Why engaging a bookkeeper is the best investment for your business
As a small business owner, you’re likely concerned about every dollar you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. Bookkeepers, can be a great investment for any small business, provided of course you pick the right one.
You may well ask, so what does a bookkeeper do? Bookkeepers take care of the daily financial records for your business and make sure your books balance. They create and send invoices, track receipts and reimbursements, reconcile accounts and prepare certain financial reports. All the frustrating day-to-day financial stuff that you probably dislike, but they love.
Bookkeepers are a great investment for your small business, for a number of reasons.
They save you time
Unless you’re a great bookkeeper yourself and really enjoy doing your own books, you may find bookkeeping a burden. Chances are, you’ll put it off until it’s a massive chore to take on, then take 10 times as long to do it. You’ll find it takes you away from other business tasks such as training staff, networking, marketing your business or simply making sales.
The time you spend trying to understand your financials could be better spent on tasks you’re good at. Engaging a bookkeeper is a more efficient way to go as they are skilled at what they do and know how to take away the stress away by reducing your workload.
Your time—and your sanity—are worth the cost of a bookkeeper.
They are experts in their field
Are you up to date on the various tax laws and compliance requirements and fully aware of how they affect your business? Bookkeepers are. They can advise you about any changes to the tax laws and what those changes mean for your business.
Bookkeepers can also provide you with insight into your company’s financial situation. They can monitor your cashflow and if you are overspending in a certain area or need to reallocate funds, your bookkeeper will tell you. If there’s something you don’t understand about your financial situation, your bookkeeper will explain it to you, so your financial situation isn’t a mystery. They will keep you up to date so there are no nasty surprises later on.
Bookkeepers are more gifted than that, they can also advise you around better systems and processes that create efficiencies in your business. Great bookkeepers are versed around add-on software that extends functionality to the core accounting program to drive more and more automation giving your business the opportunity to scale and grow.
They prevent errors
Because bookkeepers are experts in their field, they won’t make the same mistakes you’ll make. Those mistakes might seem small at first, but data entry errors, mixing up expenses, and other errors can add up, costing you money in the long run.
They help you get paid faster so that you have improved cashflow in your business plus assist you with budgeting to ensure you stay on track with your expenditure.
As a small business owner, you might have so many other tasks that the ones that ensure you get paid—like sending out invoices—fall off the priority list. How many small business owners can say they’ve never been late sending out an invoice?
Your bookkeeper makes sure your bills are paid on time and all invoices are sent out promptly. If your invoices aren’t paid by their due date, the bookkeeper will be on top of it for you.
Is there any better investment for your business than one that makes sure you get paid for the work you do?
The services a bookkeeper provides can help you financially in the long run. They also prevent a lot of headaches and save you valuable time that you can spend on your business as opposed to in it.
As a small business owner, there’s no way you can be an expert in all aspects of running your business. If you don’t like bookkeeping or don’t have the time or knowledge to do it well, a bookkeeper is a valuable resource and a great investment for you.
Want some help with your finances? Contact us today.