A bookkeeper is an expert. Any bookkeeper worth his or her salt has honed their skills, and has experience with most of the situations you’d encounter on a day-by-day basis. In fact, many bookkeepers have likely seen and resolved issues that would confuse and frustrate someone in another line of work. Here are 4 reasons why you might consider outsourcing your bookkeeping.
1. You’re spending too much time bookkeeping
Unless you’re great at bookkeeping and really enjoy it, you may find bookkeeping a headache. Chances are, you’ll put it off until it’s a massive chore to take on, then take 10 times as long to do it. You’ll find it takes you away from other business tasks such as training staff, networking or marketing your business.
The time you spend trying to understand your financials could be better spent on tasks you’re good at. A bookkeeper will be more efficient, they won’t have as many errors, and in the long run can save you a lot of stress.
Your time and your sanity are worth the cost of a bookkeeper.
2. You’re losing track of transactions and receipts
Part of a bookkeeper’s duties is to create organization from chaos. Bookkeepers are experts at implementing systems to properly record and store your receipts, categorizing them based on the type of expense, and ensuring the data’s there in the event of an audit
If you struggle with organizing and recording your transactions and receipts, consider speaking with a bookkeeper. You can choose to outsource this work to them or pick their brain to learn how to best tackle receipt management and throw that dusty old shoebox away in the process.
3. You need help planning and setting goals
One of the best reasons to record accurate financial data is to understand the financial standing of your business. It’s how you can assess whether it’s time to grow or pick up another employee, or scale back to avoid cash flow issues.
Skilled bookkeepers notice and identify trends that can help you capitalize on a situation, season, or event. For example, if businesses within your industry typically see an increase in sales during Winter but yours has not, a bookkeeper can help figure out why, then recommend a solution.
Bookkeepers can also help you plan a budget and stick to it. They’re sticklers for this sort of thing, ensuring your budget is both realistic and forward-looking, helping your business achieve short- and long-term goals.
If you’re handling your own books but still need a little help, a helpful bookkeeper can show you how to generate useful and detailed reports and teach you how to use them to budget and plan for the future.
4. You can enjoy a stress-free tax season
Having an outsourced bookkeeper in your corner is an invaluable resource when it’s time to settle with the tax man since up-to-date financials are critical when you need to file your taxes. A skilled bookkeeper will be able to seamlessly provide your accountant with all the information necessary to prepare your taxes accurately and quickly. Come tax time, you can relax and have peace of mind knowing you will not need to spend multiple hours, even days, getting your books together.
How Inner Circle Bookkeeping Can Help
Whether you’re considering outsourcing to a bookkeeper or hiring one to boost your skills, remember that working with a bookkeeper is an investment. It’s an upfront expense, sure, but that expense saves you time and money over the long-term.
Are your books perplexing? Are you spending too much time trying to figure them out? Do you need a little bit of help sticking to your budget and figuring out how to grow your company?
If so, we’d love to hear your story. Our tips, advice, and guidance will pay off and get you on the right track.
