As a business owner, you spend your days wearing many hats. You may find yourself in meetings part of the day, talking about new products or services. Then you may be meeting potential clients, new clients, and recurring clients. Of course, add in purchasing office supplies, getting that broken piece of office equipment fixed, and hiring a much-needed employee. On top of all of that, at the end of the day, you may need to spend a little time reconciling your books. If you have time in between dinner, spending time with your family, and getting to bed at a decent hour, that is.
All of these tasks can not only wear you out, but they also ensure you are going to either forget to do something or make a mistake. To avoid getting overwhelmed in your business, you will want to start outsourcing a few tasks. Some of the easiest business items to outsource are your bookkeeping tasks.
5 Business Items to Outsource to Your Accountant
1. Accounts Receivable and Payable
Any money you receive for your business needs to be tracked carefully. Your accountant can easily handle this task for you, so you have free time to do the work you prefer to do in your business. They can even handle your accounts payable, so your vendors are always being paid on time.
2. Payroll Processing
Making sure your employees are paid for the hours they worked, while also ensuring healthcare costs, retirement costs, and even the right amount of taxes are taken out can be time-consuming. To save you the headache, and make tax time easier, it is best to outsource all of your payrolls to your accountant. They can make sure the numbers are accurate and that your employees are always paid on time.
3. Bank Reconciliations
Reconciling your business bank account is another time-consuming task, especially if you are not keeping up with your books. All of your income and expenses need to be carefully entered, so the final number in your books matches the amount of money you have in your bank account.
If you struggle to enter your bookkeeping information each month or put it off until the end of the year, it is definitely time to outsource this to your accountant.
4. Create Financial Statements
Another struggle business owners have is creating their financial statements. Some owners will keep putting it off, because they haven’t finished entering their income and expenses. Others will simply think that since there is money in their bank account, their business is doing fine.
Your accountant can set up a schedule, so you receive specific financial statements at designated times throughout the year. Then all you need to do is open them and read them to truly see how well your business is operating.
5. Tax Management
I am going to guess you have little interest in spending hours dealing with tax management for your business. Your accountant can easily file your quarterly taxes for you, as well as your yearly taxes. This will be simple if they are doing all of the bookkeeping for your business. However, it won’t be too bad if you are still doing your bookkeeping and simply share the information with them at the end of the year. Just don’t show up at their office with a shoebox of receipts in no order at all. That would be a time-consuming process for everyone involved!
Benefits of Outsourcing Business Items to Your Accountant
There are numerous benefits of outsourcing business items to your accountant, but the main benefit is the extra time you will have to work on other aspects of your business. This can be a major win for you, especially if you have been working longer hours than you originally planned when you started your business.
Other benefits include:
- Accuracy – You will never need to worry about whether your bookkeeping is accurate.
- Liability – When your accountant takes over, you are no longer as liable for any mistakes. Your accountant is the one who will need to answer questions when they are asked.
- Higher Profits – Your accountant can make recommendations, so you can earn higher profits.
- Latest Software – Most accounting firms use the latest software. You can easily access this software at any time to see how your business is doing.
Have you been struggling to keep up with everything in your business?? If you have, I recommend outsourcing some of these business items to an accountant. You will be thrilled with the time you are saving each week. And the expert advice you receive will be quite valuable in the future. Contact our office today to schedule a meeting and see how we can help you streamline your bookkeeping process.