As a small business owner, it might seem easier to manage the accounts yourself. After all, no one knows your business like you do, right? You can pay invoices, manage accounts, keep the cash flowing and even maintain the payroll. And all in your spare time between midnight and dawn!
…are you really a bookkeeper or are you merely doing enough to keep the wolves from the door?
This all sounds good in theory. But are you really a bookkeeper or are you merely doing enough to keep the wolves from the door?
One of the reasons a small business or start up business hesitates to hire a bookkeeper is money. Yes, a bookkeeper is a business expense and one you might think you can’t afford at this minute. But can you afford not to have one?
You can focus on your business.
A lot of time management mistakes small business owners make is they work in their business rather than on their business. Especially as a sole trader, you’re forced to wear many hats, one of those being a bookkeeper. By removing the bookkeeping elements from your to do list, you are freeing up more time to work on your business. Working on rather than in your business will allow you to grow quicker and take more opportunities as they arise. This brings financial freedom.
Regain work/life balance
Let’s face it, not many of us enjoy bookkeeping. So why not leave it to those who actually get a kick out of balancing a book! By handing over the admin side of your business, you can then focus on more of what you enjoy. You can spend your new found free time with the kids or friends instead of the calculator!
It’s done right.
Now you might be very good at bookkeeping. But are you a qualified bookkeeper who is trained to look for inconsistencies or fluctuations? A good bookkeeper can not only manage your accounts, they can see trends. Trends in business can mean finding ways to save money or increase profits. You might find your bookkeeper pays for themselves.
Get a different perspective
You might think you can see all the moving parts in your business and things are trekking along nicely. But a second pair of trained eyes can forecast changes, analyse in-comings and outgoings and find ways to improve the business as a whole.
Never miss a bill again
Your accounts will be paid on time every time because your bookkeepers systems are automated to do so. No more chasing invoices or being harassed by other business owners chasing their money.
Tax time is all of a sudden easier
Do you dread tax time every year? Fossicking through the invoices and receipts tucked away in the shoe box on the cupboard shelf. Your bookkeeper will have tax time already squared away so you can carry on with life as normal. Just think how good that would be!
Your business is more professional
They say think of yourself as a big business and you will grow. Think small and that’s where you will stay. Hiring a Bookkeeper is usually one of the first steps a small business owner makes on their journey up the ladder. Make your step now and start moving up quicker.
Submit BAS/GST Statements
Your bookkeeper will handle all the BAS submissions so you don’t have to. The time saved each quarter sending reports could be better spent growing your business. If you’re business is on the cusp of GST registration, you might want to engage a bookkeeper from the get-go.
Maintain cash flow
Cash flow is one of the key components in business. How much time do you spend trying to get payments from customers? Are there invoices you’ve simply forgotten about and lost valuable money? Your bookkeeper will ensure you are paid, maintaining cash flow and a stable business.
Anyone who has a payroll will know they are not the most enjoyable task you can do. There can be errors, unforeseen issues or conflicts and personnel relations taking up your valuable time. A bookkeeper will handle all of this for you.
Think of your time as money. Every hour you are spending on your accounts is an hour less you are working on your business. Or an hour less you are spending with your family.
There comes a time when your business needs to grow to the next stage, make that time today.
Contact us for an obligation free discussion on how our amazing bookkeeper can help your business.