Most small businesses in the United States are struggling to navigate the challenges the current economy presents. According to the Small Business Administration 50% of all small businesses fail within the first five years. One of the most important factors a business needs to have is a working up to date knowledge of the status of their financial position.
The best way to have this knowledge is to have a bookkeeper updating all financial information on a daily, weekly or monthly basis. Bookkeepers help business owners maintain detailed and current financial records which are also used to evaluate the business' successes and identify the areas for improvement. Accounts payable, accounts receivable, payroll, sales tax, general ledger and reconciliations are just some of the services that bookkeepers offer.
Salary.com lists the national median salary for a bookkeeper on staff is $38,209. For most small businesses this puts having a bookkeeper on staff out of reach. Another option is using a bookkeeping service which will come into the business office at scheduled intervals and update all the financial information. Bookkeeping services generally charge set up fees to new clients and have a monthly minimum charge. Owners who prefer to have the bookkeeping work done on site choose this option.
Thanks to the digital age there is yet another option now available to business owners. Virtual bookkeepers provide the same services while never stepping foot inside the business. Utilization of secure exchange of information sites and cloud based applications aid in the exchange of information between the business and the bookkeeper. Since there is not the same amount of time involved in actually traveling to the business versus downloading information from the web this is generally a less expensive option.
There are also many software and web application options available to business owners who wish to keep track of their business finances themselves, Quickbooks, Peachtree and Xero.com to name a few. All provide user tutorials to help set up and manage their business finances. Some bookkeepers also offer a service to set up these systems for an owner and provide instruction for use.
No matter what option a business owner chooses having the financial status of their business at their finger tips is an invaluable advantage. Gemini Small Business Solutions, LLC would like to provide your business with this competitive advantage. Call us today!