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Should you outsource your bookkeeping and tax services?
A primary business principle, maybe number one, is any activities that are not directly related to your main profit activity, and drains your resources, such as your time, energy and peace of mind, from your productive money making activities should be outsourced for the sake of your business’s health and wealth.
Tell me if it sounds correct
I am sure you want the best accounting system for your company. Then you will hire the best accounting, buy the best software and equipment, and ensure that he or she is able to perform the best bookkeeping and tax preparation. Of course. However, a big, HOWEVER. It cost money, and your business does not have work demand to support this structure. Then we will look for the one that is not the very best. Ok, there we go, it is when starting the headaches.
You decide to do yourself
It sounds right, not so fast. Have you heard “penny wise, dollar fool?”. You think that you are saving money by doing yourself. However, it is not your expertise, neither you have the tools necessary to develop a good result. Thus, probably the result will not be efficient. What I mean as ineffective: Your end work will:
- Take longer than it should be;
- Chances are that if your monthly account does not reconcile, it will drive you crazy until you find the difference;
- And in the end, the tax return will always be a monster in your closet.
Questions that will not silence
- Bookkeeping and tax service time is productive for your business. In other words, could you be using this time to be productive to your business, making money, developing service and product, visiting clients, and so on;
- Are you confident in your accounting and tax preparation abilities?
- What are your feelings about bookkeeping and tax preparation work, it is pleasant or painful for you and for your business?
Time to reevaluate and re-planning your decision…
Possible Problems if you have a Bad Bookkeeping Habit
Raise your hand, if you see yourself in one of these situations!
Maybe you think that you have a dark cloud over your head and every bookkeeping reconciliation that you try to perform does not work.
FACT: look around you, you are not alone, there are many people under the same dark cloud. Indeed, it is not a dark cloud, it is commonplace for many entrepreneurs. There are not many business owners capable of performing their bookkeeping and ending it up with a perfect reconciliation.
I have a rhetorical question for you:
- If you need a root canal, do you do it yourself or you look for the best dentist that you can find? Ok, ok, I rest my case…
Recapitulating, you are not the unluckiest person in the face of the earth, and we can list a few problems that you and thousands of other business owners are facing:
Your Books Don’t Represent the Reality of Your Business
If you need:
- Business loan;
- Financial project to planning a business growth;
- Analysis of the financial health of your company, for example, if you would like to know how much your fix expense is comparing with the cost of good-sold;
- Moreover, I didn’t talk yet about reports, such as Profit & Loss and Balance Sheet.
Can you trust the reports and analysis that your bookkeeping is providing you? Can you present your balance sheet to a financial institution, or can you support your growth plan on your financial reports?
Do you know how to set your CHART OF ACCOUNTS?
Are you able to RECONCILE YOUR BANK ACCOUNT every period?
Here, in Belshaw Accounting and Tax Services, we will keep you posted and on track. You will be able to trust on your financial information. While you are busy working in your business goals, we will be busy working for your business accounts. We will shoulder your bookkeeping needs!
What Bookkeeping has to do With IRS AUDIT
Did you realize that your company tax return is based on your bookkeeping?
You would say: are you crazy? Off course I know that the tax return information comes from the bookkeeping reports. CRICKETS … THEN, why your bookkeeping is not pristine?
Let’s go by parts:
- If your record keep is not right, the chances are that your income tax will not be correct either;
- If you are chosen randomly to be audited by the IRS, it is better to have your books up to date to comply with the auditor requirements;
- If you need to settle a debt agreement with the IRS, inevitably, you will need your bookkeeping information to fill up the form necessary for the approval.
Without proper bookkeeping, you just will not be prepared for the IRS requirement. Even if you comply with all tax laws, it will be tough to convince and proof to them (IRS) that you are on the good guys’ side. Be prepared for all the challenges with Belshaw Accounting and Tax Services.
Finances Out of Control
Cash flow problems, passing due debts, forgetting receivables, bank balance in the red, you name it. You have worked so much, that you do not have time for your family. However, it doesn’t matter what you do, and your business doesn’t seem to be profitable.
The truth is:
- You are paying additional interest and fees because you are paying your bill late, you are allowing your bank account balance run negatively, and you are always late with taxes and fees.
- You are not following your receivables correctly, and let them run loose, sometimes forgetting them;
- You are not planning your finances adequately; you are unable to build business projections because your bookkeeping is not reliable.
For most businesses, the only real way to keep the books in order is to contract to outsource the accounting services. Belshaw Accounting and Tax Services will help you keep your records on the track, and you will have the information necessary to manage your business. Thus, you can make the most of your time, while you handle your accounting records.
Are you digging deeper and deeper in the bookkeeping hole?
Please, don’t be desperate!
At Belshaw Accounting and Tax Services, we are here to handle your accounting and tax to you be free to manage the profitable activities of your business
To avoid poor bookkeeping, you need to have a system in place that ensures all your business records are well recorded from day one. Make sure that:
- All expenses are categorized properly
- Bank accounts are reconciled
- No sales tax is neglected
- Petty cash is well managed
- Reimbursable expenses are tracked
- Communication with the bookkeeper is good