Focus on what you do best, and delegate the rest: Why now is the time to outsource!

If you found yourself avoiding your books in 2023, and your books fell behind, and you were unclear about your profit margins, cash flow, and expenses—it’s time to outsource your bookkeeping! Don’t ignore your business finances. Start right now. What can you gain by outsourcing your bookkeeping?

1. You save staffing and payroll costs.

Adding a bookkeeper to your payroll will end up costing you more in insurance, benefits, and training expenses. Even if your in-house bookkeeper works part-time, your payroll costs will be high since you still have to cover the cost of employment taxes.

2. You have access to a pool of experts and resources.

An in-house bookkeeper often operates solo, which means they can run into unforeseen delays or problems without the resources to consult for assistance. They may also lack the necessary experience to adapt bookkeeping systems that support changes and expansions you make in your business.

Outsourcing your bookkeeping to a professional bookkeeper gives you access to a deeper knowledge pool of experienced financial experts. An outsourced bookkeeper often manages the books for a variety of clients, so they’re more likely to stay up-to-date with state and federal regulatory measures that may affect your business now or in the future.

3. You have more time to focus on your business.

Many small business owners discover the hard way that bookkeeping is a tedious and time-consuming task. In fact, the average small business owner spends eight hours a month completing their books—that’s a full day of work! By outsourcing this task, you can focus your attention on growing your business.

4. You will enjoy a stress-free tax season.

An outsourced bookkeeper is an invaluable resource when tax time rolls around since up-to-date financials are essential when you need to file your taxes. Your bookkeeper can provide you or your accountant with the information necessary to prepare your taxes accurately and quickly.

Start saving time for what’s most important—growing your business—and outsource your bookkeeping to us!

Do I Need Accounting Software for My Small Business in 2024?

Deciding when you are ready to implement accounting software for your business involves considering several factors. Here are key indicators that suggest it might be time to invest in accounting software:

  • Increasing Transaction Volume: If the volume of your financial transactions is on the rise, manually tracking and managing them can become overwhelming. Accounting software streamlines the process, ensuring accuracy and efficiency even as transaction volumes increase.
  • Time-Consuming Bookkeeping: Spending excessive time on bookkeeping tasks is a clear signal that you could benefit from automation. Accounting software automates many manual processes, freeing up time for you to focus on core business activities.
  • Complex Reporting Needs: If your reporting requirements have become more sophisticated, accounting software can generate detailed reports with ease. This is especially valuable for strategic decision-making and complying with regulatory reporting standards.
  • Tax Season Challenges: If you find tax season to be a stressful and time-consuming period, accounting software can simplify the process. Automated calculations and accurate reporting can significantly reduce the burden associated with tax preparation.
  • Invoicing and Cash Flow Management Issues: If managing invoices and tracking cash flow is becoming a challenge, accounting software with robust invoicing and receivables management features can streamline these processes.
  • Data Security Concerns: If you are handling sensitive financial information and are concerned about data security, accounting software often comes with built-in security measures, including encryption and regular data backups.
  • Integration Requirements: If you are using multiple business tools, such as CRM systems, payment processors, or e-commerce platforms, and you find yourself manually entering data across these platforms, accounting software with integration capabilities can streamline your workflow.
  • Compliance and Regulation Changes: If your industry experiences changes in regulatory requirements or compliance standards, accounting software can help you stay current with these changes, reducing the risk of non-compliance.

In summary, if you notice that managing your business finances is becoming more challenging, time-consuming, or prone to errors, it’s likely that you are ready to invest in accounting software. If your business experiences growth or a cash-flow problem, it’s important that you find reliable and trusted bookkeeping partners that can handle your books. Hiring an expert on a consulting basis or on a monthly basis is a good first step for a growing business. To learn more, schedule a call with us today!

How to find the Right Bookkeeper for Your Business

Businesses can benefit from outsourcing bookkeeping services, allowing them to use professional expertise while reserving valuable time for their core business operations. Business owners need to choose the right bookkeeping or accounting service provider when they want to outsource financial management. You can make an informed choice by considering industry experience, service range, technology integration, and client testimonials. These factors will help businesses decide and find a professional that meets their business needs.

