Often times we have heard, especially over the past decade with an influx of baby boomers retiring, that doing what you love is vital to having a happy balanced life. I believe that is on the mind of most entrepreneurs when they start their first business, doing what they love. Of course that is before they take into consideration all of the things that come along with running a business, especially the time consuming and often daunting tasks that you might not enjoy as much; enter a bookkeeping service as your back office partner. Keeping the fun in the daily management of your business is often much easier accomplished when ancillary tasks are outsourced.
Top reasons that small businesses use an outside bookkeeping service:
Small business owners know that payroll problems can create several kinds of issues related to personnel relations or financial liability. Hiring a bookkeeping service gives you the peace of mind knowing your payroll is handled with all the regulations being followed while you focus on building your business.
Yearly Tax Filing
Although you may employ a tax preparer every April, a bookkeeping service will make sure that when it’s time to take all your documentation to your CPA that it is in order and no cleanup will need to be implemented prior to filing. This will not only save you money because you won’t have to file for an extension but will also make your CPA very happy at tax time.
Accounts Payable and Accounts Receivable
If you have to spend a lot of time collecting money out of clients, or dealing with other A/R and A/P issues, taking time away from your productivity. A bookkeeping service can make the Accounts Receivable process much easier by giving your business a more powerful presentation in the way of collections.
Resolving Conflicts of Interest
Another reason that small business owners choose to use bookkeeping services is to address some situations where business partners have access to the same capital as the owner, but different ideas of how to utilize that capital productively. When a business experiences problems where a leader or partner is allocating funds in ways that management doesn’t approve of, having a bookkeeping service in place often helps to avoid these situations, as the allocation of funds is more concrete and gets more tracking.
Withholding taxes from staff paychecks is another aspect of business that can be very daunting to a business owner. Bookkeeping services know how to deal with different tax withholding situations. This is one area where bookkeeping services can really provide services that are worth the cost.
Freeing Up Time
All of the above are very good reasons to consider outsourcing the financial aspects of your business to a bookkeeping service. Internal problem-solving takes time away from customer outreach, expanding business processes, or anything else that business leaders consider a priority. Hiring a bookkeeping service for your books, will free up more internal resources for doing what you love and focusing on growth.
One of our core concepts here at BooXkeeping is that the workplace is a playground. The BooXkeeping workplace is a snapshot of real life, which reflects all situations and relationship challenges that call for advancement or adjustment. Therefore, our BooXkeepers are encouraged to view their workplace as a playground where they can practice skills for the development and betterment of their life. For more information on how you can hire a bookkeeping service to get your business back to a fun and enjoyable workplace, contact us today!