Why You Should Hire a Bookkeeper for your Small Business

Is it time for your small business to hire a bookkeeper? There are many reasons you might consider hiring someone to help manage the books. For one, your company may be growing exponentially and it may be harder to keep track of the finances on your own.

At Onyx Accounting, we know that running a small business can be challenging, and entrepreneurs often wear many hats. Our bookkeeping services are designed to help you manage your business’s finances so that you can focus on ensuring the success of the business.

5 Benefits of Hiring a Bookkeeper

A bookkeeper is a professional who manages a business's financial transactions, keeps accurate financial records, and prepares financial statements. Bookkeepers can perform a wide range of financial tasks, from recording daily transactions to reconciling bank accounts and preparing financial reports.

Here are five reasons you consider hiring a bookkeeper for your small businesses:

1. Saves time and money

Small business owners have a lot on their plate, and bookkeeping is one of the most time-consuming tasks. When you hire a bookkeeper, you can delegate this responsibility and focus on other critical aspects of your business. Moreover, a professional bookkeeper can identify and prevent financial errors, which can cost the business money in the long run.

2. Financial expertise

Bookkeepers are trained professionals with extensive knowledge of accounting and bookkeeping principles. They can ensure your financial records are accurate, up-to-date, and compliant with tax laws. They can also provide financial advice and help you make informed business decisions.

3. Improves cash flow management

Cash flow is the lifeblood of any business. A bookkeeper can help you manage your cash flow by keeping track of your income and expenses, identifying financial trends, and providing insights into how you can improve your cash flow.

4. Better tax planning and preparation

Tax season can be a stressful time for small business owners. However, a bookkeeper can ensure your financial records are accurate and up-to-date, making tax preparation easier and less stressful. Bookkeepers can also provide tax planning advice to help you minimize your tax liability and take advantage of tax-saving opportunities.

5. Better financial management

A bookkeeper can provide you with the financial reports you need to make informed business decisions. These reports can give you insights into your business's financial health, profitability, and growth potential. By analyzing this information, you can make informed decisions that can help you grow your business.

What to Look for When Hiring a Bookkeeper

Hiring a bookkeeping firm, such as Onyx Accounting, is ideal if you want a bookkeeper you can rely on daily. Bookkeeping firms save you time by handling all the daily financial work for you.

The fees charged by a bookkeeping firm can be either hourly or monthly, and the choice is determined by the amount of time required to complete your books and whether there is any outstanding catch-up bookkeeping that needs to be done.

Depending on the firm, the bookkeeper might work remotely which means you’ll likely have to submit all the necessary paperwork virtually. Alternatively, the bookkeeper may stop by your business to pick up or drop off documents.

Since a bookkeeping firm manages the work of numerous employees, it is improbable that you will face the same service disruptions that you may experience with a sole freelance bookkeeper. You need not concern yourself with the absence of your bookkeeper due to illness or vacation, as other bookkeepers from the firm can take over and handle your books.

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Hiring a bookkeeper can provide significant benefits for small businesses. By delegating the bookkeeping responsibilities to a professional, you can focus on growing your business, and have peace of mind knowing your finances are in good hands.

Onyx Accounting offers full service bookkeeping services, including accounts receivable, accounts payable, financial reporting, payroll, cash management and more.