There are many different tasks a bookkeeper can do to help small business owners besides reconciling the bank account. Below are ten ways they can help your business.
Ten Ways a bookkeeper can help You
Reconcile your bank accounts:
Reconciling your bank accounts each month will keep your books in order and reduce your stress at tax time.
Reconcile your credit card account:
many companies charge on the credit card for supplies and other things needed to run the business. So, reconciling the credit card account is crucial to stay on top of the business expenses and for the end of year tax returns.
Some banks do not have proper download methods. So, entering transactions in the register is very important. You don’t want to do this yourself because it takes time, but it needs completing.
Analysis of P&L reports:
Does P&L and other reports make you glaze over? Do you dread looking at them and analyzing them? The bookkeeper will help you understand these reports.
Communicate on your behalf with your accountant:
Do you have questions that you just don’t have the time to ask your accountant? A bookkeeper can relay the questions to the accountant to free your time and translate what they say so you understand.
Invoice your clients on your behalf:
If you have a lot of clients and the process of invoicing is daunting, a bookkeeper can help generate the invoice and have you review and verify they are correct before they are mailed out by the bookkeeper.
Pay your bills through your account:
If you do online bill pay or write bills with checks, a bookkeeper can prepare the bills and allow you to approve them before they are scheduled. The process depends on the bank and what they will enable you to do when allowing a bookkeeper to view your account. Some banks allow you to assign a bookkeeper/accountant to your business account.
Monitor accounts for you:
Paying a bookkeeper a monthly retainer will allow them to schedule their time weekly or every few days, they can log into your account and make sure everything is cleared and all the account information in the register is current. If you use QuickBooks Online, you can easily assign an accountant and bookkeeper to your account so they can manage/view it. The bookkeeper has their account, so you never have to give them your password.
Contact tax agencies on your behalf:
You will need to fill out a form so your bookkeeper can call the tax offices on your account before you can do this. This takes time but makes it easier to hand off tax tasks. Each state is different with their requirements. Check your state for their legal/tax requirements. There is a federal form as well.
Help you with research on how to save money:
Bookkeepers see money trends and ways to save money all the time. So, using their knowledge and their time, will place you in better shape sooner than later.
All these bookkeeping projects can be done virtually or onsite. I hope this helps inspire you to hire a bookkeeper for your business. Please share with other business owners you may know. What other bookkeeping tasks can you think of besides the ones above? Please leave a comment below.
If you are looking for a bookkeeper in Pennsylvania, feel free to contact me.
Below are some other bookkeeping tips to help you keep your books in order.