Do I Need a Bookkeeper?
A bookkeeper records and categorizes the day-to-day transactions of your business. A bookkeeper then uses these transactions to produce financial statements which show the health of your business.
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As your business grows, the quantity and complexity of your business transactions will probably increase. At a certain point, it will make sense to hire a bookkeeper to handle the accounting side of things for your business so that you can focus on everything else.
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It's not an exact science, but see below for some signs it may be time to hire a bookkeeper for your small business.
Your Sales are Increasing
If your sales are increasing, then then amount of transactions you process every month is probably increasing as well. Every transaction needs to be looked at in order accurately produce financial statements.
You Need to Calculate Taxes
If your business wasn't making much money, you probably weren't too worried about your taxes. But if you're starting to make money, you'll want to have accurate financial records so that you aren't paying any more taxes than you need to. Keeping accurate financial records also helps immensely if you ever come under audit.
You're Prioritizing Your Time
You probably didn't start a business because you love accounting/bookkeeping. As your business grows, it makes sense to focus on what you enjoy and why you started the business in the first place.
You are Hiring Employees
If you've hired more employees, you'll probably need to spend more time managing them. You may have less time to manage the accounting of your business.
You Need to Provide Financials to Banks and Lenders
If you're looking to obtain additional capital, you'll need to demonstrate the financial health of your business to potential lenders and banks.
You Just Want to Know the Health of Your Business
Keeping accurate financial records is like keeping score in sports - it's important to know if you're winning or losing. You can use the data to make adjustments to your business as you see fit.
Services
I am a CPA providing bookkeeping services for small business owners.
I will maintain the accounting books for your business so you can focus on everything else.
I am certified in the accounting software Xero. Xero is a simpler and (in my opinion) better alternative to Quickbooks.
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I offer bookkeeping services as a monthly subscription. Each month, I follow a 3 step process to accurately capture all transactions related to your business:
01
Record Transactions
All transactions must be recorded. Xero can connect to your business bank accounts and credit cards to make this step as automated as possible.
02
Categorize Transactions
All transactions must be categorized. Each transaction is either income (you made money) or expense (you spent money). Then there are more specific categories within income and within expense.
03
Reconcile Transactions
All transactions must be reconciled. The transactions entered into Xero must be able to explain the activity in your business bank accounts.
After all transactions are recorded for the month, I'll provide you with the 3 main financial statements to show the health of your business:
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Profit and Loss (P&L) Statement - how much income you're making, how much you're spending, and ultimately what is your profit
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Balance Sheet - assets, liabilities, and equity
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Cash Flow Statement - how much cash is coming into your business versus how much cash is leaving the business
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If you're interested in my bookkeeping services, please Book a Consultation today:
