Keeping Your Own Books: Reducing Your Risks of Costly Mistakes
As someone that offers a small business bookkeeping service, there’s one thing I’ve learned: business owners have better things to do than manage their own books. Unless you’re an accounting professional, doing your own bookkeeping won’t make sense in the long-term.
However, if you’re bootstrapping and trying to get your business afloat, you’ll find a lot of online bookkeeping services for small business owners that may fit perfectly into your business now.
Remember, bookkeeping when you first start is fairly easy: money comes in and goes out. As the business grows, your accounting may involve:
- Cash planning
- Daily deposits
- Paper sales
- So much more.
You’ll also need to learn about sales tax in different states and when these obligations should be met. If you’re still wondering what accounting services are, check out this blog post here.
If you start off with the wrong processes in place, it can lead to a lot of future hassles. Instead, following these two tips can help you make sense out of your bookkeeping.
Start with Bookkeeping Services for Small Business
If you’re adamant about doing your own bookkeeping primarily to save money or because you’re in that early business stage where it’s still easy, start by hiring someone to set you up for success.
Professionals that specialize in setting up online bookkeeping services for small business owners can help you scale your business with fewer risks of your books causing headaches in the future.
Start small and early, as soon as you possibly can. Work with an accountant that can help you get your books in order from the start.
QuickBooks is a great option – it has everything you need to keep your books in order. But if you’re not using the program every day, you’ll miss a lot of features that benefit your specific business.
QuickBooks knows bookkeeping, but it doesn’t know your business. A professional that understands how your business works will be able to set up QuickBooks to make your bookkeeping accurate, precise, and less resource-intensive.
For example, your business may need to send out recurring invoices on the first of every month, and QuickBooks can be set up to offer this functionality. When invoices are late, a professional can set up reminders that automatically get sent out, so you don’t have to waste time and resources sending these reminders yourself.
Offload Your Books to a Team Member
As a business owner, you’ll wear many hats in the initial stages of your business. You may love doing your books, but if it’s not a core part of your business, your time is better spent on growing your brand and increasing sales.
Eventually, you’ll expand to the point where you can use bookkeeping services for small businesses and completely focus on your business.
Until you can hire a professional, why not offload these processes to someone on your team that knows and understands them? You’ll want to choose a trustworthy team member that can handle some, if not all, of your bookkeeping tasks.
When your business reaches a point where you’re growing, hiring employees, and working with dozens of companies, you’ll be happy to have hired someone to set up the initial bookkeeping for you. If you don’t use a professional from the start and need to clean up your books, it will be far more costly than paying for the initial accounting setup.
Schedule a consultation with us today if your business is ready to take the next step forward with accounting services that can save you money and help you better understand your business’ financials.