There’s a lot to get excited about when you’re launching a new business. Maybe it’s the beginning of a dream come true for you—the opportunity to make a living from doing something you love.
But it’s important not to let that excitement get the best of you. There are aspects of any business that may be less appealing to you. Nevertheless, they should not be overlooked, and one of these is bookkeeping.
Don’t Skip Bookkeeping
A lot of new business owners try to save money by not retaining a professional for their bookkeeping services. The short-term benefit of saving a bit of money early on can end up being quite costly down the road. Inadequate bookkeeping practices can limit future opportunities and lead to significant troubles with the IRS.
Let’s examine a few of the key benefits associated with retaining a professional for your bookkeeping.
Securing Loans and Financing
At some point during the course of building your business, it may be necessary to seek a loan or some other form of financing in order to grow your company. To do so, you will need to provide a thorough financial forecast relating to your business. Your bookkeeper can provide the insight and assistance to get this done as well as many standard financial documents, including your current financial statements and cash flow statements.
Through standard accounting procedures, your bookkeeper can keep track of your company’s profitability. You can also zero in on the profitability of specific offerings, products, or services. That way, you can make the necessary adjustments if your company, or a part of it, isn’t performing as it should be.
Tracking Costs and Expenses
If you conduct your day-to-day business and remain focused on your company’s regular operation, you may not be fully aware of all of your spending, costs, or trends. With carefully prepared statistics from your bookkeeper, you’ll be able to keep an eye on your costs and better budget for future expenses based on that information.
Being Prepared For Tax Season
With up-to-date books, you will avoid serious headaches when it comes time to file your taxes. A qualified bookkeeping professional will also protect you against discrepancies in your records that could lead to faulty tax returns and possible future audits by the IRS.
If you’d like to find out more about how an expert bookkeeping professional can help your Tulsa, OK based business, contact Shockley Books today.