Hire a Bookkeeper and save money 35 ways

Many people avoid looking for a bookkeeper for their business until they are a few years into their business and are either overwhelmed or in a pickle, usually with the Government over Sales or Payroll taxes. The list below should help make hiring a bookkeeper easier for you.

What area do you need help with the most?

Don’t be one of those people who wait to ask for help until it’s too late!

1. Send out customer invoices on-time so you can get paid on time.
2. Never lose track of a customer invoice. Know exactly who owes you, so you can follow-up.
3. Never make another sale to a customer who is not paying their bill.
4. Accurately calculate interest and collect it from overdue accounts.
5. Reduce the need to borrow due to poor cash flow.
6. Don’t lose sales because you are out of stock. Avoid rush delivery charges for inventory.
7. Don’t waste money buying more of what isn’t selling.
8. Set your selling prices based on profit instead of guessing.
9. Concentrate on selling the most profitable items instead of easy ones.
10. Don’t sell a product at a loss because you didn’t take markdowns on time.
11. Know what product lines are money makers & the ones to drop as they are money losers.
12. Find out if you have a theft problem before it’s too late.
13. Never pay a bill twice by mistake.
14. Never lose a discount by paying a vendor late.
15. Plan your payment due dates and reduce the need to borrow.
16. Maintain your good credit rating.
17. Obtain better credit terms based on your good payment history.
18. Know how much payroll and sales tax you owe.
19. Don’t get hit with huge late filing fees because you made your Government payments late.
20. Never write a bad check by mistake. Your bookkeeper can keep you in the green.
21. Never pay another NSF Fee.
22. Make sure all your cash receipts are credited to your account.
23. Know when you have excess cash so you can put it to work.
24. Keep track of all expenses in detail, so you know which ones can be cut back.
25. Never overspend a budget.
26. Get the maximum possible tax deduction for the expenses of running your business
27.  Utilizing a professional bookkeeper, you will know how much profit you have made and what your business is worth each month so you can:
28. Know when is the right time to grow. Know when is the right time to hold back.
29. Plan accurately for taxes.
30. Save hundreds to thousands of dollars on your year-end tax return.
31. Comply with the reporting requirement of any business loan.
32. Can immediately respond to any suppliers or customers request for financial information.
33. If you manufacture or assemble products know what it costs to make each item. Set a selling price to cover your cost and make a fair profit.
34. If you keep track of costs by job or project (Contractors, Landlords, attorneys, etc) know on an ongoing basis which products/jobs are profitable and which ones aren’t.
35. Get paid on time as you complete the job. Avoid working on projects where progress payments are behind.