Why Bookkeeping & Accounting Are Important Elements of a Small Business

Why Bookkeeping & Accounting Are Important Elements of a Small Business

Accounting is a vast subject and it’s often one of the toughest elements of running a small business. However, it is one of the most important elements of your business, which is why it’s vital that you take advantage of as many resources as possible. If you’re like many small business owners, you’ve likely considered hiring an assistant to help you with your accounting or bookkeeping.

The Role that Bookkeepers & Accountants Play in Small Businesses

Although both will assist you with the financial aspects of your small business, it’s important to know the differences between bookkeepers and accountants so you can understand which will provide you with the assistance you need.

  • Bookkeeping essentially involves handling your day-to-day accounting, which includes recording financial transactions. Focusing on bookkeeping involves a heavier role in the operational side of your business. All of the individual transactions recorded each day are then reconciled with your bank account each month to ensure all amounts, debits and credits were recorded correctly.
  • Accountants use data compiled by bookkeepers to provide small business owners with financial insights that they can use long-term, whereas bookkeeping involves the operational side of your business, accounting is more analytical. These individuals may prepare financial reports that forecast your cash flow, highlight positive or negative trends, and provide tax-related advice.

Bookkeeping and accounting involve much more than these simple tasks and it’s clear to see that both bookkeeping and accounting roles are necessary for any small business owner who wants to grow their business. However, the absence of these services could cause your small business to undergo severe financial trouble. From incorrectly balancing your books to mistakenly reporting inaccurate tax records, it’s quite easy for a small business owner with limited accounting or bookkeeping experience to make mistakes.

Bookkeeping & Accounting with QuickBooks

Even though QuickBooks claims to be an out-of-the-box accounting solution, there are plenty of easy ways that you can make crucial mistakes. By enlisting the help of bookkeeping and accounting services to help you manage your QuickBooks, you can avoid many of these common mistakes. Some of the signs that you may need professional accounting or bookkeeping assistance with your QuickBooks include being bogged down by too many tedious tasks, the presence of frequent accounting errors, concerns from customers or suppliers regarding mistakes, and simply not knowing how you can evolve your small business to reach your financial goals. If you feel like you’re alone in your small business management, partner with TheOfficeSquad for exceptional outsourced services. Join our Flight Club today and receive a number of helpful bookkeeping and accounting benefits, including:

  • Discounted services from CPAs and CFOs
  • QuickBooks training
  • Remote access to a cloud-based, virtual desktop
  • Access to the latest QuickBooks software
  • Assistance with QuickBooks from our squad

TheOfficeSquad is on a mission to help you take control of your accounting and bookkeeping. Contact us today at 702-649-3495 to learn more about our Flight Club and how we can help you grow your small business.