Maximize profits by minimizing costs. In other words, "do everything you can yourself and don't pay for anything new until you have absolutely must". That's the common mentality of the self employed. Sometimes, it's especially difficult for business owners to justify hiring financial help like a bookkeeper when there are user-friendly software programs such as QuickBooks available, though they often wrestle with finding the time to make the necessary entries and worry if they're doing things correctly. One might remember what Adam Smith, the moral philosopher and father of Economics said about specialization and division of labor in his Magnum Opus, " The Wealth of Nations." Entrepreneurs need not live by Quickbooks alone. In fact, most of those who eventually hire professional accounting help usually discover they weren't doing nearly as well on their own as they thought they were.
Does the entrepreneur really need a Bookkeeper or Accountant? It's a trick question: You may need both. An accountant can analyze the big picture of your financial situation and offer strategic advice, producing key financial documents, such as a profit-and-loss statements, if needed, and filing a company's taxes. After tax season is over, an accountant can also act as an outsourced chief financial officer, and advise an entrepreneur on financial strategies. By comparison, a bookkeeper does the day-to-day hands-on tasks: making sure new employees file all the right paperwork for the company's payroll, submitting invoices and paying the bills. The bookkeeper also tracks company expenses and can assure that every cost has been entered -- and recorded correctly -- into software like QuickBooks so that the business is ready for tax time along with filing any other reporting to, say, creditors or investors. With professional help, an entrepreneur can get peace-of-mind knowing everything is being prepared and filed promptly and correctly while being freed up to increase sales by producing more goods or providing more services- whichever they specialize in. Adam Smith will be smiling from above.
If you're self employed, a small business owner, or entrepreneur and not sure whether you need a bookkeeper, accountant or both, contact us or call 423-622-3156 for a free consultation. Whether you just need assistance with Quickbooks, or need the depth and breadth of skills of a Certified Public Accountant, we'll be happy to help so you can so you can stay focused on what you do best- running your business.