If you have been doing your own bookkeeping for your small business for a long time, it may be time to consider hiring a full time bookkeeper. Let’s talk about how you can know if now is the time to hire a bookkeeper.
1. Do you only do bookkeeping during tax season?
Monthly and quarterly reports are very beneficial to your business. When accountants don’t keep up with your bookkeeping, you won’t get regular financial records, which can dissuade investors due to the nature of transparent financial records. Regularly staying up-to-date on your bookkeeping lets you easily track how your bottom line is shifted by your business decisions. Lastly, accountants tend to be more expensive than an outsourced bookkeeper, which means you can reduce your operating costs and shift the savings to further investments.
2. Are you constantly behind on your books?
It’s easy to get behind on your books especially if you’re juggling all of the many tasks of your business at the same time. Ultimately, this could end up putting your company in serious financial risk because you don’t consistently track how much you are spending or how many funds are tied up in other projects. By keeping your books up-to-date regularly, you can have the power and ability to run an efficient business.
3. Do you know what means are available to you?
Bookkeeping has the perk of tracking how the money moves around your business. This cash flow helps you understand what capital and assets you have at your disposal to further invest or save at your discretion.
Knowing your cash flow data at all times allows you to make better informed financial decisions, which will ultimately help you grow your business.
4. Do you find you don’t have enough time for other business tasks?
It’s a lot of work to run a small business and manage everything yourself. As a successful business owner, you have probably developed the necessary ability to juggle many responsibilities at once; however, you outsourcing your bookkeeper work will significantly free up your time. Hiring a firm for your bookkeeping is especially helpful when you don’t like the administrative financial tasks. Do your full research and due dilligance before finally deciding what bookkeeping service you use. Various companies charge differing amounts and offer many different services. Doing a little research will help you determine which company can fulfill your bookkeeping needs.
Look into bookkeeping services
If these questions apply to you, it may now be the time to hire outside help for your bookkeeping services. Don’t wait to start improving your books before it’s too late.