Many small business owners feel buried in paperwork. Running a small business requires a certain amount of commitment that only the owner is able to tackle. But this means that there is a mountain of paperwork that comes with the territory. Among other things, the bills must be paid and the checkbook must be reconciled on a regular basis.
The small business owner has three basic choices when it comes to paperwork:
- They can choose to finish these tasks themselves, but that can be time-consuming, and could result in less time and energy for the day-to-day running of the business.
- A bookkeeper can be hired to take care of the tasks in-house. The downside of this is that that person will need office space, wages and fringe benefits, and the owner will need to find time to oversee the bookkeeper’s work.
- The third option is to find an outside professional to keep up with accounts payable, balance checking accounts, and take care of other bookkeeping tasks.
Some of these tasks might include:
- Checking bills for accuracy, and paying them on time, making sure the business is in good standing with their vendors.
- Staying on top of payment terms and ensuring the small business gets the lowest price available.
- Handling vendor calls, and alerting management of possible problems.
- Monitoring sales tax charged, or not charged, by vendors.
- Balancing the checkbook, and reconciling it with the bank on a monthly basis, ensuring the owner knows exactly what funds are available.
To find out all the ways an outside professional bookkeeper can help a small business operate more smoothly, contact Filler & Associates.