One of the first and greatest challenges you discover as an entrepreneur or small business owner is the need to suddenly be an expert at everything. Let’s say you have a passion for animals, and you open a doggie daycare – fantastic business idea. Now you have to know how to secure a business loan, setup payroll and balance your books. It can often feel like you opened a business to do more of what you love (spending time with animals) and now you’re doing everything but that. Or worst, maybe you’re not great with numbers and your business starts to suffer. The reality is, you can’t be an expert at everything, and you can’t do it all. Wearing all the hats is quickest ways to tank your business. Of all the backend business operations you should off-load as early as possible, managing your money and balancing your books should be first. It will give you the biggest ROI – here’s why.
1 | You’ll have a clean, accurate, real-time look at the numbers without the stress
If you’re like most small business owners who didn’t start a business around financial management, the books are this daunting piece you ignore as much as possible. Figuring it all out gets bumped to the bottom of the list and you’d sooner take out the trash than clean up your books. We get it – it’s overwhelming. But as a responsible business owner, ignoring this aspect of your business is just not acceptable and trying to become an accountant is unrealistic while trying to run a business. Once you hire a bookkeeper, you’ll have access to real-time reports about your financial health whenever you need it – without the stress.
2| Your books are accurate with minimal effort on your end
Sure, you’ll have to do a little working with your bookkeeper around saving and tracking receipts and during the set-up process. But once the system is established, your bookkeeper will be able to work their magic on the back end without needing too much of your time. You’ll finally be able to scratch “figure out QuickBooks” off your to-do list. Businesses succeed because everyone sits in the right seat at the table based on their strengths. If you aren’t a bookkeeper, don’t try to fill that spot all in your business.
3| Taxes are no longer horrifying or, you know, criminal
Anyone get completely horrified during tax season because your books are a mess and you know it? Each year you’ve pulled something together as best you can and file taxes all while hoping no one notices that nothing actually makes sense? Yeah, we’ve seen this happen way too often! If you got away with it once, even twice, this isn’t exactly a sustainable business strategy. At some point you may get audited and that’s when you’re going to wish you had made the investment in a bookkeeper. You weren’t intending to scam the IRS, you just didn’t know what you were doing. We understand that completely, but the government doesn’t really care. Don’t risk it.
4| Someone’s keeping an eye on ways you could be saving money
When you’re out there working hard to grow and build your business – you don’t want money to arbitrarily be leaking out to places it has no business going. If no one’s keeping a close eye on your bank accounts chances are you’re spending money in weird ways you don’t even know about. Maybe there was a mishap and a vendor charged you twice – but if no one’s looking, how would you know? Or you’ve signed up for a subscription to something you no longer use yet it auto charges every month. We see this all the time, hundreds or even thousands of dollars spent on things without your knowledge. A bookkeeper will be looking at every dollar going out and flagging any discrepancies, errors and unnecessary spending to catch it and fix it early.
5| Your bookkeeper and accountant work together or if you work with us, we do both!
The beauty of having your books in order and professional help from start to finish is that your bookkeeper and accountant can work together. If you’re looking to make a large purchase, secure a new loan, bring on a new employee, make an investment and of course, file taxes than you’ll be able to connect your bookkeeper and your accountant to have full 360 support on what’s best and possible for your business – all without you playing middle man. Take that one step further, if you’re working with us we are able to be both your bookkeeper and your accountant which ensures pristine synergy throughout the whole process.
6| You’ll be able to easily make projections and business decisions around accurate financial performance reports
Knowing how your business is trending financially is SO IMPORTANT, we can’t stress this enough. If you aren’t thriving, you need to know that. If you’re killing it, you need to know that too. Regardless of the way it’s going, accurate financial records allow you to make smart, strategic business decisions. Knowing the number and the projections can be the difference between going out of business or doubling your revenue next year. If the stakes are that high, how could you not leave that to the experts?
It’s undeniable that one of the best investments you can make in your business is hiring a bookkeeper. They will pay for themselves and a whole lot more in cost savings, stress reduction, freeing up your time and offering accurate financial reports to help you make smart business decisions. If you’re looking for a bookkeeper you can trust, let’s find time to meet and decide if we are a good fit for you.
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