Every business owner knows the importance of hiring an accountant, but do you also want a bookkeeper to manage your finances and make sure everything is up-to-date? We will cover what that entails in this post. A financial service such as Bookkeeping helps manage financial records, prepare financial statements, invoices, receipts, and more. Stay connected to learn what more a bookkeeper has to offer:
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Ensure regular flow of interest
A bookkeeper can ensure a regular flow of interest in your business because they manage and keep all the accounting records. These records include everything related to money coming into and going out of your business. However, to ensure a regular flow of interest in the company is not easy; it requires professional bookkeepers in Mulgrave to do the job in any financial situation. Hiring experts could be a wise option if you are a startup business as they can help you with practical knowledge and the best financial service.
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Improve efficiency in your business
A bookkeeper’s work will help you improve your company’s overall efficiency because everything will be running smoothly. You will also know for sure that your money is in the right hands because bookkeepers handle everything with care and precision.
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Balance your finances
You should hire a professional bookkeeper who can handle all your accounting work, from billing customers to generating sales reports. You will be able to concentrate on other aspects of your business once you hire a bookkeeper.
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Ensure correct tax filing
The most important reason you need a bookkeeper is that they can help you with your tax filing. If you want to hire an accountant, it will be twice as expensive. Many small business owners make mistakes when filing their taxes, but that won’t happen if you hire the services of a professional bookkeeper who knows how to file everything correctly.
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Bookkeepers can be hired monthly, yearly, or one-day basis.
Bookkeepers are usually available to work 24/7, so you don’t have to worry about finding someone to do all your accounting. Bookkeepers can work around the clock and even on weekends without any problem because they love what they do and want to provide their services as much as possible. You will be able to get work done around the clock if you hire a bookkeeper because they are always available.
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Ensure a risk-free bookkeeping system
Hiring a bookkeeper will help your business because there won’t be any need for double-entry accounting. Your accountant should know how to keep all the records without making too many mistakes, so your books will always be accurate and up-to-date.
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Help you with the legal paperwork.
Bookkeepers know the suitable paper trails to keep when it comes to dealing with accounting. All the necessary evidence will always cover your business to help you in the long run. That is why you need to hire a bookkeeper because they know where to keep all the documents effectively so that everything is safe and secure.
How much does a Bookkeeper cost?
The cost of hiring a bookkeeper is affordable!
You may barely have to spend around $300 per month to get bookkeeping service for your business. In contrast, the prices may also rise to $2,000 per month depending on the complexity of the job.
If you are tight on the pocket, you may also hire a bookkeeper for an hourly rate costing up to $45/hour.
What are the responsibilities of a bookkeeper?
1) Data entry
2) Inventory management
3) Cash flow management
4) Monthly closings
5) Month-end reconciliations
6) Prepare reports for management. Examples are the balance sheet, profit and loss statement, journal entries, ledgers, etc.
7) Record all transactions that take place in the company into a ledger or journal. This includes recording people entering or leaving the company and recording expenditures.
8) Maintain accounting records by processing account transactions, posting data, verifying the accuracy of postings, initiating corrective actions when necessary, and filing away documents.
9) Receiving payments from clients and depositing receipts into accounts.
Hiring a bookkeeper for your business is one of the best decisions you can make. A good bookkeeper will save time and money, not to mention keep you out of trouble with the IRS. If it’s been a while since you’ve thought about hiring a dedicated bookkeeping team member, now is the time. Visit BTE Accounting Services for help.
They are a professional bookkeeping company offering the best financial services and work-life balance to clients within a budget. Bookkeeping, Payroll support, Cash flow management, BAS services are a few of our top services.
