4 Top Issues Bookkeeping Can Help Solve for Your Small Business
As a small business owner, you want your business to grow and succeed. But all small businesses are plagued by the same common problems that can impede their success. Part of the problem is, try as they might, entrepreneurs are just not as knowledgeable and effective in all areas of their businesses as they would like. This lack of knowledge and ineffectiveness can lead to inadequate processes, errors, and missed opportunities.
When we look at the top four problems that effect small businesses, it’s easy to see why it makes sense to hire a professional bookkeeper, like Grace Walker at The Payroll Department. Grace is expert in bookkeeping processes and understands how to meet the needs of her clients. She can provide your small business with a viable solution to meet the following four issues plaguing your business.
4 Concerns Affecting Small Businesses
The four key issues that can impact your small business include:
- Compiling and filing your small business’s taxes can be a challenge if you haven’t diligently been keeping your books up to date throughout the year. Plus, if you’ve made any errors in filing your taxes, you risk possibly paying more in taxes than you had planned – or worse, being audited. A bookkeeper like Grace Walker can help you stay on top of your accounts, so filing your taxes goes more smoothly. Furthermore, your taxes provide you with valuable insight on how your business is performing. Therefore, you’ll be able to plan better for the next year.
- Managing your company’s cash flow can be stressful – accounts receivable, accounts payable, and payroll. There are so many things to keep track of, it can seem like an insurmountable job. And that’s only one function you perform as a small business owner. But you must keep track of your cash to pay your staff, purchase inventory, pay expenses, and put money in your pocket. This is where a bookkeeper like Grace Walker can help. She can handle the day-to-day tasks, such as issuing invoices, paying bills, and ensuring everything is entered correctly, to keep your books in order. As for payroll functions, The Payroll Department can help you with that, too. When you outsource payroll to us, we focus on the details of managing your payroll and keeping up-to-date on current regulations, so you don’t have to.
- As a small business owner, you likely work 24/7/365. But working so much without taking a break can cause poor business decisions and limited growth. Therefore, you need to have resources you can turn to, to help you manage the various aspects of your business, so you don’t have to do it all yourself. Outsourcing your company’s bookkeeping tasks frees up your valuable time, so you can do those tasks you do best – like running and building your business.
- Do you struggle with trying to figure out how to take your business to the next level? This could be the result of not having a clear picture of your company’s finances. When you don’t know where you stand financially, it’s hard to know whether to take on more risk, hire additional employees, or buy equipment. When your books are up to date, you have a better idea of the true financial state of your business. So, you can forecast more effectively for future success.
If you’re hesitant about hiring a bookkeeping service, consider how these four issues are impacting your small business currently. You may find that outsourcing your bookkeeping is a worthwhile investment in your business that can lead to future business growth.
Contact Teresa Ray of The Payroll Department at 317-852-2568 to learn how our bookkeeping services can be of benefit to your small business.
-Ariane of The Payroll Department blog team
