From facility costs, insurance, taxes, and payroll to equipment, marketing, and licensing fees, there are many necessary services and expenses associated with running a small business. While optional, bookkeeping services are one of the most beneficial services to any small business, says Greg Menia, CPA and founder of Accurate Tax & Bookkeeping Services, a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area.
As a small and growing business, handling the books in-house may seem like a manageable task. What many small businesses do not realize, however, is that it likely costs them far more to do on their own than it would outsource to a tax and accounting firm specializing in bookkeeping for small businesses.
On the surface, it may seem like it saves money when an owner or one of the employees does the bookkeeping. To find out if it is a cost-savings, it is important to calculate the total cost. For every hour an owner or another employee spends there is an hourly wage cost, plus the cost of opportunity lost while doing that activity.
For example, if an owner pays themself $50.00 an hour and it takes 10 hours per month to do the bookkeeping, that totals $500.
If the owner of the company generates $500 an hour in revenue-building activities, that is an additional $5,000 lost in that same 10 hours per month.
Depth of Information
Another advantage of bookkeeping services is the depth of financial information that can be mined and utilized to make business decisions. For example, keeping books up-to-date allows the business owner to see trends, such as an increase in the price of goods. This allows them to adjust the prices of their goods and services accordingly to maintain their profit margins.
Another way that bookkeepers for small businesses can save money is by identifying diminishing profitability in areas of goods or services. Conversely, a bookkeeper can help identify areas that have become more profitable. This information can help the business owner save considerable money that would have been lost otherwise.
Top Advantages of Hiring Bookkeeping Services
A small business owner may be reluctant to hire a bookkeeper, but there are some outstanding advantages that make doing so a good idea. Here are just a few of those advantages.
- The owner and other employees can focus on revenue-generating activities such as engaging with clients or building clientele.
- All the records are kept up to date, complete, and accurate. This allows the tax preparation service to take advantage of all the tax credits and deductions.
- It allows business owners to manage accounts payables and receivables effectively.
- It helps position the business for continued success. Having the correct accounting information allows you to take advantage of tax benefits, investments, partnerships, purchases, and more.
Finding the Best Bookkeeping Services
When a business needs a bookkeeping service, it is important to find one that is local, familiar with your industry, and willing to provide personalized and attentive service. A skilled bookkeeper will be a true asset to your business and a partner in helping you achieve your financial goals.
Accurate Tax & Bookkeeping Services
Looking for bookkeeping services near me? Accurate Tax & Bookkeeping Services, LLC (ATBS) is a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area. Areas of expertise include tax preparation and planning, accounting and bookkeeping, payroll, and representation in IRS/State matters. For more information about bookkeeping or other services, call (813) 655-9702.
710 Oakfield Dr.
Brandon, FL 33511