Bookkeeping mishaps can cost millions. New York City’s 911 system was revamped, with an audit discovering significant overpayments and the ultimate accounting nightmare. The audit found that poor bookkeeping may have cost taxpayers up to $24 million.
Can you imagine the impact errors like these could have on a small business?
A mistake like that could easily shut down many businesses.
Some business owners mistakenly ask their receptionist or another staff member without the necessary expertise to handle the books, in an effort to save money. But this is often a big mistake that costs more in the long run. Utilizing highly qualified bookkeeping services such as those you’ll find through GoodAccountants.com will actually help you save money over time and avoid financial disaster like the situation in the Big Apple.
Without the right background and experience, even the sharpest employee on staff is far more likely to make errors that may not be apparent until it’s too late.
Using high quality bookkeeping services will ensure that when a bill arrives, not only is it paid on time, but the invoice is accurate; the auditors in the case above found that Hewlett-Packard invoiced the city for more hours than what was approved in time sheets and even charged $192 per hour for menial tasks, such as opening a door for visitors. This is something that a good bookkeeper would catch immediately.
Meticulous bookkeeping services will also help you to make sure your customers aren’t paying late, keep accurate records, save you money by helping you to avoid late payments and other fees, potentially save thousands of dollars to the IRS that can be incurred due to poor record keeping, and much more. This will also help you to discover where costs can be reduced. Bookkeepers are able to analyze to look for savings and find lower overhead costs for insurance and other expenses, or even ensure that tax breaks aren’t missed.
If you aren’t sure how to find the most qualified experts, all you need to do is contact the consultants at GoodAccountants.com. The service comes at no cost to you, and you’ll have the peace of mind knowing you’re getting the best bookkeeping services for your business.