While there is no doubt that each and every business has to have proper books maintained due to a variety of reasons, such as:
- Help in tax filings and subsequent tax audits
- Gauge the performance of the business
- Properly prepared financials help in getting the proper value on the sale of the business
- Keeping a strong tab on the assets (cash, fixed assets, receivables) and liabilities (accounts payables, loans) of the business
- Accurate financial statements for bank loans and financing
One of the first questions that every small business owner asks is “whether to do the bookkeeping by him/herself or get expert help”.
While small businesses are certainly cost conscious and think twice before committing to any costs, the benefits of having professional help in bookkeeping certainly outweigh the costs.
As per Intuit research, 89% of small business say they are more successful with an accountant or an advisor.
Some of the many benefits getting expert help and advise in bookkeeping and accounting are:
- Time is king!The small business owner is always short of time. This is one commodity that he can’t afford to misuse and has to make the most commercially viable use to generate value for his clients and profits for his business. It makes huge sense to concentrate on core businessrather than using this precious commodity on things which you can delegate. Don’t forget that bookkeeping and accounting could become overwhelming as the transactions increase.
- DIY bookkeeping is expensive! Count the cost of your time spent versus what you would be paying to a bookkeeper.
- Accuracy is paramount!Accurate bookkeeping and accounting require a certain skill set, which most business owners do not have. In this situation, the best policy is to realize this and get expert help.
- Value addition is there!A good bookkeeper would be just more than a number cruncher!. He can advise you on business aspects and help grow your business. See him as a valuable business partner!.
I would be more than pleased to discuss this with in more detail. Please email me at email@example.com to start a discussion on this.
All the best to you in your ventures!!! You can count on SDF Financial to be a reliable and trustworthy partner.