Your strengths are in technical knowledge, strategy and operations. However, quite honestly, not many business owners have a background in finance or even a working knowledge of accounts payable, accounts receivable and taxes.
So, how do you achieve your goal of growing your business, maintaining payrolls and records, filing taxes, and achieving a work-life balance all at the same time? Aside from learning accounting and finance yourself, you can hire a bookkeeper to keep tabs on ALL aspects of your business.
Here are 6 reasons why having a bookkeeper as a loyal member of your team is a good idea:
1) You can keep your eye on your business. Admittedly, this sounds redundant, but a lot of business owners think they have a handle on the financial aspects of their business when actually they’re just “winging it” from day to day. If you hire a bookkeeper for your team, you can spend your time doing the things that only you know how to do and you are free to handle the day-to-day operational needs of your business.
2) You don’t have to learn something new. Most business owners don’t have a finance or tax accounting background. It would be better for you and your business to have a professional who is trained and certified in these areas. You may not want the expense of a bookkeeper, but if you miss a bill payment or make a mistake in a tax filing, it could have a huge effect on your business credit, let alone create the chances for an audit.
3) You can ensure correct tax positioning. Depending on how your business is set up, you could have different tax filing requirements. If you miss those requirements, you could end up with the IRS knocking on your door.
4) You can better manage your cash flow. An old saying in business is, “Cash is king.” Cash gives you the flexibility you need to operate efficiently, but it needs to be managed wisely. By having a bookkeeper on your team, you ensure that you will have the necessary cash flow to run your business, pay your staff and your bills, and to invest back into your business.
5) You'll have another perspective. Sometimes, running a business can feel like you’re all alone because you do so much on your own. Hiring a bookkeeper will give you a different perspective. You’ll have someone to bounce ideas off of, to help guide you with best practices, and give you access to built-in resources.
6) You can have a healthy work-life balance. Running a business can easily consume you to the point where it encroaches on your time with family and friends. Handing off your financial work to a professional will free you to live your life to the fullest and to do the things you love to do.
Numbers by Victoria offers virtual bookkeeping services and other financial options for individuals and small businesses. Since our services can be performed virtually, we’re able to work with people all over the United States. To contact Numbers By Victoria, or to learn more about our bookkeeping services, please visit: www.numbersbyvictoria.com.