Failing to implement proper bookkeeping for your small Portland business is a big mistake. Besides the fact that maintaining accurate books and records is required by law, doing so will save you frustration later on. Poor accounting or bookkeeping is one of the top reasons small businesses fail.
Portland business owners should take bookkeeper services seriously. Hiring a professional accountant or bookkeeper will go a long way towards setting up your business for success. Below are 5 reasons why a bookkeeper is important to your business.
1. Bookkeeping Helps With Your Budget. It is very important to know exactly where the money is going for your Portland business. Bookkeeping helps you budget. An accountant can keep income and expenses properly organized, which makes it easier to review financial resources and expenses. With an organized budget, you can plan for future expenses and the anticipated resources that would cover those expenses.
2. Tax Preparation. Tired of scrambling with paperwork at the end of the year to prepare for tax season? Let a bookkeeper help. As a Portland business owner, getting your business’s tax preparation in order is important to being able to file your personal taxes too. In order to know how much you made over the year, you must know how much your business made. With the help of an accountant in charge of bookkeeping, you can have financial information ready for tax time. Instead of scrambling for receipts or invoices, all of your financial information is organized on one central system.
3. Organization. Portland business owners should be able to easily access information about their business at any given time. Not only does this help you as a business owner know where your business is at, but it means that you can provide information easily to anyone interested in your company’s financial records – such as the IRS, employees, customers, investors, and lenders. Failing to provide this information could result in fees from the IRS, in a stoppage in cash flow if investors and lenders aren’t kept informed, and so on. A professional accountant or bookkeeper can keep this information well organized and easily accessible.
4. Analysis. Your bookkeeper can use bookkeeping as a tool to analyze the performance of your Portland business. Your bookkeeper will provide you with financial statements that are regularly generated and used for analysis. While analyzing financial statements, you can track your cash inflows and outflows. Bookkeeping gives you information on which business lines are working or not working. This type of analysis allows to focus on your company’s strengths and improve on its weaknesses.
5. Better Decision Making. With analysis comes better decision making. In order to make the best decisions possible, you need to have access to all available information. Bookkeeping provides this information.
Business & Accounting Solutions Offers Quality Bookkeeper Services To Portland. Ready to hire a professional bookkeeper for your Portland business? Business & Accounting Solutions, LLC., brings knowledge and capability to Portland businesses with our outsourced CFO and Accountant services. We offer bookkeeping, payroll, cash flow, finance consulting and financial statement preparation along with QuickBooks consulting services. Contact us or call us today at (503) 710-6213. Know someone in need of CFO or Accountant services? Consider our referral program