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​In Pursuit of Profit

Read our expert article below or sign up to get articles sent to your inbox.​

2/15/2017

Comments

When Do I need a bookkeeper?

 
need a bookkeeper
Most business owners generally have the necessary skills to operate their business, but are not as knowledgeable about bookkeeping and managing the financials.

This can leave a management team or owner feeling like they are held hostage by an accountant or bookkeeper.

​In which case, ‘automated’ software, late nights, ‘trusting’ family members and responding to notices becomes standard practice. 

​Questions that float in the back of a business owner’s mind might include: “Should I hire a bookkeeper?”, “Who do I trust?” and “How does hiring a bookkeeper or accountant help me financially?”
​

Answer these questions to better understand whether you need a bookkeeper or accountant:
  • Are your tax returns consistently filed late or need to be extended?
    • (Tax returns include those for city, county and state)
  • Are your financial statements late each month?
    • (If everything is in order, reporting should be completed within 10 business days of period end. This becomes a decision making tool.)
  • Have you ever been penalized for payroll tax violations?
    • (Payroll taxes include regular income tax, FICA, FUTA, UI and local payroll taxes. Employers with tipped employees have tax requirements.)
  • Do you or team to prepare your own payroll checks and bank reconciliation?
  • Is the information you review confusing, difficult to read and understand?
    • (It might be the information is available but there are pages of reports to review that don’t seem to make sense.)
  • Do you lack knowledge about current and changing tax laws and how they will affect you?
  • Is it the end of year before consider tax planning to help minimize your taxes? 
  • Have you been denied loans because of marginal record keeping?
  • Do you have an excessive amount of stress as a result of bookkeeping, record keeping, deadlines and meeting regulations?

Answering any of the above questions with a “yes” is an indication that you need a bookkeeper. Answering multiple questions with a “yes” should be a strong signal to you of the benefits you will receive from a bookkeeper or accountant.

While a bookkeeping service, to operate legally, must obtain a business license in accordance with state and local requirements, it is not technically required by law for bookkeepers to be "licensed". It will be important to work with a bookkeeper or accountant who has a track record, testimonials and training.

The right bookkeeper or accountant can help you save money, anticipate important issues before they arise and plan for the future to minimize taxes. A qualified bookkeeper will provide timely reports to your management team to make key business decisions to improve profits.

When requested by your banker or an auditor, accurate reports can expedite the granting of a business loan, alleviate further questions from an auditor without the need to clean up or reconstruct the accounting records.

If you answered yes and interested in talking about the options to work offsite, onsite, part-time or full-time. Please contact us here >

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