Welcome to the Gibson Edwards Tax & Accounting blog! We hope that this space offers you resources to find information that will make your business run more smoothly, bring you into the know on compliance issues, educated you on tax reform, and help you see accounting in a new way.
For our first post, we want to give you some reasons to hire a bookkeeper. More and more people are deciding that the best boss to work for is…. them! Entrepreneurs have the ability to set their own schedules, pick their own products, select the ideal staff (or not), and ultimately control their own earnings.
This article gives some great examples, and made me think back to when I first took over the business. It didn’t take me long to find some inefficiencies, especially when it came to our budget. So, like any business owner, I corrected. As it turns out, I over corrected. I decided that I had been an accountant, a payroll clerk, a tax preparer, and an office manager, so it was only reasonable that I could handle all of my own functions. I have always wanted to be a creative, so why not make my own marketing materials as well? It’ll be fun, I said. Those of you that remember my first business card know that not only was it not fun, it was also not well made!
I’ll let you read the article for yourself, but here the tl;dr version for you:
1. Focus on what your core business
I tell clients this all the time so I was excited to see it was number one. You may have heard me say, ” I don’t color my own hair/ paint my own house/ represent myself in court/ cook my own steak in the restaurant….” once or twice. It is such a true statement. I would have dead hair, drippy paint, be in jail over a parking ticket, and have a burned steak. Don’t let your books be a burned steak.
2. Stay out of what you really don’t understand
Accounting is a legitimate 4 year degree. In fact, some say to really understand it, you need 120 credit hours. (Relax, I took my time and got 154!) After that degree is on your wall, you are required to do continuing education if you have a professional license because things are always changing.
3. Calibrate a Work Life Balance
Enough said. We only get this one chance.
4. Get a different perspective on the business
Did you know the J months are notoriously hard for retail shops? Some restaurants struggle in the summer while some thrive because school is out. Do you know your profit margin per month? Are you doing everything you can now to lower your tax liability?
5. Escape the tedious aspects of your business
If you started a business, you felt passionate about something. The book you wrote. The clothes you wear. Making everyone feel beautiful. Giving a family memories. Sharing your innovative idea with the world. Whatever your reason, I bet it wasn’t tedious. Our passion is helping you help the world.
6. Make sure everything is paid on time
And that you don’t pay one penny more.
7. Ensure correct tax filings
Compliance is important. Non-compliance is costly.
8. Maintain cash flow
This is more of a managerial accounting function in my opinion, but since we offer that too, it brings up a very valid point. Think of your accountant as the person that always has your back (financially speaking).
9. Resolve conflicts of interest with partners
We can help you set policies, explain the yes or no decisions you inevitably will have to make, and assist you in separations.
10. Reduce the cost of financial obligations
The article says it best, but to summarize: Time is money.
If you made it this far, you deserve a pat on the back. Check out the article, look at your business and decide if you could benefit from hiring a bookkeeper. If you have questions, you know how to find us!
