Businesses don’t just make money off sales and profits; they also stay in the game by virtue of having a firm handle on their finances. In fact, many successful entrepreneurs in the world attribute their business success to making smart and disciplined financial decisions, one of which includes consistent and strategic record keeping.
Knowing where and how their budgetary costs are being allocated, as well as keeping track of every expense, debt, deposit and items taken on credit by way of financial records, is what forms the cornerstone of being accountable in business. This is where bookkeeping becomes crucial for the business.
Bookkeeping essentially is a day-to-day record-keeping of all the financial transactions in the business. Records includes sales, expenses, cash and bank transactions, bank reconciliations, and even invoice generation. Needless to say, this involves extreme attention to detail and accuracy, and can be overwhelming for small business owners, who are often found wearing too many hats already to run their enterprise.
This is where bookkeeping services can come in handy.
Outsourcing your bookkeeping needs is, however, easier said than done, as most small business owners often do not know where to begin.
Fret not! There are a number of ways you go can go about this, using the resources available at hand, without breaking the bank.
We have compiled a few low-cost tips for you to get the best of Bookkeeping services for your small business:
1. Understand Your Business Needs
Before hiring bookkeeping services for your small business, first assess what your expectations are from bookkeeping services.
Do you want someone in-house or are agreeable with virtual bookkeeping services?
What specific tasks do you want to get done, and how often do you want your books updated (annually, quarterly, monthly)?
Do you want only your financials to be recorded or require financial advice as well?
Consider all these requirements before hiring bookkeeping services.
2. Ask the Right Questions
If not an exact fit for your small business, then ensure the bookkeeping service ticks off at least the main boxes. These are a few things to take into consideration at your end that are low-cost but essential:
- Is the bookkeeping service reputable?
- Is the bookkeeping service provider a solo practitioner or has a dedicated firm?
- What do you know about their bookkeeping processes and systems?
- Who are their past clients and how do they talk about their bookkeeping services?
- What is their availability and how do they handle tight deadlines?
- What are their pricing plans?
3. Hire Interns
Small business owners have a budget and its only fitting that you hire someone who can do your work for less money. One way to keep overhead costs low is to hire interns looking to gain ground-level experience.
Not only does this give them an opportunity to put to use their professional knowledge, but also helps you keep your operational costs low.
4. Find Freelancers
Freelancers are self-employed people who do not stay committed to a job for long, but when required, can work in long-term arrangements (spreading over 3 months to more) at a fraction of the cost you may have otherwise incurred in managing full-time employees. This way, you get to avail bookkeeping services at a good bargain without an expensive office setup.
5. Use Simple Accounting Software
Using an accounting software can help you track your income and expenses, create invoices, prepare taxes, and more. Make sure you choose one that you know how to use or can learn on the go. It’s no use paying for a complicated software that you will later need help with to navigate.
6. Post on Social Media
While Facebook, Twitter and Instagram are excellent ways of promoting your business, they are equally good when you’re looking to hire bookkeeping services for your small business. You can buck the trend of hiring only seasoned professionals, and connect with people who might be looking for part-time jobs or simply earn some extra cash.
7. Try Craigslist
Doesn’t sound fancy as the other options but this platform has an extensive list of people offering a variety of services under the “Service Offered” category, and can help you snag the right bookkeeping services for your small business.
8. Go Paperless
While you’re still looking for the right bookkeeping services for your small business, you can start saving on time and money by recording all your finances digitally instead of spending hours in making ledgers and accounts, and reviewing it yourself on a weekly basis. While this is cost-effective, it will certainly require you to invest time in it.
9. Print Ads
A little more tedious than just sitting on your desk and writing a witty social media post, the other way to get professional bookkeeping services is to make ads and print flyers and brochures and manually distribute the same. Alternatively, you can look for hoardings and busy streets/educational hubs and place them where they can be seen by maximum number of people. This is a relatively cheaper, risk-free way for advertising and asking for services from people.
10. Hire Professional Bookkeeping Services
This is certainly more expensive than the other options in this list, but it is the least risky way of ensuring proper bookkeeping for your small business. Having professional bookkeeping services by your side will ensure you get the job done without constantly monitoring them. Also, their diverse experience with multiple accounting software and spreadsheets makes them ideal for your unique needs.
Thinking of hiring bookkeeping services for your small business?
Contact Paysquare for accounting and bookkeeping services. We provide a range of services that includes general ledger reporting, bank reconciliation, tax compliances, financial consultation and more. Equipped with the right kind of technology and best of industry practices, we guarantee seamless services and utmost privacy for your business information.
Contact us today at +91 74200 13335 to speak to our representatives.