Article courtesy of Dave Rice,
Every business starts out small, and in the beginning it may seem easy to take care of your own financials. Keeping receipts, recording transactions, managing bills, generating financials and providing your tax professional required information for calculating quarterly tax payments can be managed. Right at the start it’s probably a good idea to do this yourself so you understand the process. Now you aren’t just the boss, you are also the bookkeeper.
As your business grows your value to the company grows as well. It usually doesn’t take long to see how your time spent generating revenue and ultimately profit has a direct result on the health and growth of your business.
Now is the time to consider outsourcing some of your responsibilities. You have likely already outsourced other functions, such as tracking contacts, building lists, putting direct mail pieces together and many more as you grow. Everything that can be outsourced for less than your hourly value to your business should be outsourced once you are comfortable with your systems. If you haven’t already considered, it’s time to consider outsourcing your bookkeeping.
A bookkeeper will process and categorize your receipts, perform daily data entry, and create financial reports for your business. A bookkeeper will reconcile all of your bank and credit card accounts. With the cloud accounting software available now, a bookkeeper can make it as easy as possible for you to manage your business.
f you are behind on your bookkeeping, a bookkeeper can go back and create proper records. Once properly set up, your part is to get receipts sent electronically to your bookkeeper. With the proper connections to your accounts, a bookkeeper can take over from there.
Cloud accounting software makes a virtual bookkeeper a great option. You likely don’t need a full time or even a part time employee to do your bookkeeping in house. The cost of investing in a virtual bookkeeper varies with the complexity of services and the number of transactions required. Outsourcing to a virtual bookkeeper allows the services to grow with your unique needs.
For answers to your questions regarding bookkeeping services for your particular real estate investing business, please email us at KeyBookkeepers@gmail.com, or call us at 239-298-3917.
To schedule your free, no obligation, 30 minute phone consultation about your specific needs, call or email us.
You can visit our website again at KeyBookkeepers.com
Article courtesy of Dave Rice