The Easiest Way To Save Money On Accounting And Bookkeeping Costs For Your Business

To save money when you first started your own business

, you probably tried to do all the work yourself. At first, this worked fine, but then you notice you don't have time for things like managing bookkeeping and accounting software tasks while successfully trying to grow your business.

When you come to this point, you have no choice but to hire employees to take over some of the smaller, menial tasks. If you look in your local telephone directory, you will find many listings for accounting firms that could handle all of your business finances.

But odds are, their services come with a hefty fee. A lot of outside expense is something new businesses can't afford, so the best option would be to hire an employee to do your bookkeeping and accounting for a more manageable cost.

You first need to think about the job responsibilities that person will have before you start looking for an employee. Probably the main thing that you'll want your bookkeeper or accountant to do is keep accurate, detailed records of all income and expenses related to the business, so you'll want them to have up-to-date bookkeeping and accounting software to manage your accounts.

You need them to prepare financial reports for you at regular intervals, showing how much the business has earned and spent, so you need to keep track of your overall standing.

Making sure that the person you hire is trustworthy is very important since this person will be handling money and be responsible for paying the bills for the business. They need to make sure that everything balances each month and be able to keep up with your banking records.

If you have other employees, your accountant can also take care of payroll for you, which will save you a lot of time and trouble. Likewise, if your business requires you to have an inventory on hand, this person can keep up with your stock, determine prices, and do any ordering that needs to be done.

You may want to add more duties as your business grows and your employee adjusts to their new role. Your employee may be able to take care of other duties like answering the phone, filing, dealing with customers, etc., depending on the number of hours they work each week.

Depending on the experience and qualifications, an amount of $15 per hour is what you're expected to pay your bookkeeper or accountant. To attract more stable employees, try to develop some sort of benefits package if your business can afford it. It will probably be easier to find someone if you can offer full-time work, at least 32 hours per week.

When you compare the costs of hiring an outside firm against an inside employee to handle your accounting and bookkeeping records, you'll be happier with the employee not just with the cost, but also with the quality.

by: Edith Stratton

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