As the business world becomes more competitive, more businesses are relying on bookkeeping services than ever before.

Over the past five years, the demand for bookkeeping and related services in the United States has been growing by about 2.7% on average each year.

In 2023, there are more than 320,000 bookkeeping services that generate over $66 billion in revenue.

This industry continues to grow because of how valuable the tasks bookkeepers handle for businesses are.

Many businesses start to consider hiring bookkeeping services as they get bigger and busier.

On the other hand, some business owners hesitate to find a bookkeeper because they do not know exactly what one can do for their business.

Understanding more about the typical tasks your bookkeeper can handle for your business can help you appreciate the value they can add.

So what are some of the most common things a bookkeeper might be able to do to help your business?

Read on to learn the seven top tasks that bookkeepers can handle for small businesses!

1. Bookkeepers Can Manage Daily Transactions

Although bookkeepers can help with almost every part of your financials, one of the most valuable things they can do is manage your accounts on a daily basis.

They can keep a careful eye on every sale your business makes.

At the same time, they can watch your expenses.

By keeping track of these transactions, your bookkeeper will be able to warn you in advance if you are starting to encounter cash flow problems.

This is one of the bookkeeping tasks that many business owners take care of for themselves when they first start out.

However, as businesses start to grow, business owners often want to spend less time on data entry.

Working with a bookkeeper can help you save time and focus on growth instead.

2. Enjoy Updated Records With Bookkeeping Services

The same principle applies to maintaining your business records.

The longer you have to do this yourself, the more tedious it is likely to seem.

Some business owners end up putting off record maintenance because there always seems to be something more urgent to take care of.

When they get around to doing it, they sometimes rush through the process.

The bad news is that this can also lead to making more mistakes.

On the other hand, your bookkeeper will be able to notice any inaccuracies between your accounts and your records.

By correcting these problems as soon as they appear, they can make sure that your business is ready to deal with any unexpected financial problems in the future.

3. Improve Small Business Compliance With a Bookkeeper

Complying with tax law and other regulations can be complicated and time-consuming.

That goes double because these laws tend to change from year to year.

Many business owners give up on making sure that their compliance is perfect.

However, that means leaving yourself exposed to potential penalties down the line.

Your professional bookkeeper will know a lot more about how to comply with all of the details of the law.

They can help protect you from penalties so that your business can focus on operations and growth.

4. Be Ready for Tax Season With a Bookkeeper

A lot of business owners dread the approach of tax season.

However, with a bookkeeper on your side, you can feel confident that everything will be in order when it comes time to pay your taxes.

This can even save you money in the long run.

After all, keeping your taxes in order can help you avoid late fees and other penalties.

On top of that, preparing excellent tax returns will decrease the chance that your business will be subject to an audit at some point.

5. Accounting Services Can Help With Expenses

As businesses grow, they start to rack up accounts payable.

Although you may be able to handle processing them on your own, it is more efficient to let a bookkeeper take care of it for you.

They can process all of your invoices and make sure that all of your payments go out on time.

That can help you protect your reputation.

It can also help you preserve valuable business relationships.

6. Stay On Top of Billing With a Bookkeeper

The same principle applies to your accounts receivable.

Many businesses end up short on cash at a bad time because they have not managed all of their accounts receivable.

Your bookkeeper can make sure that you are following up with clients on time and receiving payment from them.

It can be frustrating to follow up over and over again with a client who owes you money.

Outsourcing that task to a bookkeeper can save you a lot of time and stress.

7. Bookkeepers Can Prepare Financial Statements

It is hard to overestimate the power of excellent financial statements.

Your bookkeeper can help you create statements that can give you a quick bird’s eye view of your business situation.

Regular financial statements can help you stay in touch with your business operations and make savvy management decisions.

Know the Top Tasks Bookkeepers Handle

Many businesses hesitate to hire a bookkeeper because they do not know exactly what tasks bookkeepers handle.

We hope that learning more about what a bookkeeper can do for you will help you assess whether or not you should hire one.

Many businesses find that working with a bookkeeper allows them to focus on growth and avoid expensive errors.

To learn more about how you can find the right bookkeeping services for your business, reach out and Contact us any time!

Ready to unlock your business’s potential with a skilled bookkeeper? Reach out for the perfect bookkeeping services in Mesa, AZ. At Master Accounting and Tax Service, we specialize in providing top-tier accounting, tax, bookkeeping, and fractional CFO / controller services at an affordable cost and with the utmost integrity. Call (480) 456-4999 or Contact us today!

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