As a small business owner you wear many hats and are involved in every area of your business, even some that you might not be the best at. As the business grows you might start to feel overwhelmed with not only trying to run your business, but with all the bookkeeping you need to take care of at the end of the day. This often means that it is put at the end of the “to-do” list. Don’t be the small business owner that risk losing their business because they think they can do it all. News Flash! You can’t.
Here are 5 reasons why you should consider hiring a bookkeeper:
- Do what you do best!
You started your company because you feel like you’re a professional in that field. So you and your team need to be focusing on your business! Working on the business by getting more leads, pushing sales, and providing world class customer service to your existing clients.
- Escape the tedious tasks of a business owner
Unless you are a bookkeeper than you probably don’t enjoy the tedious task of paying all the bills, making sure you have invoiced the correct people, reconciled your bank accounts and much more. So let someone who enjoys these things take that off your plate. This will give you peace of mind that bills are paid on time and you aren’t waiting one payment from and invoice you didn’t have time to send out.
- Compliance/Tax issues
Every business has ever changing compliance regulations and it can be time consuming to keep up with the new changes. The same thing goes for filing your taxes correctly. The IRS doesn’t give out a guide on how to file taxes for a start-up company. Have someone who keeps up the compliance regulations and tax filings regularly so that you don’t have to worry about filing wrong and potentially getting audited.
- Get a better perspective on how the business is doing
You might believe you have a good idea on how the business is doing financially, but it’s best to have another pair of eyes on it. A bookkeeper can put the financials in order and run reports to show you how you are doing each month. They can give you a “big picture” through numbers being crunched.
- Financial Impressions Count
As your business grows you might need to present your finances to bankers or investors to gain capital to continue to grow. If you have an accurate set of financials the investors will be impressed that you have good business sense to outsource a good bookkeeper and are potentially a great candidate to work with.
Every business owner is different and can take advantage of different tools that help make their business more competitive in their market. Hiring a good bookkeeper can be one of the most important tools in your tool box. You should never handle your own medical treatments unless you’re a doctor, and you shouldn’t do your own books unless you’re a bookkeeper.