Business owners often handle their own bookkeeping for many reasons that include fear of delegating sensitive financial information, wanting complete control and keeping staff costs lean. They may launch their businesses with little thought put towards who will keep their financial books or file their taxes. Often times they sign on with a SaaS company like Xero, Freshbooks or Quickbooks Online with the intention of managing their daily transactions. While these programs appear easy to use, the small business owner can end up struggling or even failing because they may not have accounting experience to back up their good intentions.
Without bookkeeping, you won’t know who owes you what. Basic bookkeeping means invoices sent and payments received. In the early days of a small business, this can seem unnecessary because you can juggle that information in your head, but as your business grows you’ll need systems to track things like payables and receivables. And ultimately, how your business manages its cash flow directly impacts what you personally take home.
A dedicated bookkeeper can handle most of these functions in a few hours per month depending on the complexity and size of your business and provide you with regular finance updates, and a clear Profit & Loss statement and balance sheet, freeing you up to spend more time pursuing tasks that generate real value for your business.
Essential Bookkeeper Functions
Their day-to-day duties do vary depending on your business requirements but submitting invoices and chasing them up is one of their core tasks. Other reasons to hire a bookkeeper to include:
Record all purchases and receipts
Pay your suppliers
Organize and collate financial data
Administer your payroll
Prepare your VAT return
For those businesses who’d like the help of a bookkeeper but are not sure they can justify hiring someone, the ideal solution is to outsource the task.
Outsourcing is a great way to acquire the specialist skills you need without the worries associated with employing someone. The biggest benefit is that you’ll only pay for work which is done – no payroll issues, no national insurance payments, no pension contributions, no sick pay, and no holiday entitlement.
Bookkeeping is one of the most crucial aspects of running a business, but too often small business owners make the mistake of doing it alone. You can save time, increase your credibility, and get back to running your business.
Cloud Bookkeeping, Inc. virtual bookkeeping gives you instant access to your records, and the digital platform cuts down on the cost of a traditional bookkeeper.
For more information regarding our virtual bookkeeping services contact us
Get In Touch With Us For Our Services!
We don’t just say it, we deliver – our work speaks for us! Contact us for a demo and opt for our Online Bookkeeping Service.
Cloud Bookkeeping, Inc.
3281 E. Guasti Road, Suite 700
Ontario California 91761
Tel: +1 (909) 952-3804