You may have been doing bookkeeping for your small business for a long time. Hiring a trusted bookkeeper can improve your business’s operations immensely. Read more to see if it’s time to hire a bookkeeper.
You may want to Hire a Bookkeeper if . . .
1. You only do Bookkeeping During Tax Season
Performing monthly and quarterly bookkeeping can benefit your business in multiple ways. When accountants don’t do bookkeeping in real-time you won’t get month-to month records, which attracts investors due to the trustworthy nature of clear financial records. You can easily track how your bottom line is affected by the decisions you make for your business. Lastly, accountants charge more than a dedicated bookkeeper, which means you can reduce your costs and allocate the savings to another part of your business.
2. You’re Always Behind on your Books
It can be pretty easy to get behind on bookkeeping especially if you’re doing many tasks for your business all at once. Consequently, you could be putting your company at financial risk because you don’t know how much you can spend or how much money is tied up in other investments. By keeping your business’s books up-to-date each month, you can have the knowledge to run a more efficient business.
3. You Don’t know what Available Means you Have
Bookkeeping has the benefit of seeing how the money moves through your business. This is called cash flow and helps you know what capital you have to further invest into your business or save for emergencies and expenses.
Having access to your cash flow number at any time allows you to make more data driven financial decisions. Having this information can help you grow your business.
4. You Don’t have Enough Time for other Business Tasks
Being a business owner and running a small business can be a lot of work. You have probably developed an ability to juggle many tasks at once; however, you could free up your time by outsourcing bookkeeping and spending that time on more crucial tasks. Outsourcing bookkeeping is especially helpful when you don’t enjoy administrative financial tasks. Do some research before choosing what bookkeeping service you use. Different companies charge different amounts and offer different services. Doing some research will help you know what company can meet your bookkeeping needs.
5. You see Increased Sales Revenue but your Profit isn’t Increasing
You may find that there is a contradiction as your sales are increasing but your profits aren’t increasing. With consistent bookkeeping you can track all of the costs and financial records to see where that extra revenue is going.
The records you receive from your bookkeeper will help you be more profitable. Check out how Mazuma’s bookkeeping services can help your business.