6 Reasons Why You Need to Hire a Bookkeeper For Your Startup

As a new business owner, there are many things you need to think about. One of these things is looking for an expert like Bould Bookkeeping to help you run your business smoothly. A good bookkeeper can help you grow your business and are an asset to your business.

A bookkeeper in York will provide financial order to your business. Even though an accountant isn’t a professional that you may need or want, consider hiring a bookkeeper to help with the financial aspect of your business. If you don’t hire a bookkeeper, you will have to handle bookkeeping tasks all by yourself to understand the aspects of your business better. However, this may not help you run your business smoothly. The best option is to hire a good bookkeeper. That said, here are 6 reasons to hire a bookkeeper:

1.They Will Help You Focus on Your Core Business

A start-up needs the attention of its founder including attention to growing the idea into a viable product or service. So, as a founder, you need to dedicate your time to important areas such as funding, strategy, and marketing that need your focus over the day-to-day operations of your business.

2. A Good Bookkeeper Knows How to Do Their Job Well

Bookkeepers take courses and are certified in bookkeeping. As such, they know how to handle every bookkeeping task. They can help you avoid bookkeeping mistakes that may cost you a lot of money. This is because failure to pay something important or missing bills negatively affects your business credit. If you do not have a background in finance or a working knowledge of accounts receivable, accounts payable, and taxes, don’t try handling bookkeeping tasks all by yourself. This may lead to poor bookkeeping.

3. You Will Get a Fresh Perspective on Your Business

You may think that you have a good idea about the state of your start-up during the development phase. However, it is good to get an outside perspective on your business. A good bookkeeper can help put your financials in order and run reports that will help you have an excellent idea about your business. This is because a bookkeeper will help you know the performance of your business monthly, what your money is going, and how your efforts are either paying off or need improvement. The bookkeeper will crunch the numbers and give you that “big picture.”

4. A Good Bookkeeper Can Help You Pay Your Bills on Time

Between handling the daily operations of your start-up, travelling, and staying balanced, something almost always gets left out along the way. In most cases, the thing that gets left is the bills that need to be paid. Forgotten or late payments negatively affects your credit. As such, it is good to ensure that you pay your bills on time by hiring a good bookkeeper.

5. Hiring a Bookkeeper Will Help You Ensure Taxes are Filed Properly

I am sure that you do not want to be audited or encounter problems with the taxman perhaps because you forgot the quarterly or annual tax filings. You will have tax requirements depending on the type of business structures you have chosen in your start-up including 1099s for contractors or freelancers, corporate tax payments, estimated tax payments, and other tax filings.

6. Lower the Cost of Financial Obligations

You may be tempted to handle bookkeeping tasks all by yourself to save money but the problem is that it can lead to loss of money. In fact, hiring a professional bookkeeper will help you save money. This is because there is a reduced risk for human error, missed payments, lack of knowledge, delayed accounts receivable, and tax obligation due dates.