Being the owner of a small business attracts a bunch of responsibilities. While every activity in your business needs your focus, time, and effort, you can easily fall into the wrong sense about managing your business’s books of accounts on your own. You may think if you do not have a massive list of daily incomes and expenses compared to a large business, why is there a need to hire an accountant and a bookkeeper, especially a full-time one. So here are some reasons that will make you think why your business needs a full-time bookkeeper.
1) Borrow Additional Help for Day-to-day Operations
As an entrepreneur with a lot of responsibilities, you may get pulled away in a dozen different directions every day. If you are slightly knowledgeable about managing your finances, doing it on your own can create a risk for your firm’s growth. As a business leader, you need a constant focus of things that need new strategic directions, execution of major strategic decisions, building your team, and even expanding your business. With your business expansion, you could be bogged with accounting. Having full-time bookkeeper will help you to focus on the growth of the business and taking effective, solid decisions for your business.
2) Provides Consistency in Your Invoice Processing
We all know that invoicing contributes to many significant factors to your company’s cash flow. Having your invoices submitted on time on a consistent level and convenient format, you later get a lot of time to spare for payments. Without following a standard invoice processing, you can easily expose your business to the risk of having your revenue stream to collapse. Not having a consistent follow-up with the cash shortage and other problems in your invoicing system in the early days of your business can create a major issue for your business. Hiring a full-time bookkeeper helps you to regain control when it comes if there is a shortage of cash or addresses any invoice-related issues at the earliest.
3) Manages Your Payroll
Managing payrolls is another critical function that you need to consider by putting it on top of your list. When you work with your employees, you can miss a day or two to send the paycheck or correct an error if your team is small. But procrastinating the payroll issues can damage your team morale severely. To avoid the payroll issues, you need to hire the bookkeeper to establish and maintain control over it.
4) Get Your Finances Straight
You need to know that most of the successful businesses did not stay small forever. Every business needs growth. When you have successfully attracted more customers, invested in more resources, and build your infrastructure, your finance can be much more complicated to handle on your own. Handling the finances even then can make it riskier for anyone. When your business starts getting over your head, you need a bookkeeper who is aware of your business financial condition before your expansion and improves your financial situation in the future.
5) Saves Time
If you are managing your account reporting, it can take you weeks and some time from your work to work on it. On average, an entrepreneur should spend an hour every two weeks to capture and record the information. Doing your books takes your valuable time as you tend to spend more time capturing and recording the accounting information. As a business owner, you cannot afford to spend your valuable time on these things. You are the mastermind for your business, and you need to take care of the operational function and save time for what needs your time the most. A bookkeeper is an expert in its field and focuses on providing you with the best service in a limited time.
6) Helps You Keep Your Passion
Ask yourself - Did you start your business only to do your accounts? Is crunching numbers and composing financial reports what you want to do for your business? Of course not! Many businesses get burned out fast due to the overloading of the things and doing everything on their own. You don't want your business to be one of them. As an entrepreneur, you need to follow the passion that made you start your business. All you need to do is forcing out the things that can make you lose out your interest. Hiring a full-time bookkeeper will help you take over your financial aspect so that you can focus and follow your passion and the growth of the business.
7) Provides Expertise
To handle the financial accounts on your own, you need to have a background in finance. You need to have a working knowledge of accounts and taxes. With constant updating of rules and regulations in terms of taxes by the government, it is difficult to stay updated all the time. As a business owner, you have a limited time in your hands for your business. Whereas, a bookkeeper will always be updated with the tax laws and accounting rules, thus providing expertise for the financial status of your business.
8) Assists You in Your Firm’s Growth
At the start of your business, your business gains some level of stability. Growth requires you to focus on your core business needs. However, when you do all the things on your own, your pace of growth reduces. You need to pull yourself out of the tedious aspects that prevent you from pushing your business forward. Rather than looking after little tasks that can take away your focus from the core activities of your business and prevent you from using your unique business talents, hire a bookkeeper to give your business the best care financially.
Having a bookkeeper has a lot of benefits. The decision of hiring a bookkeeper depends on your firm’s needs and your preference. Book a free consultation with your nearby small business bookkeeping service provider if you live in Edmonton to help you decide and make a right path for your firm.