Who Needs Bookkeeping Sevices?

 

I am going to keep this short and simple.

 

I believe EVERYONE needs bookkeeping to handle their finances, so that they can understand how much money they have coming in and exactly where their money is going on a daily, weekly or monthly basis.

 

This is important because understanding this information allows you to strategically plan out your life. 

 

With that being said, I do want to say, that I do not believe that everyone should pay for bookkeeping services though. Typically, paid bookkeeping services are reserved for business owners who are looking to get a handle on their finances so that they can maximize their businesses growth and keep their taxes and/or bills up to date. However, if you are a business owner who does 25+ business transactions on a monthly basis, then YOU NEED Bookkeeping Services. 

 

If your not sure What Bookkeeping Is, or What a Bookkeeper Does... Then you can read my article "What is Bookkeeping" for a simple and easy explanation. 

 

As for who needs bookkeeping services the most... I would say, Startups, Small Businesses and Independent Contractors are the ideal candidate for bookkeeping services. Here's Why...

 

Startups:

 

  • Budget Compliance

         -When starting a business there are a ton of objectives that have to get completed, which can get pretty costly. So it is important that you work under a tight budget to eliminate overspending. With that said, adding bookkeeping services will ensure that your money is being put to use in the most beneficial way and that your finances stay organized and up to date. 

 

 

Small Businesses:

 

  • Minimal Accounting Knowledge

         -A lot of small business owners are not well versed in the accounting field, so bookkeeping services would be very beneficial for managing the businesses finances.

 

  • Focus on growth

         -Bookkeeping could take a considerable amount of time to do (especially if you dont know what your doing), so bookkeeping services would free up some time to allow the business owner to focus on the activities that contribute to growth, rather than difficult financial task.

 

Independent Contractors:

 

  • Income and expense tracking

      -Bookkeeping helps independent contractors understand how much money they have coming in, going out and where it's going when it goes out. This is also helpful for them when tax season comes around and they have to file their taxes. 

 

  • Professional Organization

      -Keeping accurate financial records is crucial for professional credibility and financial stability. For instance, if you are looking to get a business loan to help your business grow, the banks or any lender is going to want to take a look at your bookkkeeping to make sure that if they loan you the money, you will be able to pay it back.

 

So in conclusion, I believe everyone needs bookkeeping, however everyone shouldn't neccessarily pay for bookkeeping services. That is usually reserved for businesses and independent contractors. but here is a list of the top 8 businesses that need bookkeeping services...

 

  • Clothing Stores
  • Grocery Stores
  • Restaurants
  • Law Firms
  • Consulting Firms
  • Healthcare Firms
  • Real Estate Agency's
  • Ecommerce Businesses