Small business owners usually wonder whether they need bookkeeping services and if so, when is it the right time to hire? There are various reasons why you need a professional bookkeeper. To begin, the bookkeeper will ensure your financial records are up to date and follow the best business practices. For example, the professional will confirm that assets and expenses are categorized properly. To remark the understanding about bookkeeping services in Dallas
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A bookkeeper can also lower your costs in a number of ways. For example, he/she can help you save time by handling tasks such as submitting payrolls, writing invoices, keeping receipts, and paying taxes. Various industry experts agree that businesses can save up to $1000 every quarter when they have competent bookkeepers working for them.
Do You Need and Accountant or Bookkeeper?
Accountants and bookkeeper perform different roles. Therefore, you need both of these professionals for your business.
An accountant will provide a large financial overview of your business and can advise you on the strategic direction to follow. The professional can also handle tasks such as create profit and loss statements, file the taxes, secure a line of credit and so on. Visit the official site for more information about bookkeeping services in Texas
On the other hand, a bookkeeper will help you with the everyday tasks of your business. Examples of such tasks include tracking the company expenses, making new employees file the right paperwork, sorting out the receipts and so on. Having a bookkeeper helping you will ensure you are strategy on how to spend your business money.
When to Hire a Bookkeeper?
You should hire a bookkeeper for a few hours a week if your business is already running. During the first six month of your business, you may be too busy to have time for record keeping. When things begin to stabilize, you can identify various trends and can start to strategically think where you should be spending your money and cutting back. This is a crucial stage where you will need a bookkeeper. The bookkeeper may only need a day to sort out your financials.
The rates you will pay for a bookkeeper on a part-time basis will depend, and can range from $15 to $100 an hour. Your workload, locating and whether the work will be done at your business premises or remotely can all determine the rate you will pay. Learn more about accounting http://www.huffingtonpost.com/allan-smith/realizing-the-need-of-hiring-an-accountant-for-your-small-business_b_9158438.html
For most small business, an accountant will usually be required once a year; during tax time. However, if you are frequently negotiating credit with a lender or require capital, you will need an accountant more often.