24 Jan Bookkeeping Options for Small Businesses
Nobody ever said that starting a business is easy, but it’s very hard to grow a business and to take care of the books at the same time!
One of the toughest tasks for a small business owner is bookkeeping. As boring and as time-consuming as it is, bookkeeping is one of the most important aspects of a business. Many owners are not aware that there are options to help them tackle their books!
In order to help you, we have gathered a few of these options to show you the best way for your company to approach bookkeeping.
Option 1: Do It on your own…
Many small business owners begin their companies by doing all of the bookkeeping by themselves as a one-man-show. Being your own bookkeeper can save you money and gives you the control that many small business owners want.
Pros: Learning to manage your own books will give you insight into how your business runs and how best to grow your company. You always know that your accounts are in trusted hands and the cost savings are significant.
Cons: Your time is money! It takes your time and effort to learn and maintain your own books. This time takes away from moments you could be spending advancing your company. Not only do you have to work longer and harder, there is still a cost to buy the accounting software and you must be able to keep up with the daily and monthly transactions.
Option 2: Hire a bookkeeper to work in your office…
Hiring a bookkeeper to work in your office is a traditional and very common method to solve your bookkeeping problems. An in-house bookkeeper is employed by your company and is managed as an employee by you, the business owner.
Pros: Hiring additional staff is always a good thing. You have the convenience of an employee that is dedicated to your company to manage the daily tasks such as completing payroll and handling transactions.
Cons: It takes time, money and resources to hire and train a bookkeeper, not to mention the risk of possible mistakes or errors. There are also many costs that must be considered such as healthcare, hourly wage, PTO and more.
Option 3: Outsource your books….
Outsourcing your bookkeeping to a virtual company can save you time and money. These virtual teams will record and watch your activity without you having to train or watch over them. Your outsourced accountant will provide updates and will notify you of any risks or mistakes.
Pros: Working with an outsourced bookkeeper can save you the time and cost of hiring an onsite accountant as well as give you the convenience of working with professionals who love their work.
Cons: Even though the cost is less than that of a standard employee, there is still a rate to consider. You must also contemplate which bookkeeping team you choose to work with and make sure they will have your best interest in mind when handling your books.
Do you know where your business is heading? To learn more about how we can simplify your accounting process, call us at 727.828.9945 to schedule your free consultation.
About Accounting & Business Partners
Accounting & Business Partners is a CPA firm with an accurate, consistent and timely bookkeeping, payroll and tax departments. We believe that success lies in numbers. However, the drive behind the numbers is what truly matters. That’s why we look beyond the financial statements.