Bookkeeping Options for Small Business Owners
Let’s face it, business owners do not start a business to be inundated by the bookkeeping and accounting process. They start a business to do something that they have experience and a passion for. Unfortunately, the accounting process cannot be avoided. Accurate financials are important when it comes to critical business decisions.
How can one ensure they have accurate financials? There are multiple options for bookkeeping and accounting help depending on time and budget.
1. Training
If a business owner wants to handle the bookkeeping and accounting on their own, sometimes proper training with an accountant can be helpful. They can be trained on how to properly categorize expenses, income, liabilities, assets, cost of goods or services sold, etc. This training can be helpful to ensure the balance sheet and profit and loss are accurate which in turn will be helpful with those business decisions.
2. Hire a Bookkeeper
Yes, hiring someone to do the bookkeeping and accounting can be costly. However, it will free up a business owner’s time to focus on the business. When hiring a bookkeeper, it is important to know the extent of their experience with accounting and with the software that is currently being used. A bookkeeper without the proper knowledge can end up being costlier in the long run and should be avoided if possible.
3. Outsourcing
Bookkeeping and accounting services can be outsourced with many companies to help alleviate the work load on the business owner. This does not mean that all bookkeeping and accounting functions have to be done by the company hired. Many parts of the process can be done by the business owner or someone else within the company such as paying bills, invoicing customers, etc., while the company hired can help with the rest.
Devine Consulting is able to help with all of these options or provide more information if you or someone you know is interested. Our team has experience with many different types of businesses and can provide a consultation to review your current situation. Remember, accurate financials are key to a business’ success. Let Devine Consulting help your business!
