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Entering your busy season or dealing with employee turnover can distract business owners— resulting in inefficient infrastructure and plateauing growth strategy. Making sure your books are in order can help you save on taxes, stress, and give you the insight to improve efficiency and increase your revenue. Whether you outsource your bookkeeping or decide to hire someone in-house, it’s no question that this is an important position to consider when managing your business. Let’s jump into the details and explore your options for bookkeeping as a small to medium sized business. Additionally, there are quite a few outside expenses that come with hiring an employee. At minimum, they need to provide you with an office space, a desk, and a computer. As a contractor, you’re using all your own equipment, so you’re saving them all of that money.
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What’s Included With a Business Bookkeeping Service?
Depending on your industry, the size of your company, how many employees you have, and how long you’ve been operating, you may need more or less support. What I recommend when you’re starting out is to begin with your hourly rate and transition your client into a fixed monthly rate. It’s really hard to figure out what to charge someone without actually doing the work and finding how much does a bookkeeper cost out how much time your client’s account will take you each month. Many times you’ll be discovering things about the business as you get to know your client, and you may even find some issues your client didn’t know were there. If either part-time or in-house bookkeeping is not the ideal solution, switching to outsourced bookkeeping or accounting could be your best option.
Do I have to sign any contracts or commit to a certain amount of time? I provide only the services you want and only for as long as you want them, and I will only bill you after the services are performed. Of course, if you are more comfortable having a contract, I am willing to provide one. Gather all of your old receipts; collect your w-9s, 1099s, and w-2s; and separate your personal and business expenses. Keeping your bookkeeping up to date allows you to know if your company is profitable or if you need to maneuver some costs to enable your company to be profitable.
Prioritize your business. We’ll prioritize your books.
When you’re already working 60+ hour weeks and you’re exhausted, it can be easy for things to fall through the cracks. Not to mention the fact that overwork can lead to burnout, which means time away from your business and clients. If you’re not billing client hours, you might not lose direct dollars by doing your own bookkeeping, but you could still miss out on growing your business indirectly. Time spent on bookkeeping, means that you’re not doing these other things that help you build your business. To do your own calculation, start tracking how much time you actually spend on bookkeeping.
If anything suspicious arises, I will take immediate action to alert loved ones so accounts can be frozen and charges reversed. For seniors on a fixed income, it’s important to stick to a strict budget. Even if money isn’t an issue, it’s important to make sure loved ones aren’t being exploited and money isn’t going missing. Providing daily cash management and budgeting provides safeguards and financial accountability.