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Basic Accounting

Basic accounting skills are essential to the financial organization of small businesses. Quite simply, a bookkeeper with the basic accounting skills maintains accurate records of the movement of all money within an organization. A basic understanding of accounting may enable the owner of a company to handle the accounting initially. Gradually as the challenges of running a company present themselves, and as hiring additional staff becomes a priority, the task may get shelved. When this happens, we are prone to errors and falling so far behind that it can be difficult to get caught up.

The way to avoid this costly scenario is to hire an individual to fill the basic accounting roll your small business needs. While not necessary, the ideal situation is to outsource the accounting from the very beginning. Hiring basic accounting assistance is more cost effective than we may think. There are a range of service providers that we can hire as needed, and we avoid the overhead costs of hiring a permanent staff member. The financial investment is worthwhile when we consider just how crucial accurate bookkeeping is to the success or failure of our organizations.

Time to Grow the Business

As owners and entrepreneurs, we are tasked with growth through acquiring new clients and keeping our existing ones satisfied, whether they are other businesses or consumers. We have to spread the word about our products and services to achieve that growth. The time involved to really make growth a reality in our companies is extensive, especially when we are in the basic stages of our development. This is a period when a knowledgeable individual with basic accounting skills can greatly assist our goals and strategies. The financial statements that this person prepares enable us to dig into the numbers to get a full understanding of where we stand financially. With this complete picture, we are able to set strategic plans that can guide us on our path to success.

The skill necessary to precisely maintain the books is best outsourced to a basic accounting service provider. An experienced book keeping professional will have the most up to date knowledge on best practices and methods, such as double entry bookkeeping. Their thoroughness and accuracy can help avoid the errors that can lead to fines and sticky messes if they are not promptly resolved. As a result of being able to focus on core business activities, we can devote energy to staying organized and focused on the big picture rather than worrying about the nitty gritty details of accounting. After all, one would not expect that just anyone could fill the role of a president or CEO of a company, so why assume that a basic accounting role could be filled by just anyone?

Reasons to Hire a Professional

A basic knowledge of accounting may allow us to enter transactions into an accounting software program, but it will not teach us how to comply with federal and state payroll tax rules. The specialized knowledge a professional has goes beyond basic bookkeeping, which in itself takes skill and patience. If you have employees on your payroll, there are rules and regulations which mandate that a certain amount of tax be withheld and matched by the company. On time payment is expected, and a trusted bookkeeping professional will make sure that payroll taxes are always paid promptly. The consequences for a late or missed payment can be quite steep, from fines to incarceration. You may be beginning to grasp just how crucial attention to detail is to the success of our companies.

Hiring a skilled individual to manage the basic accounting allows an owner to maintain a big picture view of growing the organization. Sales and marketing are two areas that could be developed instead, leaving the basic aspects of record keeping to be handled by a separate person. The records they keep fuel many of the basic decisions an owner makes on a regular basis, such as when to spend money and when to be fiscally conservative, when to invest, and when to hire or fire someone. This expert can also act as an adviser and second set of eyes to a company owner, who at times may need an objective perspective on a problem.

Basic accounting service providers work with small, growing organizations to help them track their financial records, devise a budget, submit on time payroll taxes, and at times consult on strategies for growth. Their roles are multifaceted and free up our energies so we can devote them to promoting the products that drove us to get into business in the first place. When we choose to work with trusted record keeping experts, we have one less detail to worry about so we can focus our mental energy on mapping out long term goals.