Bookkeeping and accounting are for many, the duller aspects of running a small business, and yet still, many entrepreneurs slave away over their books for hours on end each day, week or month, often never gaining any real insight into their business.
Perhaps many small business owners mistakenly believe that in taking care of the books themselves, they are saving themselves money, but this is rarely the case, in fact, it is often the opposite.
Here are 3 ways to tell if your business would benefit from a bookkeeper, and the chances are that if you don’t already have one, you’ll think seriously about employing one after reading the following:
Do you run out of time when trying to tackle your books? If the answer to this question is yes, then you really should consider hiring a bookkeeper. If you’re struggling to keep on top of your books, who knows what other aspects of your business are suffering too? Good time management is crucial for a successful small business, and spending hours poring over the books when a bookkeeper would have them finished in a matter of minutes, just seems silly. Of course, it’s an extra expense, but if other aspects of your business are failing due to the amount of time you’re having to devote to your books, then that extra expense would be money well spent.
Is bookkeeping an enigma to you? If you struggle to understand how to process your books, and find it hard to get to grips with the financial aspects of your business, then you’d be best admitting that you’re in muddy waters and should seek professional help as soon as possible. You could end up making costly mistakes, and you’ll never be able to get a clear picture of where your business is going.
Bookkeeping bores you! While we may joke around about bookkeeping and accounting being two very dull types of work best left to men (or women) in grey suits, wouldn’t you rather be spending your time and energy connecting with your customers or promoting your goods and services? The thought of outsourcing any aspect of your own business may not sit well with you, but it could also be counterproductive, especially if your heart isn’t in it and you could easily end up making mistakes. Simply put, you’re running a business and you need to do it in the most efficient way possible. If that means outsourcing your payroll, then that’s really what you should do.
So, if you can relate to any of the above three points, or even all of them, it really is time that you consider hiring the services of a bookkeeper. Being stubborn and wanting to do everything yourself, only works if you know how to do it and want to do it.