These 4 Red Flags Could Mean You Need A Bookkeepers Help

If you’ve just started a new business and it’s early days for everyone involved, it’s only natural to want to try and take on as many aspects of the day-to-day running of it as possible. Not only does this save you money, but it may help you feel as if you’re gaining a sense of control over things. However, while this might work in the initial weeks and months, as your business grows, the list of responsibilities will grow with it, and inevitably, what were once simple run-of-the-mill admin tasks, will quickly become challenges that you’re simply not prepared to face.

But, by paying attention to the warning signs, you can know when to hire professional help in the form of a bookkeeper or accountant (or both), before you start making costly mistakes.

Here

are 4 red flags to watch out for:

1. Your records are in disarray

For the bigger financial decisions, or investigations from the IRS, your paperwork and records need to be in good order and readily accessible. From receipts and bank statements to payroll records and invoices, they all need to be stored securely, and if you’re not able to do this on a regular basis, a bookkeeper’s help would definitely be welcome.

2. End-of-month reconciliation isn’t being done quickly enough End-of-the-month reconciliation is a vital aspect of the accounting process, and should always be carried out as soon as your bank statements have been posted online. Giving you a complete financial picture that you can use to make important decisions during the coming month, if you wait too long to do this, those decisions could be made based upon inaccurate information. The added help of a bookkeeper can make sure that end-of-month reconciliation always happens in a timely fashion.

3. You’re expanding your horizons

All successful businesses will expand over time, but if you’ve reached that point and are no longer able to cope with the financial aspects of expansion, you’re definitely going to need help from a bookkeeper or accountant. From hiring new people to moving to a bigger premises, you need to know what you can realistically afford, and bookkeeping processes can help you determine this in the best way possible.

4. Your profits aren’t living up to expectations

Let’s say your business has had a great financial quarter and made a lot of big sales, but your profits don’t seem to reflect that. In these instances, it’s likely that your money is going somewhere that it shouldn’t be, or going to the right place, but you’re just not aware of it. With the help of an experienced bookkeeper, you can examine the records in detail, and find out why sales are strong but your profits aren’t.

There are many more warning signs that indicate your business would benefit from the expert help of a bookkeeper, but spotting any one of the above should signal that you need their help, and fast!

At Heyer Inc, we proactively assist our individual and small business clients in meeting their goals. Our key area of focus is ensuring that our clients remain compliant with federal and state tax laws by providing them with high quality accounting and tax services Miami. If you are looking for an individual accountant in Miami, heyer inc would be a right option.