For small business owners, QuickBooks is considered their “bookkeeper.” And why not – this popular software not only manages accounts payable and receivables but also tracks bill payment deadlines and invoices. With the recent implementation of QuickBooks online and a mobile app version, QuickBooks is considered a dream come true for small business owners.
And how not? QuickBooks is inexpensive and even offers affordable monthly plans that small business owners can enroll in. Due to the accessibility and user-friendly capabilities, many small business owners choose to solely use QuickBooks to manage their finances – most often, utilizing its payroll feature and generating reports come tax time. With all these great qualities, it’s no wonder why many small business owners choose to make QuickBooks it’s actual bookkeeper.
Although QuickBooks does have many great qualities for assisting small business owners in managing the financial aspects of their business, business owners should still invest in hiring an actual bookkeeper. Here’s why:
1. Focus on running your business.
Most small business owners, especially ones that are now just starting their company, should spend their time growing their business. This means attending networking functions, workshops and building the company’s brand. This cannot happen if you’re spending 4-5 hours a day looking for a receipt you forgot to file. Hiring a professional bookkeeper will help you stay organized, develop systems for you turn in receipts and manage your finances while you’re able to run your business.
2. Less room for error.
There’s a reason why you take out the time to research an accountant’s credentials before you hire them to prepare your taxes. You know one small slip up could result in you paying a hefty penalty from the IRS. Shouldn’t you use that same that mentality when managing your day-to-day tasks regarding your finances? Although QuickBooks is simple to use, there are many errors that could happen such as data entry mistakes to lost transactions to personal / business expenses mix ups. It is important to seek the guidance of an experienced bookkeeper who will help you make sure you have your finances under control.
3. Eliminating late fees by paying bills when they are due.
There’s nothing more embarrassing than receiving a bill in a mail that has in big red letters “Past Due.” Hiring a bookkeeper will help you stay organized and ensure all of your bills are paid on time.
4. Increasing your turnover when it comes accounts receivables.
Invoicing is not that easy as most pe ople make it sounds – especially you do not use fixed pricing for your customers. Bookkeepers will be able to help you manually send out invoices or can help you set up an automatic system so you don’t have to worry about sending out an invoice ever again. By creating a system for your invoices, you will be get paid faster and avoid less headaches later.
Although QuickBooks can be a great tool for helping you in managing your finances, small business owners should still seek to hire a professional bookkeeper to make sure they are utilizing the software properly. If you are a small business owner and would like to know if you are using QuickBooks correctly, please email us at ben@7mbusinesssolutions.com. We specialize in bookkeeping and consult with business owners on how to use QuickBooks effectively and accurately. Don’t forget to ask us how you can save on your current QuickBooks subscription or before y