Do I Need to Hire a Personal Bookkeeping Service?

Bookkeeping involves tracking your revenue, expenses, and taxes. And when you have a small business or are starting one, accurate bookkeeping is essential. When you know where your business’s money comes from and where it goes, you can make informed financial decisions supporting your company’s future.

However, not every small business owner has the time or the financial knowledge to handle their company’s bookkeeping. In that case, hiring a personal bookkeeper is often a good idea.

What Can a Personal Bookkeeping Service Do for My Company?

Bookkeeping is a very general term, and bookkeeping services can handle a wide range of financial duties. Here are a few things they can do for your business:

• Maintain a ledger of all financial transactions
• Handle payroll
• Prepare financial reports
• Process payments
• Make sure you’re prepared for tax season
• Monitor cash flow
• Identify and manage any discrepancies in your books
• Ensure compliance with applicable financial laws and regulations

Some bookkeepers may be able to offer additional services. If you’re considering working with a firm or an individual bookkeeper, make sure they can do everything you need them to!

It’s important to note that a bookkeeper is not the same as an accountant. Both work with your business’s finances and help you manage them. However, a bookkeeper prepares your business’s financial information. Accountants interpret that information and often use it to help you make financial decisions.

Do I Need to Hire a Personal Bookkeeping Service?

You already know a bookkeeper can be helpful to your business. But do you really need to hire one?

That depends on your business size, workload, and complexity of your business’s finances. But generally speaking, if you’ve run into any of these situations, it’s time to hire a bookkeeper:

• You spend so much time on bookkeeping tasks that you can’t focus on company growth or day-to-day operations
• Bookkeeping takes you more than a few hours each month
• You don’t have an organized system for filing bills and receipts
• You don’t have a clear idea of what your revenue and expenditures are
• You aren’t able to gain meaningful financial insights from your company’s financial records
• You have to scramble to organize your books every time tax season comes around
  

Even if you don’t need a full-time bookkeeper, you can hire an outsourced bookkeeper. These professionals work with your business’s finances on a part-time, contract basis.

Help Your Small Business Succeed

“Do I need to hire a personal bookkeeping service?” That’s a question only you can answer. However, in most cases, hiring a bookkeeper is worth it.

When you have a qualified bookkeeper on your team, you can enjoy the peace of mind of knowing your financial records are accurate. You’ll also have more time to dedicate to the rest of your business.

At STG Accounting, we’re proud to be able to help small business owners take their companies in the right financial direction. Want to learn how we can help your small business? Contact us today!