If personal bookkeeping was simply a matter of just paying the bills — a common belief shared by many people — everyone that hired a bookkeeper would either be broke or very regretful. At the end of the day (and at the end of the fiscal year) these professionals are responsible for managing the livelihood of your business or personal finances; essentially your cash flow.
Bookkeeping is the process of documenting and recording financial transactions, but it is arguably an art rather than a process! When paying for products and services as a company or individual, these transactions should be properly recorded, as the lack of sales or poor money management does not stop the vendors and bill collectors from knocking on your door, or impolitely giving you a call. Your company should have enough cash on hand to pay vendors and employees and to keep the doors open while the cash trickles in.
Personal bookkeeping takes the worry out of repetitive and mundane tasks such as:
Tracking and documenting company expenses
Maintaining and balancing the general ledger
Preparing financial reports while complying with federal, state and local regulations
Other duties that will bring smiles to everyone’s faces during tax time
Your business depends on a detail-oriented personal bookkeeping service with the drive to track and resolve any accounting discrepancy in a timely manner, while working to prevent such hang-ups in the first place. Many small businesses decide that bookkeepers are an unnecessary expense, and inadvisably assign bookkeeping tasks to unqualified staff—or worse than that—the owners attempt to balance the books themselves! This often results in
the owner being overextended and unable to commit to more strategic and pertinent tasks, such as closing deals and finding new customers.
Imagine claiming back the time wasted during balancing, budgeting, compliance, payroll reporting and other financial drains, to market your company or live a more rewarding personal life. Without consulting a personal bookkeeping service, many small businesses and individuals will never experience the peace of mind and liberation of letting bookkeeping professionals handle those concerns with ease.
A wise entrepreneur once said, “Handle the tasks that you are skilled in and outsource the tasks you aren’t skilled in to others with more knowledge.” Bookkeeping is a necessary service that is often taken for granted, to the detriment of many small businesses and individuals. Has your business or personal life ever suffered as a result of not hiring a bookkeeper?