Contrary to what you may think, bookkeeping is arguably more important for newer or smaller businesses than more established ones. This is because small business owners often handle their own books, which not only takes time away from more important tasks but opens up the risk of costly errors.
But bookkeeping accomplishes much more than just preventing errors. Hiring a bookkeeper can provide the accurate data and reporting you need to enable smarter business decisions, guide major transactions such as expansions and new hires, and much more.
At NorthStar Bookkeeping, we’ve been providing these services to small business owners for over a decade, offering a cost-effective remote option that grows alongside them. We’ve found that this fits the budget of many smaller businesses that can’t quite afford an in-house bookkeeper.
Find out how a bookkeeper can strengthen your business, and why an outsourced bookkeeper is best suited for smaller businesses.
Hiring a Bookkeeper : Benefits for Your Business
Accurately Maintained Records
Bookkeepers are experts in recording day-to-day financial transactions, tracking accounts payable and receivable, processing payroll, and much more.
By partnering with one, be it outsourced or in-house, you can rest assured your books will be organized and error-free. This is crucial, seeing as accurate records provide the data necessary to make smarter business decisions.
Tax Deduction Assistance
Come tax season, your bookkeeper will already have your financial house in order – serving to prevent potential fines for late delivery or incorrect entries.
Most importantly, you’ll know which transactions can be written off as tax deductions. A bookkeeper can help you identify and properly document every allowable business expense deduction, which maximizes your tax savings. This ensures that you avoid missed opportunities, as well as red flags that could trigger audits.
Pay Less in Accounting Fees
Trying to self-manage your books can lead to costly errors, especially during tax season. Once April rolls around, many small business owners panic at the fact that their financial records are completely disorganized.
As a result, the extensive clean-up work required by an accountant runs much higher fees than if those books were maintained throughout the year. With continuous bookkeeping, your financial data will be constantly maintained, ensuring that it’s accountant-ready when you need it.
Bookkeeping Peace of Mind
Small business owners have enough to worry about without bookkeeping headaches. Outsourcing to a bookkeeper provides confidence that your finances are in capable hands. Rather than losing sleep over climbing piles of disorganized receipts and sticky notes, you can relax knowing your books are reconciled and up-to-date.
Deeper Financial Reporting & Insights
Beyond basic data entry, a keen bookkeeper analyzes your numbers to provide custom reporting and insights. This includes preparing key financial statements, tracking business metrics over time, providing cash flow forecasts, and analyzing profit margins. With this financial data, you can glean critical information from your bookkeeper and ultimately inform your overall business strategy.
NorthStar Bookkeeping: Hire a Bookkeeper Without the In-House Costs
Hiring a bookkeeper is among the smartest moves a small business owner can make, both for your bottom line and peace of mind. However, an in-house bookkeeper may run too high of costs for your operation, between full-time salaries, benefits, and other employment expenses.
Consider splitting the difference with an outsourced option such as NorthStar Bookkeeping, a remote service that can handle every aspect of your daily bookkeeping, financial reporting, and strategic advising based on your business’s financial health. In turn, you’ll find yourself with more time to spend on revenue-generating tasks and the certainty that your records are kept in order.
Submit a form on our Contact page to partner with NorthStar Bookkeeping and escape the stressors of DIY bookkeeping.