Time Management 101: Outsource Your Bookkeeping

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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!

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