Many people, especially business owners and freelancers, complain about their money because it takes so much time. One of the biggest time drains is doing your own bookkeeping. Here are a few suggestions on Bookkeeping for Small Business Owners:
1) Overall, it is a disadvantage to do the bookkeeping work yourselves. Chances are it is taking twice as much time as it would a bookkeeper. You could be spending that time marketing your business and bringing in more revenue. While many small business owners do not want to spend the money for a bookkeeper, they are just looking at it on a short-term basis. By spending that little bit of money every month (average $50 an hour for 5 hours a month), they could start seeing much more money in earnings.
2) Another advantage of working with a bookkeeper is you will get regular professional reports, such as Profit and Loss Statements and Statement of Cash Flow. Reading and analyzing these reports on an ongoing basis will allow you, as a small business owner, to make more strategic and educated decisions about growing your business.
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