How a bookkeeper, accountant can help your business

Do you review your monthly bank statements? What about separating your business and personal bank accounts? Securing a money team does not relieve you entirely of the responsibilities of

practicing effective, good financial habits as an entrepreneur. Nor is it wise to combine the roles of your money team for the sake of cost and time savings. As your business grows and you

generate enough revenue to affordably hire a bookkeeper and accountant, consider the value of each role. THE VALUE OF AN ACCOUNTANT: Amanda Gascoigne, a 20-year small-business veteran and

accredited accountant, explains that “accountants do not merely just jump into your software, press a button and produce your … financial statements and tax returns.” While more expensive

than a bookkeeper, an accountant helps manage compliance, infuses critical thinking into the external factors that affect your tax liabilities and makes connections with, say, trusted human

resource advisers and lawyers. In short, a good accountant possesses the uniquely human skills that cannot be automated through standard accounting software. THE VALUE OF A BOOKKEEPER: 

Bookkeeping is a means to track all transactions within your business, but it’s more than simple note taking. Imagine you want to gauge why you don’t have higher profits despite a lucrative

sales period. Your latest financial statement may indicate that you’ve spent a fortune on postage and office supplies. As a result, you may decide to purchase in bulk to bring down your unit

costs or take advantage of supplier discounts and limit orders to twice a year. Accurate bookkeeping improves your budgeting and cash-flow management. But, of course, it takes time to

compile and analyze these records. Hiring a bookkeeper can be an efficient way to stay on top of these essential duties. UNLOCKING NEW BUSINESS OPPORTUNITIES Sometimes small financial habits

can work together to build the larger framework of a financially healthy company. And healthy finances can position small-business owners to immediately take advantage of: GRANTS: Accurate

books save time in the application processes for upcoming grants, especially those with tight deadlines. TAX CREDITS AND DEDUCTIONS: Your accountant may be able to identify credits and

deductions that could help your business, such as the employee-retention credit. VENTURE CAPITAL INVESTMENTS: Well-maintained cash flow, profit and loss, and income statements may encourage

venture capitalists to invest in your business more confidently because of its financial transparency. GOVERNMENT CONTRACTS: You may be able to gain access to federal, state and local

government contracts if your business can provide the clear financial records that are a requirement of the vetting process.  SMALL-BUSINESS CERTIFICATIONS: Widen your access to new

opportunities and grow your business with the guidance of organizations and agencies that help small businesses that can prove they meet certain requirements (for example, those that are

owned by racial minorities or women). BANK LOANS: Unlock lines of credit, small-business loans and more with well-maintained financial records and a solid business-banking relationship.

Building a financially sound, scalable enterprise takes time and patience. But as your business grows, an investment in upgrading your finance team can save money over the long term and

possibly give you access to previously unattainable opportunities.