Farwah Jafri | May 16 2021
Money, the world revolves around this small five-syllable word. We might not like to accept it or be proud of it but everything you have done today and will do until you are in bed is about M-O-N-E-Y. In light of this discussion, money is what matters the most to business owners and entrepreneurs. Saving up is what drives a business out of the startup phase into a full fledge working business model that elevates returns and escalates growth.
Does money appear from thin air? Alternatively, the famous parental saying, “money does not grow on trees” is very well understood by all of us by the time we become teenagers. However, in business, there is a way to save money, and that is by having a bookkeeper on board.
Every penny that you do not spend is a penny earned.
This article helps you understand the idea behind creating money from thin air by having an advanced bookkeeping service and answers THAT question: do bookkeeping services save you money?
When you run the show, there are a lot of things that you need to look into. Should bookkeeping be one of them? Short answer to that is, no. The longer answer is, would you rather spend a couple of hundred bucks and have someone else take care of your bookkeeping and financial management needs? Or, would you rather spend countless hours recording your daily transactions and tracking dollars rather than focusing on making more of them?
Every startup works on a very tight profit margin, and even a single dime can make a lot of difference at times, which is why businesses choose to save money on bookkeeping. When you have a professional CPA working for you and keeping track of where and how much you are spending. You can save time and utilize it on your core business functions to improve the profit made by your business.
Tax time! That freaked you out didn’t it? Yeah, happens, research has shown that the only thing business owners and entrepreneurs loath is taxation. Filling out all that paperwork, cross checking with your accounts and financials, what to write off as deductible and what not, is hectic. However, not when you have a professional who lives and breathes taxation laws and bookkeeping helping you through such tough waters.
The stress you go through when preparing for taxes can take a toll on your business’s other functions as well, hence keeping you from saving money on bookkeeping, accounting and tax filing.
Why complicate your life even more, let a pro handle it. Unless you are a bookkeeper yourself, you should really consider staying out of the mess numbers can create. There are many moving parts in every business, no matter its size and so there are a lot of other areas that you can focus and include your expertise in. One of the more pressing reasons why a bookkeeper would save you money is if you don’t have to go through analyzing all the minute details that money management brings with it. Accountants specialize in taxations and bookkeeping, let them handle the troubles. Spend the time on more productive activities such as bringing in more clients or improving on your products and services. Do not lose sight of the reason you started this business in the first place amidst all the numbers and calculations.
The first of the month, or whenever you close your payroll is probably the happiest day at work for all of your employees. But, managing the accounts and closing them on time is no child’s play. Your daily activities are only possible because your bills are all cleared. When you forget to pay a bill or forget to divide the funds to get them paid things can take a turn for the worst.
Guess what happens when you have an accountant. You do not miss a deadline, ever, nor do you ever lack the funds to clear the bills piling up. Couple that with you saving money on bookkeeping. Your accountant makes sure your bills are paid on time and so are your employees by managing your payroll and accounts as well as keeping your books in pristine condition.
Miss representation can lead to dire circumstances, such as having to pay an absurd late fee just because you missed a few digits on what you owe to the IRS. Getting bookkeeping services through virtual bookkeepers such as Monily can give you an entire team of fully equipped professional accountants. A professional bookkeeper will help you save money by correctly managing your books and filing taxes on time.
It is understood that you need to be in everything that is related to your business; after all, it is your baby. You conceived it and earn through it to sustain yourself, it is also something that has all of your hopes and desires mumbled in together. Is it necessary to get into things that can create more of a mess than sort things out for you? Let a professional handle your books, while you save money on bookkeeping and focus your energy in making more of that green stuff appear.
Farwah is the Product Owner of Monily. She has an MBA from Alliance Manchester Business School, UK. She is passionate about helping businesses overcome challenges that hamper their growth, which is why she is working at Monily to facilitate entrepreneurs to efficiently manage business finances and stay focused on growth.