What Every Business Owner Should Know About Their Bookkeeping

23 May What Every Business Owner Should Know About Their Bookkeeping

Posted at 08:00h in

Bookkeeping & Accounting

by Becky Brown  •  0 Comments

What-Every-Business-Owner-Should-Know-About-Their-Bookkeeping-1.jpgOwning a business means you’ve got a variety of responsibilities. You’re in charge of everything, from choosing the color of the logo to signing the paychecks. If you’re diligent and dedicated, you can definitely handle most of these tasks. But when it comes to accounting and bookkeeping, you’re going to need more than mere dedication. You need financial knowledge. You need some basic functionality with accounting software. You need to keep meticulous tracks of receipts, invoices, payments and payroll. And you can’t afford to make a mistake – it could literally be against the law.

Did you know all these things about bookkeeping? We hope so. But just in case, here’s some more knowledge we think you should have:

It’s not wise to do it yourself

Want to paint the breakroom of your building? Go for it – an ugly paint job never hurt anyone. But trying to be your own accountant is fraught with peril. Aside from keeping track of every dollar coming in or out, you also need to be an expert in the tax code. Only an expert will be able to find every tax break and deduction available, as well as protect you from any possible penalties – or even jail time.

A full-time bookkeeper is often a waste of money

If you learn to save receipts and invoices, you won’t need a 40-hour per week bookkeeper. What will they do outside of tax season and payroll time? Unless your business has dozens of employees, a bookkeeper won’t have enough work to do. But do you think a reliable CPA or tax professional is going to sign up for a 10-hour per week position? Good luck with that job listing.

Security is a definite concern

When it comes to business secrets, unless you’re in the tech sector, you probably don’t have to worry about corporate espionage. No one is breaking in to steal secrets. But everyone needs to worry about thieves stealing financial data. Even a corporate monolith like Target can still be susceptible to outside hacking risks. Think your business is too small to steal from? Think again. Never underestimate thieves when money is involved.

It can be done virtually

Think of this as outsourcing your accounting, but not to some call center in a different country. No, you’ll be working with someone right here in the States, they’ll just be working remotely. You’ll actually have the expertise of an entire firm at your disposal, including payroll and HR pros. Long story short: you’re covered. No matter what your accounting or financial needs are, the virtual firm can handle it.

Curious to learn more? You’ve come to the right place. Contact us today and we’ll be happy to answer any questions you have.

 

Topics: Bookkeeping & Accounting