If you are asking yourself the following questions: ‘Do I need to hire a bookkeeper?’… ‘Is it necessary to take on this additional expense?’… ‘What will hiring a bookkeeper do for my business?’… ‘What are the signs I need to hire a bookkeeper?’… keep reading!
You probably didn’t start your own business because you wanted to spend your time on accounting. Accurate and meticulous accounting is an important aspect of running a company. However, handling expense receipts and invoices, as well as all the other tasks associated with responsible accounting, can take up a lot of time. These duties are certainly time-consuming; thus, you may not be spending your time doing what you do best, which is running your company. You can always hire a bookkeeper to take the load off your hands—but it’s not without expense.
Here is some guidance on when to hire a bookkeeper that will help you make a wise decision for your company.
Signs You Need To Hire A Bookkeeper:
- Your accounts receivables and payables are a mess
- Your books are never up to date
- Your accounting systems are confusing
- You don’t have clarity for your business’ financial health
- Sales have increased but profits haven’t
- Your cash flow is unpredictable
- Doing your books is keeping you from tasks only you should be doing (like business development or managing your team)
Are Your Bookkeeping Tasks Keeping You From Other Responsibilities?
Are you spending time on bookkeeping tasks that take you away from more important work running your business, or are you putting off bookkeeping chores because you don’t want to deal with them, resulting in things falling through the cracks? The majority of small business owners don’t have accounting backgrounds, so much of the bookkeeping work is outside their area of expertise, resulting in more time and effort required to get the job done.
A veteran bookkeeper can handle all the day-to-day tasks that may be challenging for those who don’t do them frequently, including: filing payroll paperwork for new employees; submitting and tracking invoices; paying bills; tracking company expenditures, and preparing all your documents for tax time. These tasks, which might easily be consuming your time, might also be eating away at your days. As a result, you might be losing vital hours that you could be focusing on developing your business. You may also be putting off these activities until the end of the month, or worse, the end of the year, which might result in missed facts and certainly more hardship.
Is Keeping Track Of Your Business Expenses Painful?
An expert bookkeeping service can help you get the most out of your accounting software by ensuring that everything is accurate and up to date, and that nothing is missed.
A bookkeeper can assist you with systematizing everything, even if you handle a large volume of expenses. For example, a phone app that allows employees to photograph receipts might be useful if you or your employees frequently need to track expenses. Each week, your bookkeeper will also spend the time required ensuring that everything has been accounted for and properly categorized. This job alone might save you hours of wading through receipts and credit card statements (or year-end paperwork).
Are You Prepared To Expand, But You Don’t Know Where The Opportunities For Growth Are?
After some time running your business, you may have noticed trends and regular patterns in revenue. It’s now time to add a little strategy to the mix. A bookkeeper can help you identify trends so you can gain insight into new savings methods as well as smarter spending practices. You will also be able to see a clearer path for your revenue streams, allowing you to identify where the big money is coming from and where you should focus your efforts if you want to grow.
A Bookkeeper Provides General Information
Hiring a bookkeeper will help you finish the monthly books, process payroll, or prepare for tax deposits. You may wish to hire a full-time bookkeeper for your business, but you have other options as well — such as outsourcing your accounting and bookkeeping to a firm like Intrepidium which has a team of CPA-Led Bookkeepers who are experts in serving businesses just like yours. So…