Running a small business requires the wearing of many hats. In a single workday, you may be a waiter, cashier, recruiter and operations manager. When it comes to finances, however, this is a job best left to the professionals. QuickBooks software can significantly help to simplify the process. Hiring QuickBooks bookkeeping services for your business can further ensure your records are accurate and can withstand the strictest scrutiny.
Entrepreneurs often get their businesses started on passion alone. However, as the business grows and more people come on board, a business plan can become necessary for a variety of reasons:
- Seeking capital investment
- Applying for loans or grants
- Growing the business
- Creating a succession plan
- Adding to the leadership or ownership team
- Selling the business
The financials play an important role in the effectiveness of business plans, so it is important to seek the expertise of a financial professional.
The overall principles of bookkeeping may not seem overly complicated. In fact, some business owners with backgrounds in finance may have the knowledge to do basic bookkeeping themselves. So, why hire QuickBooks bookkeeping services in these instances? It comes down to time and how smart business owners spend it. When you hire professionals to handle specific functions, it frees you to work on the areas of business you excel at.
Cash Flow Management
Intuit, QuickBooks’s parent company, estimates that 61% of small businesses around the world struggle to maintain healthy cash flow levels. Tracking the way money flows in and out of a business helps owners improve cash flow management. Managers can use information from QuickBooks bookkeeping services to improve the business’s ability to pay its bills and keep other important commitments, such as filing its taxes. It also helps the business build an emergency fund and growth fund.
Accuracy and Compliance
Making errors is all too easy in accounting. If you mistake a 5 for an 8 or forget to add that extra zero, you could spend weeks trying to figure out why your books don’t balance. Even worse, you might not notice at all. Compliance can also lead to complexities that are too risky for business owners to navigate without professional assistance. Business owners hire QuickBooks bookkeeping services for increased oversight and knowledge of the issues that can arise.
Business owners rarely question the need for financial services. What can be more difficult to justify is the cost of hiring an accountant. Bookkeepers are not accountants, but they can provide most of the functions of accountants. Consequently, choosing bookkeeping services helps owners get the assistance they need without the CPA price tag. Hiring bookkeepers also makes it easier to stretch the admin budget to make room for HR services or marketing.
So, do you need financial services for your business? At Manuel Mattz Financials, we provide bookkeeping and payroll services to our clients. We primarily work with business owners from underserved communities who might not otherwise have access to professional financial services. Get a quote for our QuickBooks bookkeeping services.