If your checkbook always balances to the penny, keeping your own books may be a good option for you.
If you are still keeping your books manually, however, you may want to consider a software solution such as QuickBooks. It is easy to make a small error in data entry, and QuickBooks can help you spot such an error quickly. Additionally, the software can analyze data and generate reports, freeing up your valuable time. Software solutions are reasonably priced and will quickly pay for themselves in timesavings.
Even if you keep your own books, with or without a software solution, you may wish to hire an accountant. Accounting is significantly more involved than simple bookkeeping. Accountants use the information in the books to create reports and analyze the business's performance in many important ways. A good accountant can even assist at tax time, working through the complicated IRS paperwork and finding those deductions and credits that may apply to the business.
While it is possible for a business owner who is very good with numbers to perform his or her own accounting, the time requirements can be prohibitive. If you are unfamiliar with the principles and tools of accounting, much of your time will be spent simply sifting through books and websites looking for the relevant information. This also opens up the possibility of making mistakes, which can be quite costly to fix.
Consider hiring a Virtual administration firmto handle your accounting needs. Outsourcing to a specialized company can represent a significant cost savings over hiring an in-house accountant. One such firm, IAC Professionals, offers a complete line of services that can grow with your business. The company can help you get started with QuickBooks, and then provide as much or as little assistance as your company requires. You can keep your own books, and submit your records for accounting purposes. If the bookkeeping ever becomes overwhelming, IAC will step in to take over. You pay only for the time that you need, without the responsibility of keeping an in-house accountant busy during the slow periods.
If you are good with numbers, then keeping your own books may be right for you. Complicated accounting procedures, however, can take up valuable time and energy. Why not allow someone else to handle your accounting, freeing you to focus on making your business the best it can be?
If you have any questions about hiring an accountant,contact us today.
IAC Professionals is a single source for contracting qualified professionals to assist you with your most critical business needs. They offer a wide range of outsourcing solution which include Accounting, Bookkeeping, Virtual Assistants, Company Formation and Business Consulting.
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