You may be able to find a local bookkeeper who specializes in your industry. They may also be able to make visits to your office to collect hard copies of financial records. You can meet with a local bookkeeper face-to-face. Pros and cons of hiring a local bookkeeper Pros This is especially true if you’re looking for a freelancer specializing in your industry. One of the best ways to find a local bookkeeper that serves your needs is to ask other business owners in your area. A large firm will serve any business, regardless of industry. Many freelance bookkeepers will specialize in a certain industry-like restaurants.Ī firm is a company that employs many bookkeepers. Their clients usually include a number of businesses. When you hire a local bookkeeper, they’re either a freelancer, or a firm.Ī freelancer works on their own. Hiring a local bookkeeperĬost: $20 to $50 per hour, usually with a $100–150 monthly minimum.īest for: Small to medium sized business owners who want to meet their bookkeeper face to face, or who work with a lot of paper records like receipts. There are two main options for outsourcing your bookkeeping: Hiring a local bookkeeper, or hiring an online bookkeeping service like Bench. That information can be used by an accountant to create financial statements. When you outsource your bookkeeping, a hired professional tracks money entering and leaving your business and categorizes it for you. When your accounting is outsourced, you have experts fighting on your side. That’s because they have experience-they’ve worked with many businesses, and understand first-hand the mistakes to avoid. Good accounting takes expertiseĮven if you spend sleepless nights poring over textbooks, you won’t have the expertise of a professional bookkeeper, accountant, or tax planner. Accounting is high stakes, and small errors can have big consequences. Miscalculate your income for the month, and you could find yourself coming up short on cash when it’s time to pay vendors. Make a mistake on your tax return, and you could get fined by the IRS-or even trigger an audit. Even if your spreadsheets are true works of art, DIY accounting will cut into time you could otherwise spend helping your business grow. Small businesses often hire some kind of outside help to manage their accounting tasks. For instance, your bookkeeper might prepare financial reports for you, and your accountant may help with your tax planning. Tax planning involves looking at your bookkeeping and accounting figures, and using that info to save as much as possible on your taxes.Financial reports like income statements and balance sheets show you how much money you’re earning, and how much you have to work with. Accountingtakes information from your bookkeeping, crunches the numbers, and shows you the big picture.It also categorizes those transactions, so you can see how you’re spending money, and how you’re making it. Bookkeepingtracks all your day-to-day transactions-money entering and leaving your business.When we talk about accounting, what we’re really talking about is three interlinked processes: Bookkeeping, accounting, and tax planning. Here’s how you can take accounting off your to-do list and find more time to focus on your business-through the life-changing magic of outsourcing. If you’re like most business owners, dealing with accounting tasks doesn’t exactly spark joy. Find more articles on dealing with finances in our Funding a Business collection. Prefer to DIY? Try GoDaddy Online Bookkeeping. Editor's note: This is a guest post from our friends at Bench.
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