When it comes to running a business the top priorities are to sell their products/services, create brand awareness, and generate profits. The last thing a business owner wants to worry about is administrative functions like bookkeeping, and the tedious functions of tax preparation. This is how partnering with a bookkeeping company helps; they remove the pain from financial management so you can focus on driving the organization.
Bookkeeping is a task that can be very time consuming for staff, and frustrating to the business owner. Outsourcing your books to the right bookkeeping company can make all the difference between a successful business and a struggling one.
When it comes to dealing with your CPA, the last thing that you want to do is show up with a shoebox full of receipts, invoices and other documents that will take them hours of work just to get organized before they even start looking at the numbers (hours that are at a premium!). If you have a CPA, chances are they have multiple clients wanting to get their taxes done all at the same time, the more prepared you are for them and the cleaner your books, the quicker they can assess your financial status and alert you to potential liabilities. This helps free up cash flow and resources allowing for better business management. And it all STARTS with proper bookkeeping throughout the year.
For most CPA’s with a full docket of clients, those that come in last minute with unorganized documents will just have to file extensions to give the firm more time which could result in penalties and interest from the IRS. If you use a service like BooXkeeping, a fully outsourced bookkeeping company, all you need to do come tax season is supply the final accounting software file to the CPA, wait a few days for them to work their magic, and your taxes are done. Clean books make for a clean tax season!
Zero Chance of Fraud
When working with the right numbers, you know what is going on before your CPA does. When you have visibility into transactions and have a clear and balanced ledger, you have a better understanding of what will happen at the end of the year. No surprises or large tax bills.
When you don’t use a bookkeeping company, you run the risk of things coming up “missing” or “entered incorrectly.” These situations may be honest mistakes, but when you are not protected. Additionally there are no checks and balances in place to protect you from fraud. Criminal activity is always a risk but is drastically reduced in occurrences when a business utilizes an outside, licensed and insured bookkeeping company.
Changing Laws: Rules and Regulations
Let’s face it, things change, and to keep up with every federal, state and local legislative update would be nearly impossible. To avoid penalties or worst, lawsuits – partner with accredited bookkeeping services and CPA firms that can keep you informed.
Real Time Information Means Better Decision Making
When running your business cash flow can be a huge problem. Trying to get a loan from a bank or other financial institutions can be a living nightmare. Filling out paperwork, making phone calls and gathering all of your financial data into one place is a time-suck and making decisions without all of the updated information is costly. With a bookkeeping company managing your day to day finances, this is no longer an issue. Financial management is a breeze and you have dedicated account managers to answer all of your questions as well as get you the information/documents you need quickly.
Contact us for a free consultation today, and focus on creating revenue for your business while we take care of the books!
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