“With a staffing footprint of only a few attorneys why do I need a bookkeeper?” It’s a question I’ve heard a lot over the course of my career. Many lawyers who work in small firms don’t see the benefit of relying on external expertise to keep their books organized. Unfortunately, many of those same lawyers eventually come around to a different way of thinking only after something bad, or even catastrophic, happens with their accounts.
The nuances of bookkeeping vary from one corner of the market to another. When assessing candidates, it’s important to look not only at total years of experience, but also at the relevance of that experience. For example, if your business is fashion, a bookkeeper who has primarily worked in the auto industry won’t have the insights into your industry that can really add value to your work together.
Your balance sheet reveals a great deal about your business, including the total value of
your assets – the things you own; how much you owe to others – your liabilities, and the
level of your liquidity These three aspects will be studied carefully by lenders and investors − and by buyers if
you intend to sell your business. Read more to understand how to strengthen your balance sheet regardless of your industry.
No business owner looks forward to a letter from the taxman requesting a closer look at the books.
If you’ve received an audit letter – an official request by the tax authority to review your
accounts and confirm your taxes have been paid to date – don’t panic. Prepare.
These four steps will help you get through the process with minimal stress and the best
possible outcome.
