21 Ways a Bookkeeper Will Benefit Your Small Business

21 Ways a Bookkeeper Will Benefit Your Small Business

On February 4, 2016, Posted by , In Bookkeeping, By ,,, , With Comments Off on 21 Ways a Bookkeeper Will Benefit Your Small Business

When starting a business, you will probably spend a lot of time trying to figure out where you can cut costs. Bookkeeping is one area where you may be tempted to try and solve problems on your own, but if you lack the proper experience then you should think twice. Managing your own bookkeeping incorrectly can have negative long term consequences for you and your business. Here is our rundown of what a bookkeeper can do for a small business owner.

During start-up

  1. Determine the best business structure for your situation- such as a sole proprietorship, LLC, Corporation, or Partnership
  2. Complete a financial analysis of your business plan
  3. Provide advice on the type of financial software you may need
  4. Offer advice and assistance on opening a business account with your bank
  5. Ensure your bookkeeping procedures comply with all government requirements
  6. Offer advice on what bookkeeping procedures to implement
  7. Explain the importance of keeping separate accounts for personal and business expenses

During Normal Business Operations

  1. Ensure employees are classified correctly and not as independent contractors
  2. Explain how to read your financial statements so you can fully understand the ins and outs of your business
  3. Oversee and process payroll
  4. Provide advice about estimated tax payments during the year
  5. Determine who and when to send 1099 and W2 forms
  6. Close your books at the end of the year and create financial reports for it
  7. Compile and submit your taxes, financial reports, and paperwork to the IRS

During the business growth stage

  1. Determine areas of growth by analyzing cash flow patterns, inventory, and pricing
  2. Provide advice on equipment and property leasing or purchase
  3. Help prevent auditing from the IRS
  4. Prepare for you and guide you through an audit if necessary
  5. Create financial forecasts to provide insight for future business decisions
  6. Create a budget that will support your business goals
  7. Provide resources and advice to assist you if you sale your business

Bookkeeping is an essential part for a small business, and BOSS is proud to be able to help. Without bookkeeping you are reacting to the present, and looking backwards. With proper bookkeeping help in Wilmington NC you will be looking forward and reach your goal of growth, and profitability. Getting a handle on your bookkeeping will be the first step in bring your business to the next level.

 

Bookkeeping Help in Wilmington NC

 

BOSS is a growing firm of local business advisers who are committed to providing responsive service, strategic thinking, and competitive pricing to our clients. If you’d like to learn more about running a small business or would like bookkeeping help in Wilmington, NC give us a call at (910) 338-1198, stop by our new office located at 3901 Oleander Drive, Suite G in Wilmington, or click here to fill out our online contact form.  We look forward to hearing from you!

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