The number one priority of a CEO, whether it is a small business venture or a Fortune 500 company, is long-term, sustainable profits earned in an ethical manner. As such, business owners are hard-pressed for time: providing services or products, overseeing employees, or creating and innovating to align with the market or consumers, to name a few. In addition to these responsibilities, handling the day to day tracking of income and expenses is a daunting and stressful task to keep up with. There is an alternative solution available today, which is the option to hire a private contractor to manage all aspects of bookkeeping. Choosing this option is a wise investment of resources for many reasons. Read below to see the many ways professional bookkeepers provide value-added services to those they work with.
Reduced overhead expenses. No matter how well versed a business owner is with finances, all understand that the largest contributor to expenses is through the wages and benefit expenditures required to pay employees on payroll. Through hiring an expertly trained bookkeeper as a contractor, one can reduce administrative type positions, thereby reallocating precious dollars to sales, marketing, or other support members. Additionally, having less “in-house” employees can also reduce the need for office space or supplies and technology/software expenses.
Confidentiality. Outside of compensation concerns, business owners also often have to grapple with the concerns of internal employees having access to secure and private data. This becomes especially concerning when payroll for peers comes into play. Hiring an independent bookkeeper will not only bring peace of mind through confidentiality but will also allow business owners to obtain full control over how data is shared and handled.
Accuracy. Although tax season is usually synonymous with the month of April, bookkeepers understand the crucial need for businesses to stay in compliance with GAAP practices year-round. Having comprehensive accounting experience and being trained on QuickBooks will allow for high-quality bookkeeping, as opposed to an administrative employee who may have limited financial exposure or understanding. Since the data produced will be accurate, financial statements can be provided at will to the bank, investors, or the owner for any business needs or concerns.
Scalability and Flexibility. A new start-up or younger business benefit from this aspect, in particular, as cash flows are typically lower within the first five years of formation. The initial needs may be small, but over time, as the business grows, the terms of the arrangement can be altered as needed. Options exist at the onset and throughout the bookkeeping arrangement to fulfill the needs at various stages of the business’ growth.
Financial Advising. Not only do bookkeepers understand how to construct balance sheets, income statements, and cash flows statements, they also comprehend how to interpret them. The bookkeeper will be able to advise on business decisions based on spending activity, which could result in improved cash flow, assist with budgeting, or develop future projections.
In addition to these five key assets, professional bookkeepers will also help you save a precious resource: your time. If any one of these skills could assist your business to flourish, don’t hesitate to reach out to your local bookkeeper today!
ASAP Business Support Services, Inc. has been supporting Lehigh Valley businesses for 25+ plus years. Please visit our website (https://www.asap-business.com) for more information.
