14 Aug 4 Reasons You Should Hire a Bookkeeper
We talk to a lot of small business owners like you. What we hear over and over and over again is that you love what you do but you hate the demand of the back-office tasks.
It’s one of the biggest complaints of people who decide to start their own business.
It is a time-sucker! It isn’t what you’re good at and it takes you away from what you love!
Similarly, though, most business owners feel like they can’t afford or don’t need to hire a bookkeeper. You stay in the place of pain because you think it is just one of those things that comes along with owning your own business.
But that’s simply not true! The benefits of hiring a bookkeeper extend to almost every level of your business. In fact, we think it is a decision you can’t afford NOT to make.
Here are 4 reasons why:
4 great reasons to hire a bookkeeper
We mentioned this already but let’s face it: As a business owner, time is one of your primary concerns.
You want to be spending less time on the clerical tasks and more time on making your business thrive! You want to be able to take a vacation, spend time with your family, and maybe even spend time working on your golf game. That isn’t just for retirement!
When you hire a bookkeeper, you are bringing on an expert whose efficiencies and systems will free you up to grow your business and live your life.
Maybe you’re passionate about making pies or maybe you create and sell gadgets for ukulele players. Whatever your passion, it’s probably not logging receipts, paying bills, and filing taxes.
When you hire a bookkeeper that does LOVE those tasks, you can gain confidence in your numbers because they know what they’re doing and they’re doing it well. Catching errors can keep you from hassle down the road with your state or federal taxes. They can also save you from late payments, and the list goes on.
The fact is, there’s a cost to keeping your bookkeeping in house. Often, it’s not only a lot of valuable time but other resources (including money!) too. Click here to see what we mean.
Keep your numbers accurate and your stress levels down!
We have already mentioned the money that can be saved by ensuring your bills and taxes are filed correctly and on time. But there’s more!
Using a bookkeeping service that keeps your books up-to-date monthly means that they will be able to spot trends in your spending, catch duplicate or unnecessary charges, and point out places where your spending isn’t in line with industry trends.
You will also maximize your tax benefits by making sure your expenses and assets are all filed as they should be.
And did we mention saving money with your CPA? By having clean books, your CPA’s job will be easier and therefore their fees will be greatly reduced.
Saving money is always great. But at the end of the day, your business also needs to be profitable.
Hiring a bookkeeper is vital in helping you get there!
Many people run their business one day at a time. All they are sure of is that today, they have money in the bank and they had a good day of sales. But you need a clear snapshot of your company’s health in order to navigate forward.
- Are your profits greater than your expenses?
- If you experienced an increase in sales, would you have enough cash to cover the expenses associated with that?
- Can you afford to hire a better manager?
- When is the best time for you to do those repairs based on your sales trends?
All of these questions and decisions can be backed with accurate, up-to-date information!
By the way, another decision you’ll make as a small business owner is whether you should use accrual or cash accounting. Get the information you need here.
A professional bookkeeper can provide you with clear financials each month. These provide insight into the health of your business along with clarity on how to lead it towards greater success.
Ready to hire a bookkeeper?
Here’s the bottom line: If you want to save time, infuse your business with expert financial advice, and gain direction for the future of your business, then you should hire a bookkeeper!
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This article was originally written in 2015 and has been updated in 2020 just for you.