A lot of small business owners start by doing everything themselves, and that includes the financial side of things also. But at a certain point, your bookkeeping and accounting needs will become too much for what you can do yourself.
So, here are 5 reasons you need to hire a bookkeeper for your business.
#1: Because Your Time is Valuable
How much do you charge per hour? And how long does it take you to do your bookkeeping every week or every month?
Let’s say you charge your clients $80 per hour. If it takes you 20 hours to do your bookkeeping, it’s costing you $1,600 to do your own accounts—instead of doing work that you got into business in the first place to do and what actually earns you an income.
As your business grows, the time you spend handling your own bookkeeping can cut into your bottom line. It can actually cost you less to hire a bookkeeper to do this for you than you think as we will most likely do this in less time than it takes you.
#2: You’re Overworked
Being a small business owner often requires working a lot more than 40 hours a week. You put everything into your business, but you deserve to have some downtime away from the business as well right!
When you hire a bookkeeper, we can take a hugely time-consuming task off your plate. This means more time to spend with family and friends, pursue your passions outside of work and maybe even take a vacation (without cutting into your bottom line).
#3: Because You Could Have a Better Handle On Your Business’s Financial Health
Do you know how well is your business performing, anyway? If you are like a lot of small business owners the only time you take stock is during tax time—and then you are more focused on finishing your return than monitoring your company’s performance and then it is too late.
A bookkeeper can help you keep tabs on your expenses, revenue, and performance as it happens. We can help you understand your cash flow better, pinpoint opportunities to reduce costs and in turn improve cashflow and financial data to make better decisions about your business.
As a business owner, you might feel like only you can understand your business and handle everything. That is a common comment I hear as well as that business owners are embarrassed about the state their bookkeeping is in by the time they as for help.
But trust me: we’ve seen everything, from pristine books to folders full of receipts handed over to reconcile. No matter what shape your books are in right now, we can tame the mess.
#4: Because it Gives You the Capacity to Grow
It might make sense to handle your own bookkeeping while your business is just you and you are starting out. But what happens when you start to grow, you get a big contract that requires you to hire a team or hire subcontractors? That can complicate your financial scenario.
Suddenly, you are handling payroll, and making sure to comply with the relevant laws. Your paper wars are overwhelming and you don't even know if you have invoiced your time for last week. Sure, you can continue on by yourself, but unless you are an expert, that’s time-consuming and potentially risky. Let a professional handle all the bookkeeping challenges as your business grows and suddenly anything is possible
#5: Because Errors Can Be Costly And You Need To Stay Focused On What You’re Good At
Are you making mistakes that cost you time and money? If you are doing your own bookkeeping and accounting it’s very possible.
These mistakes could be anything from missing vital recharges, to picking the wrong company structure for your business, putting too many resources into less-profitable products and services, even clients, or spending more than you need to on business overheads.
What was it that got you into your business in the first place? Chances are, unless you are an bookkeeper or accountant yourself, it wasn’t bookkeeping or accounting.
It’s harder to focus on your passion when you have to spend hours doing things that have nothing to do with your passion. Hiring a bookkeeper frees up your time allowing you to focus on your business.
At Beyond Your Numbers - Bookkeeping and Business Solutions, can help you put a stop to costly financial errors, free up your time and give you back control in your business. Schedule a time with Leah today - Remember the coffee is on me. https://calendly.com/leah-book