Help! I Need A Bookkeeper!!

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Photo by Anna Shvets: https://www.pexels.com/photo/woman-pointing-at-whiteboard-3727511/

You are in the second year of your business and it just takes off!

You are busy providing services to your customers and the revenue is rolling in. The laptop you used when you started your business isn’t cutting the mustard anymore and it is time for an upgrade. You also need a new office desk, one of those comfortable executive chairs for your new desk and the list goes on. It’s great that business is going well but now you are a juggler. You are juggling taking care of your customers, and staying on top of the latest trends in your industry and bookkeeping is last on the list. 

The list

Goes on & on…..

It’s tax time and your tax professional is asking for all these financial reports and receipts and that list goes on…..

You are stressed out and ready to run for the hills. You know you need help with your bookkeeping management but where do you even start to find it? 

This is a common scenario as you start to grow your business. It is good that you are reading this post because I will shed some light on the different types of bookkeeping professionals and how they can help you.

• Freelance Bookkeeping Professionals - These are independent bookkeepers who might have a day job and work as freelancers.

• Bookkeeper Firm Owners - These are full-time business owners who focus exclusively on bookkeeping management.

• Accountant/CPA/Enrolled Agent Firms - These firms handle tax planning, tax preparation, audit, and advisory and offer bookkeeping services.

Then there are the specialties

A bookkeeping professional can specialize in e-commerce, cleanups, cash-based businesses, restaurants, construction, service-based businesses, or, non-profit organizations. The list is vast.

What Can A Bookkeeping Professional Do For Me?

In general, a bookkeeping professional should be able to help ensure all your expenses are organized, the money in your checking account matches what your accounting software is reporting, and deliver financial reports that show how well your business is doing.

It all boils down to:

• How much help do you need?

• The uniqueness of your business.

• Your personality preference.

• Most importantly YOUR business goals.

These attributes are all going to play a part in the bookkeeping alphabet soup. Additionally, some bookkeeping professionals offer limited services and outsource things like payroll and bill payment. 

There are a variety of bookkeeping professionals who are available to help you on your business journey. The most important thing is to acknowledge that you should not try to be a juggling act and start to seek out professionals who can help you keep your business finances in order. This will help you to focus on your zone of genius and propel your business forward. 

Keep IT Sunny!

What Services Can A Bookkeeper Provide For My Business?

The industry of bookkeeping and accounting has changed over the years. Traditionally a bookkeeper has been the one-stop shop for small business owners to handle all things related to the daily upkeep of their debits & credits. In recent years, the role of a bookkeeper has started to include taking on the role of business advisory with clients to explain what the numbers mean and how you can use them to help meet your business goals. 

A bookkeeper can provide the following services & more:

• Monthly bookkeeping management

• Weekly bookkeeping management

• Cash Flow Analysis

• Budget preparation

• Tech Stack Consulting

The list really depends on the unique needs of your business but the idea of a gray-haired lady or wired-brim glasses guy sitting in a corner with a paper ledger are things of the past. The 21st-century bookkeeper is utilizing technology to deliver real-time results for clients.

I hope this brief list sheds light on a bookkeeper's various services. Share in the comments below what current things you are struggling with related to your bookkeeping.

Keep IT Sunny~

4 Ways A Bookkeeper Can Help You In Your Business

You started your business because you were passionate about something and wanted to put your personal stamp on it. I know that sounds very general but at the root of every business owner's business is their passion for doing something that they could own. 

I am sure bookkeeping was not on your list:)

Many business owners might only see the QuickBooks Online commercials that pop up on t.v. during tax season and the thought of bookkeeping pops into your mind. I get it. Bookkeeping and accounting are not for everyone. You might have thought what can a bookkeeper help ME with? I have my spreadsheet and my shoebox and life is going fine.

Here are 4 ways a bookkeeper can help you:

• Help you get ready for tax compliance season - Yes this one is pretty popular from January to April but a lot of work needs to be done before these months roll around. 

• Help you get ready for tax planning -  If you are not already having tax planning meetings with your tax professional BEFORE you see them at tax time you could be missing out on many tax advantages. I can assure you that your tax professional wants clean books and a fresh copy of your financial statements to peruse while they chat with you about your tax strategies.

• Help you with managing daily & monthly operations - This is all the stuff that it takes to run your business financially. Let’s say you are getting very busy and want to hire some new team members. Do you have enough cash flow to support this? What do your monthly expenses currently look like? How much-projected revenue are you expecting to bring in? These are all questions that a bookkeeper can help you answer so that you don’t have to worry about hiring and then laying off your new team members due to a lack of funds. 

• Help with making strategic business decisions - Do you want to grow your business in different locations or provide new services? What is your goal for the business 5 years from now? In order to make your goals a reality it is important to look at the numbers and start creating a plan to make sure you hit those targets with no problem. 

The list of ways a professional bookkeeper can help you are endless and in my view depends on your goals. I hope this list answers your questions about what a bookkeeper can help you with. I would love to hear from you to learn more about your business and goals for the future. 

Keep IT Sunny!

Why Do I Need A Bookkeeper?

The life of an entrepreneur/small business owner is hectic! There are current customers to serve, new prospective customers to get and then there is all the stuff in between. The “in-between” stuff is the meat and potatoes of your business like creating your marketing plan, executing your marketing plan, managing your team (even if it’s just you:), and managing your finances. 

Wait!

What was the last line about “managing your finances”?

Yes, this is a real business to-do list item and more often than not it is a daunting daily task for many business owners. I recently did some research for this blog post and came across this question:

Do I need to hire a bookkeeper for my business?

It gave me pause for thought.

My first thought was no you don’t NEED to hire a bookkeeper for your business. If you have the time, money, and energy to learn accounting principles and apply them to your specific business model then you don’t need a bookkeeper and could do it yourself.

The problem with that is you now get to add being a bookkeeper to the other growing business hats you already wear. Additionally, then you have to keep going with your training and professional development in bookkeeping accounting to make sure you stay up to date on anything that relates to managing your business finances.

And the list goes on…..if you would rather NOT go down the rabbit hole of being your own bookkeeper then yes you do need a bookkeeper.

Why Do You Need A Bookkeeper For Your Business?

All the stuff I just mentioned above is taken off your plate. Whew! That’s a relief.

1. A bookkeeper can help you stay tax compliant and out of hot water.

2. A bookkeeper can help you manage your cash flow which can help you not break out in a panic.

3. A bookkeeper can help you to know if you are making money or taking your money and throwing it out the window. We can help you to see if there are frivolous expenses that need to be pruned out of your life.

4. A bookkeeper can help you plan for the future. What are your goals? If it’s to retire by the lake a bookkeeper can help you map out a financial plan a.k.a budget to help you reach your goals.

5. A bookkeeper can help you figure out how much money to pay yourself and when you can give yourself a raise.

6. A bookkeeper can help you figure out when it is a good time to start bringing on team members so you can take your foot off the brake.

7. A bookkeeper can help you stay ready for business opportunities that may come your way like investments, grant opportunities or if you need a loan to purchase capital assets. 

8. A bookkeeper can help you sleep better at night because you are not in charge of managing Quickbooks.

9.  What are your goals for business and your personal life? A bookkeeper can help you to get there. 

So are you ready to take the plunge? I hope this post gives you food for thought as you move along your business journey.

Keep IT Sunny~