For a solopreneur, entrepreneur or small-business owner, having a good bookkeeper is just as important as having a good accountant. One is no substitute for the other.
Generally, a bookkeeper is responsible for recording financial transactions, including sales, purchases, receipts and payments, into a general ledger. Other bookkeeping tasks may include monitoring cash flow, paying bills and collecting money that is due to the company.
Why would you need a bookkeeper? Following are three good reasons:
Time Is Money: Running a business involves a good deal of paperwork, and doing paperwork is probably not the best use of your time. The time you spend doing your own books could almost certainly be better spent.
Accurate Financial Statements: Lenders, investors and creditors expect you to maintain accurate books and produce proper financial statements. These records can also help your business stand up to a tax audit. Of course, you must produce proper financial statements if you ever want to sell your business as well.
Tax and Financial Strategies: A bookkeeper can guard against over- or underpayment of taxes, advise you on the profitability of your efforts, and help you be proactive about your finances.
In the U.S., there is no certification or license requirement for bookkeepers, but the National Association of Certified Public Bookkeepers offers a Certified Bookkeeper credential or Certified Public Bookkeeper license.
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