Do you often find yourself overwhelmed with the routine, yet critical tasks of your business? If so, you are not alone.  Most small business owners feel this way.  To reduce the stress many choose to focus on tasks that they believe increase the bottom line, while putting off tasks like bookkeeping until later.  The fact is neglecting bookkeeping tasks can significantly decrease your bottom line.  Consider these four areas where an efficient bookkeeper can increase your bottom line.

Reducing Interest Expense – A bookkeeper will track and monitor your monthly income and expenses. By knowing your business’s cash flow position you will be less likely to rely on credit debt to finance your business’s growth.

Taking Advantage of Discounts – Have you ever received your vendor bill and noticed that the vendor offered a discount if you paid within 10 days?  You probably thought, “I’ll do that.” Then, you forgot.  Your bookkeeper can help you monitor your cash flow to  take advantage of discounts which lowers your cost of goods sold.

Making Timely Payments – Not paying your bills on time can cost you big!  Furthermore, government remittances such as employment tax and sales tax carry hefty fees for late or non-payment.

Reducing Errors – Mistakes could mean huge losses for your business.  Whether it’s forgetting to enter an invoice for a customer job or entering transactions incorrectly, you can’t afford to lose money due to bookkeeping errors.

Bookkeeping has to be done timely and correctly.  Data that is entered accurately, along with correct preparation and analysis of financial statements, and on-time filing of government remittances means you can avoid any penalties and interests.  The result: you make smart business decisions and increase your bottom line.