How to Save Money on Business Accounting and Bookkeeping Costs

March 23, 2009 by  
Filed under Accounting and Bookkeeping

At the beginning of your personal business, you most probably tried to get all the work done on your own, in order to save the most money. And although this may have worked out perfectly fine, you must have found yourself losing track of little details as time went by, such as managing the tasks of your bookkeeping and business accounting software.

Once you have reached this point, you will have no other way out but to hire employees o take care of the little tasks. A lot of business accounting firms can be found in local telephone directories that are willing to deal with all of your business accounting finances.

However, the downside is that this may cost a lot of money. If you still consider yourself as a fresh business, you may not be able to pay for such outside expenses; therefore, the best way to deal with this is to consider hiring full-time or part-time employees who can take care of your bookkeeping and business accounting for you at a more reasonable cost.

Before you set out to look for the perfect employee, you will want to think about what responsibilities you will assign to this person. The most important thing you may want your accountant to do is keep intricate and correct records of all your business income and expenses. For this, you may want to provide them with modern bookkeeping and business accounting software for easier account management.

On a regular basis, you will want your employee to make scanned financial reports that show how much your business has earned and spent, in order to keep track of where you currently stand.

It is essential that your employee is someone who can be trusted since they will be in charge of handling money and paying your bills for you. They should be able to keep track with banking records and ensure that your monthly balances are covered.

If you have several employees, your personal accountant can take care of payroll, as well, to save you both time and trouble. Also, if you need a business inventory, this person can keep track of stocks, determine certain prices and get orders done.

As your business continues to grow and your employee gets used to how things work, you can keep adding more required duties. Depending on how long this person works for you per week, they can get simple tasks done in the process, like answering the phone, talking to customers, and filing.

Costs for a personal accountant are usually $15 per hour. Benefits can be added to attract employees, if needed.

In conclusion, when comparing the costs of outside employees to inside employees in charge of bookkeeping and business accounting records, you are sure to prefer having a personal accountant – both in terms of cost and quality.