As a business owner, you know the value of investing money into something that will bring bigger returns. But have you considered how adding a bookkeeper to your business team can provide valuable returns in the form of money savings? If not, here are five key ways they can save your small company money. 

1. Lower Taxes.

Getting your books in order means that few or no business deductions will go unused. Instead of trying to keep receipts and remember transactions on statements that occurred months ago, your transactions and all the necessary information will have been reported, categorized, and filed for tax time. In addition, better bookkeeping helps defend against any questions, errors, or adjustments the IRS may have.

2. Less Interest Paid.

Because the bookkeeper will have a better handle on the business's true financial situation, they can help you avoid having to access expensive sources of credit. How? You can better forecast when cash will be needed, ensure receivables get paid, and avoid last-minute scrambles. 

3. Savings on Accounts Payable.

Accurate accounts payable reports save money in three primary ways. First, you know what needs to be paid and when, so you end up with fewer late fees and interest on unpaid bills. You can also better take advantage of discounts for early payment. And finally, it prevents double-payment on invoices because you know exactly what's due and what's been paid. 

4. Fewer Regulatory Costs.

All businesses have to deal with regulatory agencies, audits, document deadlines, and fees. Failure to follow the rules puts you at risk of extra fees, penalties, interest, and additional audits. While your bookkeeper may not handle all these interactions, better bookkeeping will help you know what's been filed and paid, meet payment deadlines, and produce records needed to pass audits. 

5. Analysis of Weak Spots.

Most business owners aren't accounting professionals, so they aren't likely to even know where all their company's weak spots are. And if they do, they probably don't have time to try to fix them. This is where a bookkeeper comes in to help. They're paid to focus on your books, so they stand a much better chance of success fixing money leaks, reducing costs, boosting cash flow, and eliminating waste. 

Could your business benefit from any of these money savings? Undoubtedly, most small business owners would say yes. If you do too, start reaching them by making an appointment with a small business bookkeeping service in your state today. 

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