1. Industry Experience. It is essential to consider a provider’s experience when choosing a service. It is vital to choose a bookkeeping service provider that is familiar with the industry you are in.

2. Service Offerings. Bookkeeping services offer a wide range of services. Determine if these business businesses can provide holistic solutions to meet your business’s needs. You can also consider services beyond basic bookkeeping, such as payroll management and financial advisory services.

3. Reputation. Reputation is an essential factor to consider when selecting a bookkeeping professional. Research the business through social media profiles, online reviews, and testimonials.

4. Technology Integration. Technology is critical to bookkeeping and financial planning in our digital age. Consider whether the bookkeeping professional uses up to date software and technology.

5. Communication and Accessibility. It’s crucial to consider accessibility and ease of communication when selecting a bookkeeping professional. Communication is critical to a successful business partnership. Assess their responsiveness and availability.

6. Pricing and Scalability. Look at the pricing structure and the flexibility of your bookkeeper. You should consider whether the bookkeeper’s pricing matches your needs and budget.

If you’re ready to take action and feel empowered by your finances, we look forward to connecting with you and helping you take control of your finances. Schedule a call today!

How Accurate Numbers Can Increase Your Business’​ Value

Accurate bookkeeping is not just a matter of compliance; it can significantly impact your business’s overall value. Here are several ways in which accurate books can increase your business’s value:

1. Improved Financial Decision-Making

Accurate financial records provide you with a clear understanding of your business’s financial health. This helps you make informed decisions about investments, expansion, cost-cutting, and other strategic moves that can enhance profitability and, in turn, increase the value of your business.

2. Attractive to Investors

Investors, whether they are venture capitalists, angel investors, or potential buyers, are more likely to be interested in a business with well-maintained and accurate financial records. Transparency and credibility in financial reporting can make your business more appealing and may even lead to a higher valuation.

3. Efficient Tax Planning

Accurate books help optimize your tax strategy. By identifying legitimate deductions and tax credits, you can minimize your tax liability, which ultimately increases your after-tax profitability and, in turn, the value of your business.

4. Better Cash Flow Management

Accurate books allow you to monitor your cash flow effectively. This ensures that your business can meet its financial obligations, avoid liquidity crises, and continue its operations smoothly, all of which are essential for maintaining and enhancing value.

5. Improved Creditworthiness

Accurate financial records can enhance your business’s creditworthiness. This can lead to better terms when seeking loans or credit lines, which can be used for expansion or investment in growth opportunities.

6. Compliance and Legal Protection

Proper bookkeeping ensures that your business complies with tax laws and regulations, reducing the risk of audits, penalties, and legal issues. Avoiding these problems helps protect your business’s reputation and, by extension, its value.

The quality of bookkeeping is important. If you want to make important and major decisions for your business, make sure to keep your books accurate because numbers can affect many decisions that you want to make as a business owner. If you need some help getting your books in order so you can get a clearer picture of what your finances look like, book a call with us today to find out how to get started!

End of Summer Bookkeeping Tips

It’s that time of year again, almost the end of summer, where school is about to start up and suddenly everyone’s schedules have changed and everything seems to be moving a million miles a minute. Now’s the time to get back into the swing of things!

Here are several tips (both personal and business) on how to keep from falling out of line this fall:

  • Put money aside in an emergency fund or savings account. This can come in handy for unexpected or unaccounted for expenses that could come up in the rush of things.
  • Organize your papers and receipts. This will help you in the future when it’s closer to tax season as well.
  • Try tracking your budget. Find out where all of your extra cash is going!
  • Communicate with your employees. Are their schedules or needs changing at this time of year at all? The new season is also a good time to go over employee reviews, gain feedback, introduce any changes, talk about policies, etc.
  • Continue networking. Attend networking events. Build relationships with neighboring businesses.
  • Check your finances. See if you need all of the subscriptions that you’re a part of, and double check your taxes and deductions, etc.

Looking for help with your business bookkeeping? We’ve been working with small business owners to free up more time, get more bookkeeping clarity, and create more cash flow in their businesses. Ready to learn more? Book a call to get started!