Title: How Bookkeeping Services Can Save Your Business Content: When it comes to making a business last, most people concentrate on marketing, product development and customer service. While those things are certainly important, there is another aspect of running a business that is even more important – keeping your numbers in the black, (if you don’t know what that means, then your business is really in trouble!) Luckily, there are bookkeeping services that can help ensure that your business is operating in the most cost-efficient manner possible. There are some things you should do first, before enlisting the help of bookkeeping services. These include: Open a Separate Bank Account: In order to distinguish personal expenses from business expenses, you should open a business bank account. This is where all of your income and expenses will get tracked. Many small business owners think they can just use personal accounts, but it can make it extremely difficult to keep track of business expenses and income using a personal account. Tax time can become a hair-pulling experience that will leave you cowering in a corner wondering why on earth you wanted to go into business in the first place. Know Your Goals: How much revenue do you want to make next year? How about in five years? Ten years? How many employees do you want to have? What are your forecasted expenditures? Knowing the answer to these questions will help a professional bookkeeper develop a customized plan that meets your specific needs and goals.
Once you’ve opened a business bank account and you know your business goals for both short-term and long-term, you’re ready to hire a professional bookkeeper. Communicating your goals is the first step; the second step is to have an in-depth meeting to discuss your business, the industry, etc. It’s important that your bookkeeper understand your particular situation. Among some of the duties they will perform are: Set Up a Bookkeeping System: Businesses can be run either by a cash method or accrual method. There are tax considerations for both methods, so your advisor can go over your options and let you know what system would work best for you. Keep Track of Expenses and Income: You can supply them with this information on a regular basis (weekly or monthly) and they will input the data into a spreadsheet. They may also use graphs to show you how your income compares to previous months. Graphs are a great way to see at a glance whether your business is on the right track or whether you’re headed for trouble. Graphs can also give you a quick idea of whether or not you’re spending too much on expenses. Tax Returns: Many professional services also have in-house accountants who will file your taxes (both individual and business.) It makes sense to use the same company for this task because they already know you, your business and your unique situation. Professional accountants are much better qualified to find the savings and exemptions than if you were to do it yourself. Payroll: If you’re going to be hiring employees or contractors, it’s imperative that they get paid on time, and for the correct amount of hours that they’ve worked. For employees, you’ll have to make sure that deductions are taken off accordingly. This can get complex, and having a professional to do it for you saves you time and effort. Bookkeeping services can help your business grow and prosper year after year. Trying to do these tasks on your own (especially if you’re not an expert in the field) can have serious implications if you make a mistake. Contact GLG Accounting today to set up a consultation appointment. Referral Link: https://www.glgaccounting.com/bookkeeping-services/ 400 Central Ave, Suite 340B, Northfield, IL 60093 (312) 754-937 firstname.lastname@example.org