Why You Should Hire a Professional Bookkeeper
Successful business owners know how to delegate. As an entrepreneur, the objective is to spend less time working in your business and more time working on your business. This means hiring contractors or employees to cover administrative and labor tasks, so you can focus on big picture visioning, planning, and growth. One of the major administrative tasks that small business owners often try to handle themselves - with poor results - is bookkeeping and accounting. While the fear of adding to your company overhead may be real, there are many reasons why you should hire a professional Bookkeeper.
1. Work smarter, not harder
Delegation, delegation, delegation. For maximum efficiency in your business, you want to focus your time where you’re the highest skilled. As specialists, Bookkeepers can manage your company's financial accounting much more quickly and efficiently than you. They can also take care of payroll, bills, and tax payments. This gives you more time and energy to give your all to the important things in your business - like managing your team, taking care of your customers, and developing your product or service.
2. Save Money When You Hire a Professional Bookkeeper
Spend money to save money. It sounds counterintuitive, but it’s a theory that holds water when it comes to accounting. Hiring a professional Bookkeeper can help you save money in several different ways:
Identify incorrect or fraudulent transactions by tracking and reconciling your accounts
Analyze your business expenses and identify areas for potential savings
Avoid late fees for bills - Bookkeepers offer bill pay services
Avoid tax penalties - your taxes are easy to prepare when your books are current
Avoid costly mistakes in your accounting when it’s done by a professional
3. Maintain Cash Flow
One of the major problems a new business can face is low cash flow. A professional Bookkeeper can help you identify and track important markers like your profit and loss, cash flow to debt ratio and cash flow to price ratio. Based on these metrics, they can give you accurate target numbers to reach for in sales and get your business in the black.
4. Peaceful Partnerships
Money is a main cause of conflict between business partners. A Bookkeeper can help keep the peace and resolve issues by providing accurate, current numbers of exactly what is going on in the business. An experienced, professional Bookkeeper can serve as an unbiased voice of reason between partners, potentially saving the company from expensive litigation.
5. A Fresh Perspective
A second pair of eyes on your business are invaluable, especially when it comes to your numbers. A Bookkeeper can help you identify trends and look for opportunities to maximize efficiency and profitability. A seasoned Bookkeeper often works with many different businesses, giving them a unique bird’s eye view of the local economy. This positions them to provide insightful advice for your business.
6. Work-Life Balance
Finally, our favorite reason why you should hire a professional Bookkeeper. Most people start a business to help people and make a profit. But there is often a deeper goal - to be able to live and enjoy life! The truth is, running a business can be tedious, especially when it comes to tasks like accounting. Business owners often get bogged down by the administrative work of running a company and lose touch with why they got started in the first place. Hiring a professional Bookkeeper helps prevent burn out and negative mindset. Saved time on accounting is time available to create a better work-life balance.
Ready to realize these awesome benefits of working with a professional Bookkeeper in your business? Contact us today.