Both small and large businesses in Atlanta can have financial problems. However, many business owners choose to hire a bookkeeper to balance the books. The Atlanta bookkeeper would monitor the financial transactions of the business to make sure everything is in the green. This simply means that the company is making money and not losing it. Several financial woes are possible if you choose not to hire a bookkeeperin Atlanta.
DIY Bookkeeping Takes You Away from Your Business
This may not sound like a problem, but it is. If you are spending more time trying to balance your books than managing your business, you will have issues down the road. In addition to this, you might not be doing it right, which causes a whole host of problems as well. The best advice anyone can give you is to hire a bookkeeper to take care of this mundane task.
Bookkeepers Prevent Payroll Problems
Because your bookkeeper in Atlanta will handle the day-to-day financial transactions of your business, they will handle payroll for current and new employees. This is crucial for tax purposes, since the bookkeeper will file the correct paperwork for each employee. He or she will also make sure all employee information is as accurate as possible.
Know Your Business’s Health
You truly never know how well your business is doing without having a bookkeeper track the costs versus the income coming in. Imagine the consequences if you think you have a couple of thousand in the bank, but only have a few hundred dollars. Bank fees from overdrafts could occur, and those do add up. In addition, paying out late fees could cost upwards of $1,000 a month if you have a lot of bills and vendors. Having someone to keep track of all of that will keep these problems at bay and potentially save you a lot of money.
Avoid Costly Tax Problems
An Atlanta bookkeeper will prepare your business for an accountant to file taxes. He or she will make sure all paperwork is in order so that the accountant will be able to file all of your tax paperwork. Doing so will ensure that you are at a lower chance of having an audit. However, audits still do occur. In the event that it happens, all of your paperwork is already in order, all thanks to your bookkeeper. Without one, the IRS might fine you thousands of dollars, or worse.
Track Your Expenditures
The bookkeeper will track all bills and expenses. This way you can see exactly where your money is going. You will know whether or not money is wasted, or if an employee or business partner is charging inappropriate things to their business account. Tracking where the money goes will offer an opportunity to save your business money. This way you can identify the problem expenses and fix them as soon as possible.
When to Hire a Bookkeeper
Knowing when your business needs a bookkeeper is crucial. Most financial specialists agree that when you are starting a new venture you will need a bookkeeper right away. A new business requires a lot of time and attention, both of which you cannot afford to spend balancing the books. For the first six to nine months, the bookkeeper will be essential. Once your business stabilizes, you can either choose to have the bookkeeper come in for a day or two each month, or if you have a large business, you can hire him or her permanently.
As you can see, a bookkeeper is essential if you want a successful business. Many issues can cause both you and your company financial ruin if your finances are not on track. Balanced books will prevent this and make tax time a breeze. Do yourself a favor; hire a bookkeeper to help manage your business finances.