Wading through invoices, bank statements and mounds of receipts can be quite the task, especially when small business owners are trying to put their priorities on what they originally set out to do, run successful businesses. Before you know it what should have been done last week, two months ago; before you know it another year has passed and you don't even know how your business really did this year. Did you make money? Did you over spend in certain areas?
What good would a business be without its accounting systems? Without keeping track of its finances, a business can't go anywhere. No matter the size of the business, whether big or small, accounting is the heart of what determines a business' success. With it, you can find out just how much profit the business is making or losing. You can't overlook such an integral component of business as this one.
1) How much is your time worth?
Most business owners who do their own books contend that they want to maintain privacy of their financial matters. However, most of them spend far too much time focusing on keeping their books in order and therefore, forfeit time that could be spent on other tasks or with family, friends, or even relaxing.
2) Find yourself scrambling to get your books in order for tax season?
If your books aren't in order, you risk having your Tax preparer (who can cost as much as $150/hour) having to organize them prior to doing your taxes. By having them ready to go and properly prepared, you can save valuable time and money.
There is a huge difference between a bookkeeper that primarily does data entry bookkeeping and an accountant that not only is providing data entry service but is looking in greater depth at the financials and your business.
After making the decision to outsource, make sure to check the qualifications of the accountant and be sure to ask for current clients as references.
