Bookkeeping is a tedious yet essential task for anyone trying to run a business. Keeping track of all your financial transactions, financial statements, and important tax information can be particularly overwhelming if you’re a small business owner with no previous accounting experience. As your business grows, you may find it impossible to do without some kind of help.
That’s where TenKey LLC comes into play. With over 20 years of experience, our accounting and bookkeeping firm offers a wide array of financial services designed to lessen the stress and burden of managing a successful business. We handle the bookkeeping while you focus on more important aspects, such as growth. Our monthly financial statements can even help illuminate potential adjustments and opportunities that take your business to the next level!
Outsourcing Your Bookkeeping Vs. Doing It Yourself
Getting a new business off the ground is a tricky endeavor. In the beginning, most small business owners find themselves stretched razor-thin, with little or no capital to hire additional employees. You may find yourself bookkeeping simply out of necessity.
Keeping track of the books may be feasible at first, but as your business (and profits) grow, doing it yourself can cause more problems than it prevents. In the past, you would typically hire a new full-time employee to take over accounting. These days, it may make more sense to outsource your bookkeeping.
There are numerous benefits to outsourcing bookkeeping when compared to taking care of it yourself. But above all else, utilizing an experienced accounting firm helps you avoid mistakes. Common mistakes that can end up costing you a lot more money than just hiring a professional.
Outsource Bookkeeping to Avoid Common Mistakes
When a business owner with no prior experience attempts to do the books themselves, the potential for error is extremely high. And when it comes to bookkeeping, one minor mistake can lead to major consequences. The IRS has a zero tolerance policy for errors and may audit your business or issue a sizable fine if they notice something amiss.
The most common bookkeeping mistakes include:
Failure to track small transactions and minor receipts
Failure to budget properly
Failure to report on any and all sales
Neglecting payroll taxes
Neglecting to back up your financial data
The larger your business, the more complicated your bookkeeping becomes, the easier it is to fall behind. One of the biggest mistakes an owner can make with their own books is failing to fully comprehend where they stand financially. This can lead to missed opportunities and poor cashflow, not to mention the stress and anxiety as a result.
When you hire a team like us, you no longer have to worry about making mistakes. Instead, we provide accurate financial reports and organized books using a fully integrated accounting system specifically designed to your needs. With decades of experience, you can rest assured knowing your finances, and your future, are in good hands.
Outsource Bookkeeping to Save Money
One of the most essential and appealing benefits of outsourcing bookkeeping is that it saves you money. Hiring a full-time bookkeeper or employee can be a costly endeavor. In addition to their hourly wage or annual salary, you also have to factor in other expenses like benefits, insurance, and the recruitment & training process.
Outsourcing your bookkeeping essentially eliminates these costs. It also largely eliminates the potential for fees and penalties that stem from payroll mistakes or misreported sales. The money you save can be reinvested back into the business, whether that be to expand your services or ensure your current employees are happy with their wages and benefits.
Happy employees tend to be more productive, which in turn, typically leads to more profits. It’s a wonderful cycle of success.
Outsource Bookkeeping to Grow Your Business
A good bookkeeper should provide you with access to relevant financial information on a routine basis. Why? Having a basic, up-to-date understanding of your finances is a key part of running a successful business. Owners who aren’t on top of their finances are running their business “blind,” which can lead to a whole host of additional problems, especially when growth is a concern.
Regular (usually monthly) financial reports provide you with the necessary information you’ll need to grow your business. Your reports, along with our guidance, will help you identify potential opportunities that optimize your profit margins.
Unfortunately, too many owners get caught up in the day-to-day operations and neglect long-term planning. When you outsource your bookkeeping, and use our state-of-the art accounting services, planning for the future becomes a lot easier. You’ll even have more free time to improve overall operations, making any day-to-day issues you encounter far less frequent.
Our Professional Bookkeeping Services
The services we recommend and provide depend on your business’s individual needs. That said, some of our most common services include:
Organizing the books – Keeping the books organized is a difficult task for most small business owners as their business grows. Tons of paper receipts and transaction notes, for example, can make it hard to produce proper reports. A professional bookkeeper will reorganize your records and provide you with the information you need to stay on top of your finances.
Charting of Accounts – A professional bookkeeper should help set up your chart your accounts in a way that organizes your financials, complies with GAAP, as well as highlight income and spending trends. This can be incredibly challenging to do yourself.
Financial reports – Regular financial reports are a necessity if you want to run your business properly and optimize your capital. Reports can also make it much easier come tax season, as all your financial information is already organized and easy to digest. Also, our financial reports are provided monthly, giving you regular and up-to-date access to your financial information.
Reconciling Accounts – Mistakes happen, even if you are diligent and conscientious when it comes to recording your transactions. That’s why it’s important to reconcile your accounts on a routine basis. A professional bookkeeping team can help identify and correct any discrepancies, giving you a chance to rectify mistakes before they end up costing you big time.
Interested in Outsourcing Your Bookkeeping?
Our team is happy to help! Call 971-220-6416 or send a message to Hello@TenKeyLLC.com to learn more about our bookkeeping services.
