Oct 01, 2017
By Robin Jackson Miller, EA Partner at Terry Lockridge & Dunn
Do you find yourself sitting down to work on your books and thinking it is the last thing you want to be doing? We hear this all too often from our clients at Terry, Lockridge & Dunn and we are here to help! Below are four good reasons to outsource your bookkeeping services:
- Your time is better spent growing your business. When business owners try to save money by doing their own bookkeeping they are expending valuable time and energy that could be better used growing their business. Yes, using a bookkeeping service costs money, but it will also free up additional time during your day. Then you will have more time to do what you do best - which should translate into more business profits!
- Accurate and up to date financial statements at your fingertips. If you find yourself needing good numbers to review your profitability, cash flow and use your many other financial tools, having up to date financial statements is a must. How can you make important financial decisions if you do not know how much money you made this month? Is your banker requesting up to date financials and you do not have any idea how accurate yours are? Having a bookkeeping service ensures you are always ready to make your important business decisions.
- Tax ready financials. Does it cause you a lot of stress to run around once a year to get all your information ready for your accountant? By outsourcing your bookkeeping, your financials are all ready for any tax planning needs or when you are ready to file your tax return. You no longer need to guess if you need tax planning because your accountant has access to your financial statements all year. They can also be on top of any potential problems they see and adjust your quarterly tax estimates or owner payroll based on the information they are getting throughout the year.
- Training, management & experience. Have you tried to hire an inhouse bookkeeper in the past and it has not worked out? Most business owners are not in the position to be able to train or manage bookkeeping staff since they are not accountants or bookkeepers by trade. By outsourcing your bookkeeping, you are hiring already trained staff. They already know the latest QuickBooks features and are up to date on payroll, federal and state tax filings so you do not have to be. Experience makes a big difference in the quality of bookkeeping!
Please contact Robin at firstname.lastname@example.org to discuss your specific situation, or any of the accountants at Terry Lockridge & Dunn. We can be reached at 319-364-2945 in Cedar Rapids, or 319-339-4884 in Iowa City.