Today, bookkeeping holds paramount importance when it comes to tracking a business's cash flow. However, selecting the “best” person aka bookkeeper for the job isn't a cakewalk. It's rather a mind-boggling experience and sometimes tiring. According to studies, almost every business has searched for the most commonly used business-related terms - "bookkeepers near me".
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While it's the best way to start with, its results vary from location to location. Furthermore, it’s a very confusing and time-consuming process, often associated with headaches and anxiety.
To help you out, I’ll provide some of the most useful information about good “bookkeepers near me” and other sorts of details besides what can you expect from an ideal bookkeeper.
Who Is A Bookkeeper?
A bookkeeper is an individual who records and classifies your company's daily financial transactions such as sales, payroll, payment of bills and likes.
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Don't confuse a bookkeeper with an accountant!
An accountant is an individual who builds on the information that is provided to them by the bookkeeper. Hence, an accountant basically reviews the financial statements made by the bookkeeper. This explains how important a bookkeeper is, for any kind of business (and accountant as well!).
What Can You Expect From A Bookkeeper?
By hiring a bookkeeper, you get a clear and precise insight into your business finances which is required to take feasible and sound financial decisions. But hiring and interviewing a bookkeeper is another area you need to emphasise. The question(s) you will be asking them would be related to your business.
Benefits Of A Bookkeeper
Now that you know bookkeepers are useful for a business, here are the top benefits of the same.
Detailed recording
A thorough and expert bookkeeper will help you with detailed and up-to-date records.
Always compliant with the law
By hiring a bookkeeper, you get 100% surety of legal compliance with the latest regulations. Furthermore, you get accounts and books that are up-to-date with any recent legal changes.
Instant reporting
Another benefit of a bookkeeper is that although you'll need to wait for your accountant to finish their reports to conclude official financial statements, the bookkeeper will provide you with an updated balance sheet to inquire about the current state of the accounts.
Better tax prediction
The HMRC requires an official financial statement from your company for taxation. You'll be able to predict the outcome more accurately with access to detailed balance sheets over time, courtesy of a bookkeeper.
Faster business response time
Since a bookkeeper will assist you with real-time information about your firm's financial health, you'll be able to react quickly and make faster & better business decisions.
Quicker financial analysis
A bookkeeper, with detailed reports, will shorten the length of time your accountant will spend on analysing your accounts and creating financial statements. Hence, it leads to quicker financial analysis.
Conclusion
To conclude, a bookkeeper is a vital element of your business, large or small. Lacking such an element in your team can yield undesirable results for your business. Adopting the steps in this article will be fruitful for your business's financial health.
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