Why Hire a BookkeeperLets Get Started
POSTED ON : March 14th, 2018 | AUTHOR: Louise Hadley
They say that entrepreneurs are the only people crazy enough to work an 80 hour week to avoid a 9-to-5 job. And only crazy entrepreneurs waste those hours doing their own bookkeeping.
If you work with a small business consultant, they will likely advise you that doing your own bookkeeping may seem like a good way to keep your costs down, but it’s costing you a lot more than you realize. And this is 100% true.
Here’s why you should hire a bookkeeper.
Your Time is Too Valuable
Try this simple exercise: As the owner of your business, figure out exactly how much your time is worth and give it a per-hour value.
Now track the amount of time that you spend on bookkeeping each month. Multiply those hours by your hourly rate and that is what doing your own bookkeeping is actually costing you. It is not free.
Taking care of your own bookkeeping pulls you away from the other tasks that actually generate money. Meeting with clients, training staff, closing deals, working on your product. These are the things that should take up most of your time. Not your bookkeeping.
Whatever the number you came up with earlier, it’s almost certain that the cost of outsourcing to a bookkeeper will be much lower.
You Can’t Afford “Rookie” Mistakes
You’re going to make a lot of mistakes and learn a lot of lessons in the first few years of running your business. That much is inevitable. But, any mistakes you make while doing your own bookkeeping can be extremely costly and may take you months to recover from.
These mistakes could be anything from improper tax preparation, or missing the opportunity to properly write off major purchases.
Good Bookkeeping Services Don’t Cost Money. They Find Money
In a lot of cases, your bookkeeper acts as your small business consultant. They are the people tasked with seeing how your money comes in and goes out. So if there’s an opportunity to do things better, it’s their job to bring it to your attention.
If your sales are high, but your profits are low, it’s their job to find out why. If you’re spending the most amount of money to market your lowest selling product or service, it’s their job to flag that and suggest an alternative plan.
You Will Be Better Prepared For Tax Season
If you’re sending your accountant 50 emails come tax season, you’re not ready for tax season.
This means you’re probably completely derailed from your regular tasks and stressed out of your mind leading up to the tax deadline. Again, this is not an effective use of your time, or a headache you should be having.
Tax services include a lot more than just meeting the tax deadline. It means tax planning strategies that keep you on top of things 12 months of the year, and ensures you’re getting the highest possible tax return.
Let’s Talk About What Bookkeeping Services Can Mean For You
We offer a combined total of over 40 years experience in bookkeeping services, tax planning and entrepreneur support. We provide accounting services for small to medium-sized businesses.
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