The Business Case for Hiring a Bookkeeper
Having a good bookkeeper is essential for every organization – and they can save you money! Here’s the business case for hiring a bookkeeper for your business.
In today’s tech-enabled society, many business owners have thought about doing their own bookkeeping with the help of certain user-friendly software options. After all, isn’t it better to do it all on your own?
Bookkeeping is a highly specialized skill, more so than it appears to be at first glance. Bookkeeping is not just about keeping track of income and expenditures, it involves all kinds of know-how, from recording transactions and checking for accuracy to understanding the intricacies of a business’ financial inner workings to help save money and improve business success.
Truly expert bookkeeping requires significant amounts of time, training, and even a dash of creativity. To make sure your company is performing at its best, don’t overlook the importance of hiring a professional bookkeeper!
Still not sure? Here are three reasons why a professional bookkeeper can help your company reach the top of your industry:
1. You need to focus on things that make your company money
In order to remain relevant in an increasingly competitive market, every business must learn to allow its partners to do what they are best at. As the leader of your company, you are best at strategizing and coming up with creative money-making ideas. And hiring an expert bookkeeper will free up your time and energy focussing where you excel.
2. Perfect books month after month means less time spent chasing down records at the end of the year
Imagine allowing an experienced bookkeeper to help you keep pristine records in a timely fashion, rather than tossing your documents into an ever-growing pile to sort out at the end of the year or come tax season. Not only does the massive pile of figures increase your mental load, it also increases the chances of your making mistakes or losing details during tax season, which may result in (please, no!) an avoidable audit.
3. A good bookkeeper can save you a ton of money
A skilled bookkeeper will keep tabs on all of your invoices, inventory, expenditures, cash flow, and related business matters so that you won’t lose money through accidentally double paying bills, missing deadlines and accumulating late fees, or worse.
Great bookkeepers help you figure out what products are or aren’t selling so you can focus your efforts on what is selling. They can keep your company from developing a theft problem, maintain your good credit rating, and help you receive the maximum possible tax deduction for business expenses.
Your professional bookkeeper can be a useful resource, alongside of your accountant and/or financial advisor. They can provide solid data to determine things like: when is a good time to grow your business, or when it is time to wait.
Not only is expert bookkeeping a necessity for any business, bookkeeping is a skill that improves with practice. As the creative and/or strategic leader of your company you may be able to learn how to do your own bookkeeping – but why should you? Instead of trying to do everything yourself (which is virtually impossible while maintaining your sanity), it is far more efficient and sensible to hire a bookkeeper to make accurate entries, track down errors and heroically organize your clients’ files.
The ‘bottom line’ is, good bookkeepers don’t just help you save money, they help you save time and effort. And, perfect financial records from the get-go means less time spent picking through them later (say, at tax time).
Your accountant (and your bottom line) will thank you.