Like many small business owners, I started out doing everything in my business. But overtime, as my business grew, I realized it was time to outsource certain areas that I either wasn’t as strong in or honestly didn’t have time for anymore. In my opinion one of the most often overlooked area to outsource is your company’s bookkeeping.
Take a look at the list below, if you find yourself doing even one of these, it’s time to give us a call.
1. Keeping your books is taking significant time away from your other business duties.
Once you find yourself spending large portions of your day or week on financial duties, it is time to hire a bookkeeper. Reviewing banking data, entering transactions and generating financial reports are just a small sampling of what good bookkeepers do. The time it takes to do these tasks though will take a significant amount of time that could be spent running other aspects of your business.
2. Your CPA is performing more bookkeeping duties but still charging you CPA fees.
A CPA charges more for their services due to the more specialized nature of their work. If your accountant is spending more and more time updating your financial records and charging you a higher fee for it, it is time to contact a bookkeeper. Bookkeepers, in general, charge less for their services. Employing a good bookkeeper will save you money in the long run.
3. Your tax or compliance situation is growing more complicated.
Keeping your business’s financial situation compliant with tax law and any industry specific compliance is essential for your success. That task can be daunting considering how large the tax code is. The larger your business grows, the larger the need in this area. Good bookkeepers are kept up to date with this information and can make sure your business’s books are in compliance making your business stronger and giving you peace of mind.
4. You are not sure you are keeping records correctly.
If you find yourself reviewing your books and more and more wonder if they are correct, it is time to consult a bookkeeper. It is almost impossible to be an expert in all areas of your business. Just as you would go visit a doctor if you are unsure of your physical symptoms, it is a good idea to visit a professional bookkeeper if you are wondering about the health of your books.
5. You are not keeping up with all your transactions.
Lots of business owners are time poor. This means that lots of tasks are set aside until the last possible moment. Not keeping up with weekly, monthly or even daily transactions means you could miss important financial information that could mean in lost profits or worse. If you find yourself putting off managing your books more and more, then it’s time to make a call.