Should I Hire a Bookkeeper? - Terry Hendrixson CPA

Do you own a small business in the Franklin area and you're overwhelmed with bookwork? Perhaps it's time to hire a professional like Terry Hendrixson. Are you thinking, "No! I don't want to spend the money on one!" or, "I don't really need an accountant", we have some reasons why you do in fact, need a bookkeeper.

Opportunity Cost: The bottom line is that it takes time to keep your own books; time that you probably don't have. Time that you could be spending on other areas of your business or personal life. f you aren't an accountant or have little familiarity with software that assists with bookkeeping, the time it takes you to enter transactions into your ledger will be much higher than what is necessary. Don't think about cost just in a dollar amount; think of it as TIME. Time is money! You may find it makes financial sense to bring in a third party, even if it involves some additional expense to your business.
Accuracy: When you hire an accountant like Terry Hendrixson, you are employing an individual with accounting experience. Our staff knows how to enter and classify your transactions. This not only helps keep your books accurate; it also helps for pre-tax planning. When you keep your books yourself, you may find a certain amount of procrastination is natural (I am the queen of procrastination!). You get busy, and you decide to close out the month on the third of next month instead of the thirtieth of this month. Hiring an accountant or bookkeeper won't procrastinate, will check accounts more often and usually do a better job.
Conflict of Interest: This is a tricky situation! If you're in a partnership or business arrangement where there is more than one individual with an interest in the accounting of your business, it's beneficial to have a third party do your books. No matter if you think you have a great business relationship - money changes every relationship! Your business partner might be your best friend, however, these relationships can easily turn sour if there is any accusation of misconduct with bookkeeping. Even an unintentional error at the hands of one person can cause a serious and unrepairable rift in a business relationship. Take the potential conflict of interest out of the situation, and use a third party like Terry Hendrixson to carry out the transactions. You and your business partners will be better able to deal with any potential issues if none of you are directly at fault.
Outsourcing: In the world we live in today,there is no need to hire an in-house bookkeeper or accountant for most small businesses. If your transactions demand a daily, full-time accountant, then it may be the time to seek one. However, if you simply need someone for a few hours a day or a few hours a week, consider outsourcing the job to the professionals at Terry Hendrixson. You will save money on salary and benefits to the individual. With the advances of technology, communicating with a third-party accountant is as simple as sharing your information with an external hard drive.

Terry Hendrixson CPA provides a wide range of services to individuals and businesses in a variety of industries. At Terry Hendrixson CPA, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Give us a call today at 615-595-4298.

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