Each small business set up with intention to grow business day to day. But barrier to achieve this target depend on real position of business in terms of numbers. To get real status of business in terms of financial resources to expand business with new ventures, open new branch, collaborate with other business etc all depend on financial condition of business. Financial condition only can be found through keeping books of accounts in proper manner and up to date.
Bookkeeper help businesses to gets accounts up to date, setup proper chart of account, reconciliation all bank and credit card, Management of Accounts receivable and Accounts payable, recognize revenue and expense according to nature, present financial statements for future planning, Coordinate with Accountant for filling of taxes, Setup budget for forecasting. Bookkeeper plays key role in generate correct financials reports and assist stakeholders to understand about business in terms of financials number.
Benefit to outsource bookkeeping work:
- Cost effective– As per studies hiring a full or part time bookkeeper will costlier than outsourcing bookkeeping services to a good bookkeeping firm. Bookkeeping firm will charge only for time which consumed to maintain books but if there is no work small business has to pay salary to employee with addition taxes, insurance, office space, other cost.
- Expert services– Bookkeeping firm is having team of experts with knowledge of different accounting software, bookkeeping related services and payroll. They are also expert in tax compliance. Help to read financial statements which help stakeholders to understand from money is coming and where money is going which help in forecasting.
- Quick Turnaround time– Bookkeeping firms always take less time in comparison to employees as they know how to work quickly with quality of work with efficiency. As a service industries bookkeeping firms always focus on their clients to get more references and healthy relationship.