Do you own a small business in the Nashville area and you’re thinking about hiring a bookkeeper but just not sure if you really need one? The answer is probably YES. You do need one and here’s why:
- Opportunity Cost: The bottom line is that it takes time to keep your own books; time that you probably don’t have. Time that you could be spending on other areas of your business. If you aren’t an accountant or have little familiarity with software that assists with bookkeeping, the time it takes you to enter transactions into your ledger will be much higher than what is necessary. Don’t think about cost just in a dollar amount; think of it as TIME. Time is money! You may find it makes financial sense to bring in a third party, even if it involves some additional expense to your business.
Accuracy: When you hire a bookkeeping service like Tax Alternatives, you are employing an individual with accounting experience. Our staff knows how to enter and classify your transactions. This not only helps keep your books accurate; it also helps for pre-tax planning. When you keep your books yourself, you may find a certain amount of procrastination is natural (I am the queen of procrastination!). You get busy, and you decide to close out the month on the third of next month instead of the thirtieth of this month. Hiring an accountant or bookkeeper won’t procrastinate, will check accounts more often and usually do a better job.
- Conflict of Interest: If you’re in a partnership or business arrangement where there is more than one individual with an interest in the accounting of your business, it’s beneficial to have a third party do your books. No matter if you think you have a great business relationship, these relationships can easily turn sour if there is any accusation of misconduct with bookkeeping. Even an unintentional error at the hands of one person can cause a serious and unrepairable rift in a business relationship. Take the potential conflict of interest out of the situation, and use a third party like Tax Alternatives to carry out the transactions. You and your business partners will be better able to deal with any potential issues if none of you are directly at fault.
Many business owners are hesitant to hire a bookkeeping service to track their expenses. They may feel it is an unnecessary cost, or some may be uncomfortable giving a third party access to this privileged information. As we pointed out above, the benefits FAR outweigh the negatives! If you’re interested in bookkeeping services for your business, call Tax Alternatives today at 615-742-1099. We have the experience and professionalism you are looking for!
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