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Bookkeeping is an integral part of a smooth and efficient business operation, whether you run a one-person sole proprietorship or a massive Fortune 500 corporation. Those who own small businesses often operate with smaller staffs, so it's not uncommon to have less time and resources to devote to bookkeeping. To understand the important role a bookkeeper plays, a few of their many helpful responsibilities are discussed below.

Why Your Small Business Should Have a Bookkeeper

1. Maintain Accurate Records

Accurate records are a central part of both bookkeeping and small business management, allowing you to monitor and track all income and expenses. They are also necessary for paying taxes; without correct records that break down how cash flows in and out of the business, you won't know how much to pay the IRS or how much the IRS might owe you. A bookkeeper can prepare reports that further illuminate the information in your records and where your business stands from a financial perspective; these reports might include profit and loss and cashflow statements and balance sheets.

2. Handle Accounts Payable & Receivable

bookkeepingA bookkeeper will oversee the timely payment of all business-related expenses, such as the lease or mortgage, utility bills, and basic operating costs. They can also handle accounts receivable by generating invoices and posting incoming payments from your customers. They are equipped to help with collections as well, ensuring customers honor their obligations and your business receives timely payments.

3. Manage Payroll

Payroll is a time-consuming task that many small business owners would rather trust to a professional. After all, you want to be absolutely certain that your employees are getting paid for their work and that they are recording their hours correctly. Fortunately, many bookkeepers offer payroll services. These might range from entering employee data into your business's payroll software to calculating totals and generating paychecks.

 

Erie & Associates, P.C., has more than three decades of experience in bookkeeping, payroll services, and accounting. Serving the Bowie County, TX, area, they offer financial services to businesses throughout the region. From basic tax preparation to in-depth financial projections, they are here to help your business thrive. Call (903) 792-6651 or visit them online to schedule an appointment today.

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