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As a Business Entrepreneur Should I Know Accounting and Bookkeeping

News & Blog

What is the most important role of a business owner and entrepreneur? Is it to keep good financial records or is it to develop and lead the entire business? These two tasks are not mutually exclusive. As a business owner and leader you are the captain of the ship. It is your responsibility that all aspects of the business operate as they are supposed to. You typically have two options: do it yourself or hire a person to do it for you.

What Should I Know About Accounting and Bookkeeping?

You should not be doing day-to-day accounting and bookkeeping. However, you should have people and systems in place to ensure that all the financial aspects of operating a business run smoothly and are in compliance with federal, state, and local regulations. Have you paid your taxes? Are the paychecks of your employees submitted properly and on time? As a business owner, you should not be involved in the day to day aspects of accounting and bookkeeping, but you should have good people and systems in place to ensure the proper financial health of the business. The following is what you should do as a successful entrepreneur to ensure financial fitness.

Hire a Bookkeeper

A bookkeeper is the person who keeps daily records. They input receipts, run daily totals, verify employee hours, etc. The primary job is data entry, financial tracking, and generation of reports.

Hire an Accountant

An accountant is familiar with tax law and best practices. The accountant is the person who will file taxes and ensure tax payments to government agencies are correct and on time.

Find an HR Manager

Whether it is done internally as an employee or externally as a consultant, you will need the services of a Human Relations Manager if you have a number of employees. This person is responsible for paychecks, payroll taxes, employment compliance, and many other employee related issues. There are a number of resources available should you decide to outsource your HR tasks.   Accounting and bookkeeping are services that pair well with tax preparation so your business becomes a one-stop shop for your customers. When you’re already doing customers’ bookkeeping, they’ll naturally choose your service to complete their taxes as well. Contact 1040TaxBiz for assistance with building a tax business. https://www.1040taxbiz.com/contact-us/

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