Signs you need a bookkeeper
If your business is growing, you can only get away with Do-It-Yourself bookkeeping for so long.
Maybe you have a really great spreadsheet template you found online. Maybe you even shelled out for some accounting software. But as your business expands and your financials get more complex—you’re going to need to have a look at outsourcing the books.
Here are some signs that your business needs a bookkeeper.
DIY bookkeeping takes up more time than you can afford.
Don’t take your own time for granted. Not only does overworking lead to burnout, but every minute you spend on a task has a dollar equivalent.Time yourself for how much time you spend per week on bookkeeping. Then, compare your “salary” as your own bookkeeper against the price of professional bookkeeping. Once you treat the time you spend bookkeeping as an actual expense you’ll have a better idea of whether you should keep doing it.
Your books are never up to date.
When you fall behind on bookkeeping, your books stop reflecting the actual state of your finances. That makes it harder (sometimes impossible) to understand cash flow and accurately gauge the health of your business.
Your Accountant does your bookkeeping.
It’s a waste of money. Accountants generally charge more per hour than bookkeepers. You could end up paying more for bookkeeping services than you need to. A good bookkeeper will be able to update your financial records or prepare your compliance requirements at a lower price.
You're not sure you’re keeping the records correctly.
You can’t be an expert at everything, you’re good at what you do that’s why you have a business. If you’re spending time looking at your books and wondering if they’re accurate, it may be time to pass this over to a bookkeeper.
Sales have increased, but your profits haven’t.
All your hard work bringing in new business and keeping customers happy counts for nothing if you’re not making more money. If your revenue is on the rise but your bottom line won’t move, it means you need to increase your profit margins. Tax-ready financial statements from a bookkeeper can help you recognise where you need to cut costs in order to make your business more profitable.
When all signs point to upgrading from DIY bookkeeping to professional help, it might be time to give us a call on 033795338. We offer accounting knowledge at bookkeeping prices.