Running a business can be hard no matter who you are. Furthermore, things can be worsened by a lack of organization and a poor understanding of good business practices, both of which can lead to messy bookkeeping. Luckily, improvement in the first two areas can help you take better control of your business’ finances and can in turn make third-party bookkeeping more affordable, even on a tight budget.
3 Ways to Reduce How Much You Pay for Bookkeeping Services
It may seem scary in the beginning, but if you decided to start a business it means you are brave enough to face the problem. That said, start sorting those past receipts, invoices, list of owing customers, or anything you have that explains/proves how much money is coming into the company and going out. Remember that the key is not to be perfect, you are merely reducing a mess of financial papers to more understandable groups/categories.
Implement an Easy System
The last thing you want to do is recreate the mess once you have sorted the stuff you already had, so a system is vital to avoiding the stress of the first step. The easiest way to do this is to get file jackets, shoe boxes, or other containers to put the different types of bills or receipts in. Label these and be careful to put the right things in them.
Cooperate with your Bookkeeper
A competent and thorough bookkeeper will assess your needs and help you devise an official system to keep your day-to-day finances under control. This will be a collaborative effort that will start with you, so you have to play your part. Plus, the easier you make the job the less it is likely to cost. In short, do not pay the fee for an office visit when you simply have to send digital copies, do not fail to send in receipts as requested thereby causing a month-end rush, and avoid paying to redo a report because you failed to supply everything needed.
The Benefits to You
Companies or freelancers offering bookkeeping services often charge per hour or based on the complexity of the task (i.e. the level of service needed). Therefore, any level of organization will reduce the time or effort used. Less work on their part equals less money on yours, so you save just by rolling up your sleeves and tackling that mountain of paper.
In addition, you reduce the time your bookkeeper has to wait for new information which will make it easier for him or her to keep your daily finances updated. This will in turn remove the rush to organize things as well as any additional fees this may cost. However, the benefits that go beyond upfront savings will depend on your own company.
Luckily, a good bookkeeper can assist whether you get organized or not, so there is no need to panic if you are unable to. In fact, we can may it affordable while still saving you the hassle of tunneling through all that excess paper. Simply contact us today to see what we can do for you.