One important decision that every business owner needs to make at some point during the business life cycle is to know when an expert assistance is required for maintaining the books of the business. While it is common for people to acquire different skills and handle all the essential business tasks on their own, it is not recommended to do the same when it comes to managing the business accounts. It is advised to turn towards an expert bookkeeper to help.
To understand whether or not a business needs an online bookkeeping service, it is important that you first understand who a bookkeeper is and what tasks fall under his scope of work? A Bookkeeper is the one who stands responsible for the record-keeping of a company’s expense transactions and income that are maintained and recorded in the company’s book. An offshore bookkeeping service provider also prepares financial reports& financial statements to help understand the business finances and expenses better. Here are some of the major tasks handled by a bookkeeper:
- Record the financial transactions
- Manage the bank feeds
- Handle the accounts receivable as well as accounts payable
- Payroll management
- Perform Reconciliations
- Work with tax handling and also assist with tax compliance
- Prepare monthly and year end reports
Your business irrespective of the size needs a bookkeeper, here is why:
- So that your focus does not deviate from the core objective of your business – Every business has a specific vision and expertise. For instance, if a founder of a ready to eat food items wants to develop easy to cook food items, he must devote his prowess into strategist, marketing, and funding the same. It would not be feasible for him if he is also handling the task of managing business books as well. Hence, if you have a dedicated bookkeeper handling this hefty task for you, you could use your own resources where they are most needed and are essential.
- Why try your hands on something you don’t really know – Let’s face the fact that not everyone is an expert in every field. Most business owners don’t come from an accounting background. They have no practical knowledge of the related accounting tasks. In such cases, it is better to take help from an expert rather than lose business credit due to lack of knowledge and working experience.
- Predict the future of the business – An offshore bookkeeping service expert can help you with managing the business finances and run reports that show the growth of the business in each cycle. This will help you track where the funds are being invested, whether the proposition is the right one or not and much more.
- It is important to receive timely money and making timely payments – A business is all about making money and also paying others for their services. This means making payments on time a top priority for every business. When you have a bookkeeper managing your finances, you can be assured that the payments are sent out timely and no delays can impact your credibility.
- Tax filing mistake can cost the business heavily – The last thing you want as a business owner is an auditor after you because amidst managing your business effectively and growing it, you forgot to file taxes timely. A bookkeeper will ensure that taxes are paid on time as well as payroll and other related financial tasks are all managed well.
- Handling the Tedious aspects of business as well as maintaining cash flow – Bookkeepers essentially handle the tedious financial tasks well since they hold expertise in the same. Trust them to passionately tally up the payroll check and pay all the business bills on time on behalf of your business. A skilled bookkeeper is determined to ensure that the cash flow remains optimal and positive cash flow keeps coming.
- Financial Obligations are kept at bay – Offshore bookkeeping service saves you more money than you can think. When an expert takes over the task of handling business finances you can be assured that chances of human errors are reduced, no missed payments would ever bother you, everything is managed by a subject matter expert, and the tax obligations as well as the deadlines are adhered to without any fail.
- Resolution of any conflict of interest in case of multi-partner business – If your business has more than one partner, chances are there could arise some disagreements related to finances, to save yourself from such hassle, it would be great to be proactively prepared for any such situation by preparing and sharing timely reports with all the partners/investors.
Does My Business Need a Bookkeeper?
Depending on the size and the complexity of your business, a dedicated bookkeeper or the online bookkeeping service expert might work on a part time or full time basis. The bookkeeper holds the responsibility of providing you with regular finance updates as well as maintaining the balance sheet well to highlight the Profit & Loss statement, when you have an expert handling your business finances you are essentially freeing yourself from this hefty task and instead utilize the time effectively, by employing resources on the real tasks that generate value for your business.
It is time to take some weight off of your shoulders and get help of online bookkeeping service to a reliable and trusted accounting and financial service provider. Whiz Consulting is a specialist in accounting and financial outsourcing. We employ our expertise to help businesses with their accounting and tax calculation needs. We are your expert bookkeepers with the vision to improve your business finances utilizing various accounting software/artificial intelligence. Thereby, blessing you with clear and streamlined profit and loss statements, regular reports and keeping a check on the business cash flow.