Many business owners in Harrison, NY handle their own bookkeeping. Common reasons include saving money and reducing the likelihood of the exposure of confidential information. However, having the owner keep his or her book is often inefficient and counterproductive. Most business owners are relieved when they enlist outside assistance. Here’s a look at why outsourcing your bookkeeping may be important, especially with a new year having just begun.
1. Start Tidy in the New Year
Having up-to-date and complete books is critical at any time, but the advent of a new year provides an appropriate time to make a fresh and clean beginning. With the help of a qualified accounting firm, Harrison business owners, entrepreneurs and professional service providers can rest assured that:
Bank transactions are complete and accounts are reconciled.
Expenses are categorized properly.
Profit and loss statements are accurate.
All possible tax deductions have been identified.
Your expectations are realistic, and you have an accurate picture of your business’s financial health.
2. Focus on Running Your Business
You should focus on what you are good at and passionate about. Chances are that’s actually running your business: innovating, meeting with clients, selecting products and so on. Spending even just a few hours a month on bookkeeping takes time away from what you do best.
3. Simplify a Complicated Process
What goes into your bookkeeping process? For instance, do you use software that takes hours to learn and that you’re not fully expert with? Do you use manual data entry when automated processes could save you time? Also, do you know about all of the tax law changes so that you can pay the least possible taxes under the current laws?
An accounting firm can simplify a complicated process in so many ways, from being current on tax law to making sure your retirement account contributions are maximized.
4. Gain an Outside Perspective
Most importantly, a bookkeeper is an outside eye on your business. Your bookkeeper is especially valuable in this aspect because, while they’re on your team, they’re also on the outside, which lends an invaluable outsider perspective. A qualified firm is ethical and sensitive to any confidentiality issues.
If you are seeking bookkeeping or accounting help in the Harrison, NY, area (or anywhere in the New York Metropolitan area for that matter), contact Herman & Company CPA’s, PC today for a free, no obligation consultation.