CPA Financial Architects understands that an entrepreneur sometimes means being a “one man show”, so they do very well in DIY situations. The mentality is do everything that you can do yourself, therefore you don’t have to pay someone else to do it for you. That’s why it is very difficult to convince entrepreneurs, not just in Henderson, Nevada, but also worldwide, that hiring financial help such as a bookkeeper would be best for them as well as their business.

Technology makes it very easy for all of us to look at it that way. The development of user-friendly software like QuickBooks, allows many business owners to believe they can keep their records without any help, even though they are struggling to squeeze in the time to do them and are in self-doubt whether they are actually doing things correctly.

Randy Mitchelson ran National Web Leads, an Internet marketing company in Estero, Fla and found that he constantly struggled to hire a bookkeeper. He as well as many other fellow entrepreneurs find basic accounting a breeze to do, but it takes you away from actually working on your business. As time goes on, Randy’s accounting and tax planning got more and more puzzling. Therefore, entrepreneurs only realise after being in business for an extended period of time that they were not doing so well on their own and call in a profession to untangle their financial knots.

Even The Fresh Diet’s chief executive, Zalmi Duchman, had to take the plunge and hire a bookkeeper after five years of working without one.  He understands his meal-delivery company in Miami is better off with one. The bookkeeper organized accounts, so expenses were in one ledger and assets were in another.  The new employee went as far as reviewing employee purchases for duplications and started to maintain the humdrum, but important task of paying bills. Duchman saves $500 to $1,000 in late fees every quarter and feels he can now make better as well as more professional decisions.

Do I Need a Bookkeeper or an Accountant? Below are some options for small business owners who are seeking professional help with their financial workload:

Who to Hire? A Bookkeeper or an Accountant?

Well, you could require both of their services. It depends on your situation, sort of like when you are building a house you need an architect to draw the plans and the carpenter to carry those plans out. An accountant examines your financial situation and provides imperative advice. Also, CPA Financial Architects, who are accountants in the Henderson, Nevada area just outside of Las Vegas, remind us that accountants generate essential financial documents, like a profit and loss statement and file a company’s taxes.

Once tax season is out of the way, an accountant can be contracted out as a chief financial officer, giving the entrepreneur advice on financial strategies, such as deciding if gaining credit, in order to introduce new products, is financially beneficial for the company. Bookkeepers are different, because they are more hands on with the day to day financial workload of the business. For instance, guaranteeing new employees give in all the correct paperwork for the company’s payroll, sending out invoices and chasing up on them, as well as paying bills. Bookkeepers are also responsible for noting down all company expenses and recording them into the books (correctly) into an accounting software system like QuickBooks, so the business is prepared when tax time reappears once again.

How Often Do You Need A Bookkeeper?

A few hours a week within the first few months of a new venture is a good start, suggest CPA Financial Architects. A bookkeeper is usually very occupied the first six to nine months on recordkeeping to actually keep an eye on trends and strategically focus on where the money is being spent and how it can be saved. However, when things start to settle, the bookkeeper can offer this service to you. This is when he or she becomes a valuable asset to your company.

Should you Outsource an Accountant or Bookkeeper?

Many small businesses in Henderson, Nevada stay with an outsourced accounting or bookkeeping service for a long period of time. Most outsourced services are for chief financial officer tasks and bookkeeping before the company reaches the $1 million mark or when it has 30 employees -whatever comes first. Even though, the initial scenario is more desirable for any entrepreneur. In any case, until either situation materialises a full-timer will not have enough work to keep busy every day.

If you find yourself calling your accountant every day, or wishing they were constantly by your side in the office, then it is time to get some full-time help. When your part-time bookkeeper feels like he or she would have better luck chasing their own shadow, then consider bringing in a full time bookkeeper to stay up to date with your company’s financial activities.