Are you looking to save more time and money in 2023? Being a small business owner is a lot of work. You need to manage your employees, keep your customers happy, and save some time for yourself. Keeping up with finances is hard especially when you do not love doing them. Hiring a bookkeeper is a great way to save time and money and set your business up for success next year. You might be wondering what a bookkeeper does and how small business bookkeeping can help your company. Here are three ways a bookkeeper can help you reach and surpass your goals.
Tax time is a very stressful time. You want to be sure that you are doing your taxes right and making sure that you are keeping up with tax compliance. Having someone in charge of your finances will help you lower your tax burden. Additionally, they will help you know how much you will owe when tax time comes. Finally, they will make sure you are staying tax compliant. Even though tax time is only once a year it is important to be sure you are staying up to date with tax compliance and on your estimated taxes.
Hiring a bookkeeper will help you keep your finances in line. A bookkeeper will manage all your financial transactions with monthly reporting. You will get a detailed report of your finances. This will allow you to see where you need to save more money and where you can spend more. A bookkeeper will also allow you to evaluate your expenses and your projected revenue for proactive tax planning. They will help you maximize your profit and minimize your tax planning.
Profit and Loss Statement
When you have someone manage your finances for you, they will give a profit and loss statement. This is basically your net income. This report shows you how profitable your business has been in the last month and for the entire year. A bookkeeper will help you analyze your statement and give you guidance on how to use the data to improve your business.
If you are starting a business or have been a business owner for a while now a bookkeeper is going to be very helpful for you. Lift the weight of finances off your shoulders and let someone else keep track of them for you. If you are wanting help with your small business bookkeeping and finances, come to Harvest Tax & Accounting. We are a team of people passionate to help you and your business be as successful as possible. We want to help you! Contact us today.