Hiring a bookkeeper can be a real challenge for entrepreneurs. However, there are many advantages to hiring somebody that specializes in running your books for you. Today we’re going to give you the top five reasons that your company should hire a bookkeeper.
Reason one, you want to relax on your weekends. Do you find yourself spending your weekends and vacations hanging out on QuickBooks instead of hanging out with your friends and family? Many entrepreneurs have a DIY mindset that sacrifices their time for administrative tasks, such as bookkeeping. Hiring a bookkeeper can help you get back that valuable time to spend more fruitful endeavors like hanging out with your friends and family. But if you did want to devote more time to work instead of play, wouldn’t you rather get more clients instead of doing a task that could be so easily outsourced.
Number two, you pay late penalties way too often. According to the IRS, almost 47% of tax penalties collected are due to delinquent filings. Your money can be better spent on marketing to grow your business. Hiring a bookkeeper can not only take items off of your to-do list, but it can also help you avoid financial loss due to penalties.
Number three, you need help with invoicing. If you’re struggling with sending invoices on time or not sending them at all, then you need a bookkeeper. In fact, incorrect invoices cause almost 80% of payment delays. Remember, accurate and timely billing are the only ways to ensure that your company has the revenue it needs to grow.
Number four, you can finally qualify for financing. If the possibility of funding is in your company’s future, then you need a bookkeeper today to ensure your records are accurate and up to date. The last thing that you want to do is be denied a loan due to haphazard record-keeping. Also, suppose you have an accurate financial picture of your company’s finances. In that case, it will enable you to spot when your company needs revenue and how much income your company will need.
Number five, you have trouble tracking your client expenses. Are you having trouble tracking your clients, sales, and costs? Well, missing a single line item is terrible, not just due to financial loss, but it looks lazy and incompetent if the client were to discover. Even worse would be to mix up client transactions. At the very least, having inaccurate record-keeping provides an incomplete view of your financial profile.
A bookkeeper is an essential part of your company’s growth and will always be a wise investment. When you hire a bookkeeper, make sure you hire somebody focused on your company and fully invested in your success. Good bookkeeping isn’t just crunching the numbers. It’s also identifying patterns in your business, finances with a growth-centered approach.