Facing the reality of being a small business owner can be overwhelming. You must worry about everything from marketing to inventory, customer service, and taxes. But you don’t have to worry about some things like creating your financial reports. That’s where a professional bookkeeper comes in! Here are a few things to look for in a professional bookkeeper.
Your bookkeeper should understand the ethical and legal constraints associated with keeping track of your business’s financial data, transactions, and records. Don’t just trust someone who says, “oh yeah, I keep books!” Make sure they know what to do if your company deals with things like cash transactions, deposits, debit/credit cards, and write-offs.
A good bookkeeper will know how to create a system that makes keeping track of your company’s financial data easy. They should have an understanding of how to set up banking accounts, send an invoice to customers, and file taxes depending on your industry.
You may not know accounting jargon, but that doesn’t mean you can’t understand what is happening with your business finances. Your bookkeeper should be able to break down complex financial data into easy-to-understand terms so that you can be kept up-to-date on your business’s financial health.
Your bookkeeper should know what taxes must be paid and when and how to file those taxes correctly. For example, the current sales tax rate in Oklahoma is 4.5%. If your bookkeeper is not aware of this, they could be filing your taxes incorrectly, resulting in money being owed to the government. This is just one example of why bookkeepers should have a strong understanding of taxation.
An experienced bookkeeper should be familiar with how bookkeeping works within your industry and business structure so they can easily set up bookkeeping systems that work efficiently for you. For example, bookkeepers that work with construction companies should know how to set up bookkeeping systems for those businesses.
A bookkeeper doesn’t stop at just learning bookkeeping basics. They must continuously learn about the legal, regulatory, and technological changes in bookkeeping to provide bookkeeping services that are consistent with industry standards.
Bookkeeping services can be an invaluable tool for small business owners like you. Make wise decisions and choose bookkeepers that understand the legal and ethical bookkeeping standards within your industry and bookkeeping as a whole. Call us today to learn more about bookkeeping services!
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