Reason You Need To Hire a Bookkeeping Service
Entrepreneurs well know the value of accurate bookkeeping and financial management. It’s a continuous struggle between growing a business, being a one man team, the necessities of running a business, and tracking the monies going in and out. How do you find the time to manage your business, the financials and making customers happy? This is where San Diego Business Essentials can help!
With the accessibility of technology and modern methods, bookkeeping services aids businesses with their backend requirements such as properly monitoring accounts receivable, accounts payable, expenditures, losses or profits, among other essential accounting concerns of your trade. A virtual bookkeeping company will be able to manage your company’s’ financials without having to be physically present in your place of work. Here are some top advantages of outsourcing your bookkeeping requirements:
Decrease your Stress, Allows More Time for Business
Doing all the bookkeeping in-house or by yourself can actually hinder your business’ growth. When you hire a bookkeeping service, you can use more of your time thinking about how you can achieve your sales goals, improve your brand, or influence meaningful changes that will increase your revenue for your company.
Bookkeeping Employee vs. Bookkeeping Service can save you money
If you are trying to compare hiring an in-house bookkeeping employee vs. hiring an outsourced bookkeeping service company, here are some key facts to keep in mind.
Hiring in-house staff to do the bookkeeping tasks for you, can be more costly in the long run. Why is it more costly if you are only paying them say $15.00 per hour? Many times, employees have not had any formal training in Accounting or Bookkeeping. This can result in errors that can cost you thousands of dollars in the long run, and more importantly, you will need a CPA or Professional Bookkeeper to check their work prior to sending your financial data to the IRS. This can result in $55–180 per hour in fees. Don’t forget to include the employer payroll taxes, equation of benefits, retirement plans, medical insurance, workers compensation and sick leave.
Outsourced Bookkeeping Service Firm
When you hire a bookkeeping service, you can hire them on a per work basis, weekly, bi-monthly, or monthly depending on your agreement and according to your needs. Everything will in fact depend on your requirements, the size of your organization, and how frequently your financial data needs to be completed. You will not have any other fees or taxes to pay and all financial data is ran by you and your CPA with FREE revisions and year end journal entries.
When it comes to tax time, no one wants to be on the IRS’ bad side. If your financials are kept up throughout the year by a Certified Bookkeeper, you will have a peace of mind at tax time. Hire an outsourced bookkeeping service to take care of your monthly bookkeeping and you will be glad you did.