Having a bookkeeper on your in-house team is ideal, but not all small businesses can afford to have one. If this is the case, you can do it yourself or utilize some of the employees you may already have to do the bookkeeping tasks.
At times in order to be successful we need to learn how not to fail. There are things that you must do to succeed in business, but there is one thing that you should NOT do and that is to attempt your own bookkeeping when you have no clue what you are doing.
Many business owners make this mistake when they are first starting out. In order to save a few dollars they either shirk this responsibility onto a spouse or spend hours trying to figure out a skill they are not trained in -- many times with costly errors. Then before they know it, the government is hounding them because they are behind in important remittances and have a huge mess on their hands.
If you are willing to invest money in your business, then you need to be willing to invest in having your bookkeeping done properly. A freelance bookkeeper can take this responsibility off your hands and competently get your bookkeeping done on time.
Not only will your freelance bookkeeper take care of all your daily paperwork to keep the government away, but they will also provide you with monthly financial statements so you can see how your business is doing. After all, how can you react and make necessary changes if you don't know what you need to change?
Most small business owners worry about the cost of hiring a freelance bookkeeper, but you may be surprised to learn that many small businesses can have their books done for under $200 a month. Of course, it does depend on the scope of what needs to be done for your business.
So before you get yourself in hot water with the government, make sure you contact a freelance bookkeeper and see what they can do for you. It could be the difference between success and failure in your business.