Bookkeeping is a crucial part of any business. However, it can easily be set aside for other immediate priorities such as inventory, client calls, and orders to fulfill. Depending on the stage of growth that your business has reached, it might be helpful to consider hiring a bookkeeping company in New York.
Delays in managing your books can end up costing you in the long run, especially when you’re running a full-scale New York business. For example, if you do your own accounting on top of managing your business, you’ll find yourself behind and wasting time when it’s time to file your taxes. You’ll end up paying a premium to have an accountant clean everything up at tax time.
In addition, keeping your books up to date will give you the comfort of knowing how your business is doing throughout the whole year.
Here are the pros of hiring a bookkeeping firm in NY.
They help in financial monitoring
Hiring a professional to do the bookkeeping for your small business in New York lets you have someone to take care of both your monthly financial reports and business taxes. Every month, your bookkeeper prepares a balance sheet and an income statement, and—depending on what style of accounting you use—a cash flow statement.
They prepare these financial statements properly and according to New York’s accounting standards.
They can maximize your tax benefits
As you may already know, New York businesses are taxed differently from individuals’. Your business may be able to write off certain expenses, such as utilities, phone and internet bills, or travel expenses. However, if bookkeeping is not something you do for a living, you could overlook one or two benefits that you can take advantage of.
This is where a bookkeeping service for New York startup businesses comes in. Hiring an experienced bookkeeper lets you know the business expenses that are tax deductible. Plus, the cost of hiring and working with a bookkeeper is also tax deductible.
They help keep you out of financial trouble
If you are subscribed to a bookkeeping service in NY, you will have a safety net for financial challenges. Should your company need to undergo an external audit, you will benefit from having a bookkeeper. They can also make sure that your business habits will not get you into difficult situations. Your bookkeeper will advise you on financial matters that might affect your business.
They help you save time
As mentioned earlier, there are a bunch of other tasks that you need to pay attention to as a business owner. When you spend less time on administrative tasks like bookkeeping, you’ll enjoy more time to focus on your clients’ and business’ success.
They might help you increase profits
According to a survey by accounting software Xero, companies’ profits increase by an average of 16% after hiring a bookkeeping service. This is due to the fact that bookkeepers have the experience to efficiently manage your bookwork, giving you more time to focus on other areas of your business.
With all these pros, you may already be looking for a bookkeeping firm in NY.
Get top-tier bookkeeping services in New York with Melanin Tax Solutions!
Melanin Tax Solutions provides tax and bookkeeping services in New York to a wide range of clients. Whether you’re an individual, sole proprietor, partnership, small business owner, or corporation in New York, we can help you keep track of your finances and stay compliant with the law. Our team is equipped with over twelve years of experience helping clients in specialized fields such as real estate, stocks, and even cryptocurrency. That assures you that whatever field you and your company are in, Melanin Tax Solutions is ready to help you.
Our bookkeeping services in New York are tailored for each of our clients to give them the back office support they need to not only keep their business running smoothly, but help it thrive as well. With a complete suite of bookkeeping services, you’ll always be able to access financial statements so you’ll never be lost when it comes to the financial picture of your business. Meanwhile the systems and processes we put in place will help instill consistency within your company’s accounting and finance department.
Book an appointment today!