If you are starting a small business, chances are you are starting out trying to handle as many business tasks yourself as you possibly can to keep expenses down.
While taking care of certain business services yourself can be a great money-saving idea, there are others like bookkeeping services that should always be left to the professionals.
As easy as it might seem that doing some light bookkeeping may be, even small mistakes can be costly.
Instead, it is a much better idea to hire a small business accounting firm to handle your books.
Why Hire A Bookkeeping Service?
Why would you want to pay a bookkeeping service to handle your business finances? Primarily, to avoid making mistakes that could end up costing the business money in the long run.
Accounting firms do more than just handle the invoicing or balancing the books each month as accountants can take care of the taxes as well, a job that is a lot more complicated for a business than it is for the average person.
It is a task that many small businesses end up paying hundreds or even thousands for once the end of the business tax year rolls around, and to a tax preparer that has no connection to the business otherwise.
Working with a bookkeeping firm throughout the year, that accountant will already be familiar with your company and how it functions, and have the books in order to make tax filing painless.
Get Payroll Services From A Bookkeeping Service
Besides being able to handle quick and easy tax preparation for clients, small business accounting firms can also handle payroll and payroll tax deductions, reconcile monthly and yearly accounts, take care of invoicing and accounts receivable, create financial performance reports and cash flow analyses reports, and even help with financial business planning based on these numbers.
Get Business Tax Planning
The other important thought to keep in mind when deciding whether to forego hiring a bookkeeping service to help with your small business is how far that expertise can go for you.
Professional accountants can help with business tax planning so you keep more of your money and let it work harder for you and prevent financial mistakes that could cost you money.
Late fees, tax audits, and other tax problems can suck the profits right out of your startup, and that is all avoidable when you work with an accountant.
Check Out Bookkeeping Services and See What They Can Do!
Before assuming hiring a bookkeeping service will cost your small business too much, get a quote and see how affordable it really is.
In the grander scheme, paying an accounting firm to keep your books in great shape should fall under the ‘spend some to make more’ plan of your small business budgeting!