Let’s start with the PROS:
Keeping an accurate financial record of your business is an essential task, but it is also an extremely time consuming one. Managing your business and running the day to day activities can be enough work. Dealing with payroll, invoices, and the other administrative work can also be overwhelming. Hiring a bookkeeper to do this for you can free up time for you to build your business. Unless you went into business because you love managing your books, delegating this task would allow you to focus on what you enjoy doing and what you are truly good at, which probably makes you more money than dealing with the burden of your own books. Besides, if you are like most business owners, you probably wait until the end of the year to clean everything up all at once. This approach causes more of a headache than it would to stay on top of it each month or quarter.
Even if you have enough time to do your own bookkeeping, hiring a bookkeeper gives you a leg up because someone who does this for a living, could possibly keep better books than you can. This will reduce the possible number of mistakes that could cost you in the long run.
At Molen & Associates, hiring a bookkeeper also gives you access to our tax professionals and aids with tax strategy year-round. Imagine adding our team of professionals to your payroll for just a small monthly fee. Our preparers understand the ins and outs of the tax code and can help you pick up on warning signs or tax savings for your business. What you pay for bookkeeping will be well worth it considering the amount of time and money you will save come tax time.
What are the cons?
The two main downsides to hiring a bookkeeper are the initial work to get things started and trust. Having someone take over your books is not usually a simple task. It can be quite the process to get things fully transitioned but is well worth it in the long run.
Bringing in someone else to do your books also means having to put your trust in someone else’s expertise, honesty and integrity to represent your business in this crucial area.
Molen & Associates has been in business for almost 40 years and has been trusted by over 10,000 clients. Whether you are just starting out or already have an existing business, let us join your team and we can grow together. I hope you enjoyed today’s two-minute tax tip. For more information, visit us at molentax.com or email me at email@example.com.
Chief Operating Officer