Running a business on your own can be tough. There are a lot of intricacies to running a business that all require your attention. There are many ways an experienced bookkeeper can save you money, but, check out these four key factors that will improve how you run your business.
Time Efficient
We signed up to be entrepreneurs, but not all of us signed up for bookkeeping as well. You set out to start your dream business and make a difference, so managing your books isn’t exactly your forte. That’s okay! Your time is not best spent tracking the ins and outs of your business finances. It’s spent working hands-on to grow your business. Let’s say you own a bakery and you took the day off so you could catch up on your bookkeeping. How much money did you lose that day because your attention was not in the right place? An experienced bookkeeper can save you a lot of time, and time is money!
Manage Your Bills and Invoices
In day to day business we have a lot of bills and invoices coming in and out of our business every day. It can be a lot to keep up on and if you’re not organized you might forget to send an invoice, or you might accidentally pay a bill twice. Avoid making financial mistakes and let an experienced bookkeeper get your books in order.
Minimize and Manage Your Tax Debt
Business taxes can be extremely tricky, and it is too easy to make a simple mistake that can turn out costly. There are many ways a bookkeeper can save you money (and stress) when it comes to taxes, such as:
- Plan for future tax expenses.
- Calculate payroll and sales taxes.
- Find hidden tax deductions.
- Save you hundreds (sometimes thousands) on your year-end taxes.
Make A Realistic Business Plan
Once your bookkeeper has been able to organize your business’s finances, you will be able to work side-by-side to make a realistic business plan. Your bookkeeper will be able to tell you how much you have available to work with, what price you need to sell your products at to make a profit, what products are doing well, and how much money you can afford to put towards different pieces such as marketing and advertising.
Still not sure if a bookkeeper is right for you? Contact Heidi Adams with hla Bookkeeping today to learn more about how a bookkeeper could save you money.