Hello and good afternoon everyone, welcome to the first installment of The Numbers Blog! This is the official blog of My Numbers Guy – The place where I fill you guys in on everything accounting (don’t worry, it actually gets interesting!), answering all your questions, keep in touch with you guys and let you know what’s going on in the wild world of… you guessed it – numbers.
I’ve got a few good topics I’m going to discuss today. Seeing as this is the first installment I figure I’d start off simple – Things like basic expenses for businesses you’re able to claim, when the ideal time to hire a bookkeeper is (spoiler alert, it’s right now!) and some of the most common reasons why bookkeepers are a must for running your business in peak condition.
So, you own your own business, yeah? Doesn’t matter if it’s just you as the owner and only employee or you have a hundred employees working for you – I get that keeping track of every number is by no means an easy job. There’s payroll, supply expenses, property expenses… the list just goes on. A lot of people tend to think that while running a business, the only way to run it effectively is to have ultimate control and handle it all on your own. This is the biggest mistake most new businesses can make, because while you may have some basic understanding of cooking the books, proper bookkeeping is an entire job in itself. It’s not something that can be done properly and efficiently in your spare time, mistakes get made and even the smallest mistakes can snowball in to huge tax errors by the end of the year, causing you to owe more than you ever thought. Outsourcing your bookkkeeping still nets you complete and total control of your numbers, you just get someone who is a little more number savvy and helps keep your business in check. It’s my entire job to make sure all of your numbers line up constantly and recommend the best ways to cut costs, suggest write offs, explain possible tax credits – all that great stuff you would have no idea where to begin with on your own.
So far we’ve established how handy bookkeepers are, right? Well not quite. We’ve only just sort of glossed over their part in helping you take control over your business. Almost anything you can think of cost wise relative to your business a bookkeeper will immediately know how much of it can be written off. Most people are surprised at how much they’re able to write off – whether it’s the use of their home office, car payments, gas, business lunches, certain office supplies… it really goes on. Not only that but I’m here to make sure that come tax time absolutely everything is air tight and ready to be filed with every possible tax credit you can think of. This is my entire job,, and that’s something I notice most with new businesses – They think they can handle it all on their own and it ends up overwhelming them.
So that finally leaves us with… When is the ideal time to hire a bookkeeper? It’s now! There’s never been a more perfect time to bring me aboard your team. A lot of people tend to think “well, I’ve come this far and I’m doing fine” or “I can’t really afford it” when, let’s get real for a second – The amount of money saved, the tax credits found, the cost effective measures taken – all these actions improve the quality of your business and you often end up even further ahead with me on your side. So what are you waiting for, give me a call!
That’s all for this installment, I’d like to thank you for checking out my official blog. I update twice a month, be sure to stay tuned – Email me with any questions you might have and they may be featured in future posts. This is why I’m blogging – to help you, the people!
– My Numbers Guy, James Krant