Do You Need a Bookkeeper If You Have QuickBooks? Yes, You Do

If you are ready to speak with an investor, those financial statements will be an essential part of that discussion. To make strategic decisions for your business, you need accurate financials, and that is where your bookkeeper comes in. They are the ones who follow through with getting transactions recorded and verifying the accuracy of all entries. A bookkeeper is an accounting professional responsible for adjusting entries maintaining your financial documentation, including a detailed record of any purchases, sales, or other financial transactions.

So, what does a bookkeeper do all day?

• I think that that says a lot; while I don’t believe that it’s an inherently bad platform or an inherently bad bookkeeping certification, it’s overwhelmingly robust.
• If you don’t provide records requested the IRS, that could mean penalties and fees.
• Accountants are also qualified to interpret your numbers and help you make better business decisions.
• Well, in this post we’re going to talk about how a bookkeeper can be advantageous to your business and talk about some pros and cons of hiring one.
• A bookkeeper can ensure wages, taxes, and reporting requirements are handled accurately and on time.
• Your time and mental capacity as a business owner or founder is entirely too valuable to be overburdened with tax worries.
• Bookkeeping is often considered the foundation of a company’s success, serving as the backbone of a solid financial structure for a business.

When income and expenses are properly organized, it makes it easier to review financial resources and expenses. Karen Stoychoff Inman is a strategic communications leader with more than two decades of experience spanning Fortune 50 brands, startups, and mission-driven organizations. A former small business owner, she brings a unique blend of enterprise insight and entrepreneurial perspective to her work. Discover the best bill pay apps for startups and small businesses, including Rippling. Compare features, pricing, and automation capabilities to streamline your accounts payable process. Not having clear visibility into your finances could eventually lead to cash flow problems.

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When you work with a bookkeeper, whether in-house or outsourced, they’ll regularly review and audit your QuickBooks reports to catch and correct mistakes far before they become major issues. This provides what is a bookkeeper another layer of assurance that your entries are always accurate, steering you clear of potential fines and consequences come tax season. You will want to give your bookkeeper access to all of your business tax records dating back to when your business opened.

• They help you navigate each financial turn and checkpoint, keeping all your transactions organized and manageable.
• Because bookkeeping provides information regarding your outstanding invoices – customer/vendor name, amount, date issued and due date – which can be used to implement better cash flow policies.
• Businesses get bills and invoices in the mail daily, and you may be tempted to toss those bills in a tray and forget about them for a few days.
• The frequency of meetings with your bookkeeper depends on the complexity of your financial needs.
• Bookkeepers are adept at organizing your financial records throughout the year, ensuring that all transactions are properly categorized and documented.

How Can Renegade Bookkeeping Ltd Help You?

No more sleepless nights worrying if you missed something or made a costly error. Laws, regulations, and financial best practices are always evolving. Professional bookkeepers are committed to staying updated with the latest information, ensuring you’re always compliant and using the most recent guidelines. While there’s a lot of DIY information out there, there’s no substitute for the expertise of someone who lives and breathes numbers every day. A professional can offer insights, tips, and solutions that you might How to Start a Bookkeeping Business not have considered. DIY your books without having to learn complicated bookkeeping software.

And who will stick with you and work with you even during tough times. All of these factors together give you valuable planning and budgeting information that will help propel your business forward, improve sustainable profitability, and let you sleep at night. All jokes aside, data security is a major cause of concern for a good reason. Some just aren’t comfortable letting a stranger have eyes on sensitive business data.