Whether you are starting or growing a business, bookkeeping can be a huge time-sucker that shaves hours off your work day or week. Creating and updating balance sheets, invoices, keeping a track of accounts payable and accounts received, tracking expenses, employee reimbursements, paying quarterly taxes, processing payroll – the list is exhaustive. Small businesses often lack the resources and time to process a humongous task as bookkeeping, failing at which can result in legal as well as reputational damages. What’s worse – if you don’t have qualified bookkeeping resources to do the job, you could land in more trouble than save money by doing it yourself or have inexperienced help.
A disturbing statistic reveals small business tend to view bookkeeping as a painful and expensive exercise and 74% of the 30 million small businesses in the US fail to employ full-time or part-time accounting help. Agreed, having a full-time or part-time resource may not seem like a good idea when you don’t have enough work to fill up 40 or 20 hours per week, but attentive bookkeeping is a critical imperative for business success.
Why outsourcing accounting for small businesses makes perfect sense
Here are five reasons why maintaining your books right must be a priority for businesses:
#1 Tax savings: Bad books lead to heavy costs on tax returns while efficient bookkeeping ensures no payments are missed and provide better records to improve your tax return.
#2 Audit readiness and protection: Keeping separate books for personal and professional expenses and filing both with care improves your company’s audit readiness and chances of passing one without any liabilities.
#3 Loan eligibility: Effective bookkeeping is one of the easiest ways to improve your credit ratings that can affect your loan eligibility and banks’ readiness to offer you one without any hassles.
#4 Faster and informed decision-making: Your ability to accurately forecast business trends and determine ROI from those depends upon the current visibility you have into expenses and P&L ratios. Accurate records and bookkeeping should therefore clearly feature on your list of priorities as a business owner.
#5 Freedom from stress: Having disorganized books can give you more sleepless nights than you think. While most business owners realize the importance of bookkeeping, the constant pressure to find a reliable outsourcing partner can take away valuable time and mind space.
How Habiliss’ trained virtual assistants make bookkeeping a breeze
Our trained and certified virtual bookkeepers have well-rounded experience of working with a varied clientele across industries. Some of the unique differentiators we bring to the table include:
#1 Extensive bookkeeping and accounting expertise: We specialize in: