So you’ve started a new business in the last year or two and you’re starting to generate more revenue. Or, maybe you’re an established business owner who finds themselves wishing there were more hours in the day to handle everything you need to. Whatever phase you find your small business in one thing is certain, a company cannot survive without someone handling the bookkeeping. Here is a list of the top reasons you should hire a bookkeeper for your small business.
1.) You don’t have the time
Phone calls, meetings, customer problems, family time, do we need to go on? As a business owner, it can feel as if the weight of the world is on your shoulders at times. It’s no wonder why bookkeeping often gets put on the back burner, especially for small businesses. It is not surprising to us that when we review a company’s books for the first time that we discover they’ve never reconciled any of their accounts. Do you find yourself every year on April 10th trying to figure out if you’ve added up all your receipts correctly in your excel spreadsheet all while hoping that your accountant has the time left to get your return done before the deadline? If any of this sounds familiar, one of the biggest time-saving measures you could invest in for your business is to hire an outsourced bookkeeper. Having someone provide your company with monthly profit and loss and balance sheet reports not only can save you loads of time , but can also help you understand how your business is doing throughout the year instead of just hoping that your company is profitable. By reviewing the numbers on a month-to-month basis you can see what areas of your business are performing well and what areas can see room for improvement. Having your bookkeeping done through-out the year can also help you plan for decisions that can help you save on your taxes.
2.) You don’t like handling the numbers
Most people go into business because they’re good at what they do, not because they enjoy accounting and bookkeeping. Bookkeeping often gets overlooked as an insignificant portion of someone’s business due to the fact most people don’t enjoy bookkeeping. Our outsourced bookkeeping service handles all aspects of your business’ books so that you don’t ever have to worry about it. If you don’t necessarily enjoy this aspect of running your business , hiring an outsourced bookkeeper is an excellent way to delegate this responsibility to someone else.
3.) You’re not 100% sure if you’re handling the books properly
Let’s face it, bookkeeping can sometimes be a difficult process depending on your business model and experience handling books. If you’re not sure you’re doing the best job of keeping your books as accurate as possible, hiring an experienced bookkeeper with knowledge of your industry can make a big impact on your business. Being able to provide clients with accurate numbers of how their business is performing is something we take pride in doing. Being able to see exactly how your business is performing can help you as a business owner make decisions that directly impact your bottom line. Without a doubt, businesses left a lot of money on the table with the Covid-19 stimulus packages due to not having accurate books. One of the best ways to ensure your books are as accurate as possible is to hire an experienced bookkeeper to handle this aspect of your business for you.
4.) you think it’ll be too expensive
Most small businesses cannot afford to hire an in-house full-charge bookkeeper or justify the cost of having one. The average salary of a full-charge bookkeeper in the U.S. ranges between $40,000 and $50,000 annually. The great news is that outsourcing your bookkeeping can be one of the most cost-effective ways to delegate responsibilities to someone else. Typically, outsourced bookkeeping can run just a fraction of the cost of a full-charge bookkeeper.
If you’re a small business owner and you feel like any of these scenarios describe you, we’d love to discuss with you how our bookkeeping services can help take your business to the next level!