Reasons to Hire a Professional PASBA Bookkeeper
Published on : Aug 15 2011
Maintaining the financial records of your small business is imperative to the health of your company. You’ll find that those small businesses with organized bookkeeping are the ones that are steadily sustaining their growth and fairing well despite fluctuations in the economy. If you are having trouble staying on top of your business financials, then the Professional Association of Small Business Accountants (PASBA) can help you find a certified accountant that offers bookkeeping services in your area.
The negatives of continuing to let your small business financial records fall by the way side far outweigh the cost of hiring a professional small business accountant. Running a viable business means knowing what your monthly overhead is and how much your company is earning each month. Without proper bookkeeping, it would be impossible to know the current state and financial health of your business.
Cash Flow Issues
No business wants to run out of cash because of improper record keeping; this just causes stress and can even affect your credit rating. To run your company effectively you must know what products or services are bringing in the most profits and which ones are struggling. The major method of keeping abreast of this important information is with organized accounting and bookkeeping services. It is also essential to use a bookkeeping service to keep your accounts payables and receivables moving along on a daily basis.
If you are not keeping track of your financial records like you should it becomes easy for those with access to your business accounts and petty cash to misuse these funds, putting your business in jeopardy without you even realizing it. Hiring a bookkeeping firm to pull together your small business financial records makes it simple to detect any unauthorized activity on your accounts.
Small businesses often are in search of a low interest business loan that can help them take their company to the next level. But, in order to achieve this, suitable documentation of financial records are needed. The banks need these documents so they can make an informed decision as to whether the business meets their loan criteria. Typically, you are required to provide several years of financial statements to show that the business is profitable and that you, as the owner, will be able to pay back the loan. A certified accounting firm offering small business bookkeeping services can be very beneficial in this situation, especially if proper records were not maintained over the years.
After filing your taxes the IRS may decide to issue an audit of your small business if there appears to be some discrepancies in the paperwork that you filed. This can be due to improperly recording your financial data and may cause you many headaches before it’s over. If you end up receiving a notification that the IRS would like to audit you, then it is important visit PASBA to find an accounting firm that offers assistance with bookkeeping and taxes.
Selling Your Business
If you are looking to possibly sell your company in the future, it is important to keep up to date financial records for your small business in order to show potential buyers its viability. Disorganized financial papers will put off prospective buyers and leave you in a dilemma. Finding a qualified individual to help with your small business bookkeeping will give you an organized and factual edge to sell your company. The accountants registered with the Professional Association of Small Business Accountants will be able to assist you in impressing prospective buyers with your thorough financial records rather than put them off with messy fiscal reports.
PASBA member accountants bring the collective resources of a nationwide network of Certified Public Accountants, Public Accountants, Enrolled Agents and other practitioners available to answer your tax and financial questions and streamline your business accounting, bookkeeping, and payroll operations. To find a trusted accountant in your area, visit www.SmallBizAccountants.com.
Please be advised that, based on current IRS rules and standards, any advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty that the IRS may assess related to this matter. Any information contained in this article, whether viewed or subsequently printed, cannot be relied upon as qualified tax and accounting advice. Any information contained in this article does not fall under the guidelines of IRS Circular 230.
Copyright Information 2011 Professional Association of Small Business Accountants