Time Management 101: Outsource Your Bookkeeping

time-and-work-10037778

 

Do you put off recording day-to-day financial transactions? Find writing checks, making deposits, and reconciling bank statements a drain on your valuable time? You’re a perfect candidate to outsource your bookkeeping!

It’s a task, unfortunately, that employers cannot afford to ignore because you’ll either pay expensive hourly rates to have an accountant do the work or you’ll go without financial statements. Neither are good alternatives, especially during tax time! Even if you’ve delegated your bookkeeping to an assistant, you have the daily headache of managing him or her and still risk having financial inaccuracies.

Retaining a contract bookkeeper, however, will allow you to:

►Make smarter business decisions. With regular financial statements, for instance, you’ll know how much sales are increasing as compared to expenses, how much customers owe you and for how long, and other vital financial information to help you determine the rate your company can grow.

►Qualify for a loan or other forms of capital. Whether you’re seeking a bank loan or soliciting investors, doing so will require you to provide an income statement, balance sheet, and tax returns—and a bookkeeper will help you prepare these documents.

►Effectively plan. Bookkeeping reports also help you track your budget and control your expenses on the short term and forecast for the long term.

►Prepare accurate income-tax returns. Without sound financial records, you’re at risk of overpaying or underpaying taxes or (worse) being audited! Even if your CPA prepares and files your returns, ill-prepared financial statements will cost you more in additional billable hours the end.

 

Jyoti Patel is President of Anuva Resource Solutions, a full-service human-resource and financial solutions outsourcing company based in Morrisville, NC, that specializes in helping startup entrepreneurs, professional service firms, and midsize companies spend less time on day-to-day tasks and more time on expanding their businesses!

Share small business news, blogs and social media tips with Project Eve’s community of small business owners and entrepreneurs today. Our contributors come from a wide range of backgrounds; so whether you are a small business owner, social media strategist, financial adviser, serial entrepreneur, or write an amateur blog we urge you to contribute a blog to our 500,000+ community today. For more information, please refer to our Content Submissions Guidelines.

Add a Blog

83 COMMENTS

  1. 938714 838317Following study a few with the weblog articles for your web site now, and that i truly like your method of blogging. I bookmarked it to my bookmark web site list and are checking back soon. Pls consider my internet website too and inform me what you consider. 651480

  2. Through my notice, shopping for gadgets online may be easily expensive, nonetheless there are some tricks and tips that you can use to help you get the best offers. There are usually ways to come across discount deals that could help make one to buy the best technology products at the smallest prices. Great blog post.

  3. I have to express my thanks to you just for rescuing me from this issue. As a result of browsing throughout the the net and getting suggestions that were not beneficial, I figured my life was gone. Existing minus the answers to the problems you have sorted out by means of your article is a serious case, and those that might have adversely damaged my entire career if I had not encountered your web site. Your actual natural talent and kindness in dealing with all the stuff was priceless. I am not sure what I would have done if I hadn’t discovered such a solution like this. I can also at this time relish my future. Thanks very much for the high quality and sensible guide. I will not think twice to endorse your blog to anyone who should receive tips about this subject.

  4. Does your blog have a contact page? I’m having problems locating it but, I’d like to shoot you an e-mail. I’ve got some suggestions for your blog you might be interested in hearing. Either way, great site and I look forward to seeing it grow over time.

  5. I have learned quite a few important things by means of your post. I’d personally also like to mention that there will be a situation that you will apply for a loan and don’t need a co-signer such as a National Student Aid Loan. However, if you are getting that loan through a regular creditor then you need to be prepared to have a cosigner ready to assist you to. The lenders will certainly base any decision on the few issues but the main one will be your credit standing. There are some financial institutions that will additionally look at your job history and determine based on this but in many instances it will be based on on your ranking.

  6. You have to waste less time to explore your necessary topic on net, because nowadays the searching methods of search engines are nice. Thatís why I fount this paragraph here.

  7. I have observed that of all kinds of insurance, health insurance coverage is the most marked by controversy because of the discord between the insurance policy company’s need to remain profitable and the buyer’s need to have insurance plan. Insurance companies’ commission rates on wellbeing plans are very low, therefore some organizations struggle to earn profits. Thanks for the suggestions you share through your blog.

  8. Good blog! I really love how it is easy on my eyes and the data are well written. I am wondering how I might be notified when a new post has been made. I have subscribed to your RSS which must do the trick! Have a great day!

  9. 513598 959497Private Krankenversicherung – Nur dann, wenn Sie sich fr die Absicherung ber die Rentenversicherung entschieden haben, dann knnen Sie sich sicher sein, dass Sie im Alter so viel Geld haben, damit Sie Ihren Lebensstandard halten knnen. 279404

  10. Hi. Neat post. There is an issue with your website in chrome, and you might want to check this… The browser is the market leader and a large section of folks will miss your excellent writing due to this problem.

  11. My brother suggested I might like this blog. He was entirely right. This post actually made my day. You cann’t imagine just how much time I had spent for this information! Thanks!

  12. Thanks for your article. I would also love to say this that the first thing you will need to do is check if you really need repairing credit. To do that you will need to get your hands on a duplicate of your credit rating. That should not be difficult, considering that the government makes it necessary that you are allowed to get one cost-free copy of the credit report on a yearly basis. You just have to request that from the right folks. You can either look at website for the Federal Trade Commission or even contact one of the main credit agencies immediately.

  13. 92024 34699 There are some fascinating points in time in this post but I dont know if I see all of them center to heart. There is some validity but I will take hold opinion until I appear into it further. Very good article , thanks and we want much more! Added to FeedBurner as properly 523496

  14. We and my buddies were going via the nice, tips coming from the blog then the particular sudden came up along with an awful suspicion I actually never expressed respect for the website owner for individuals secrets.

  15. Hmm, it seems like your current site ate my very first comment (it was really long) so I speculate I’ll just sum that up the things we had written and point out, I’m thoroughly enjoying your current blog. I as effectively is an aspiring blog page writer, but I’m nonetheless new to the entire thing. Are there any tips for newbie blog authors? I’d appreciate it.

  16. Some us know just about all in relation to the compelling channel you present powerful methods on this web site and consequently strongly encourage contribution coming from other ones on this particular subject while our personal child is actually discovering the great deal. Have entertaining with the rest of the portion regarding the year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here