I cannot stress this enough! Check out my previous posts…
- 6 Reasons why you need a Bookkeeper for your business!
- When to Outsource Bookkeeping: “Call it Quits”
- Watch Out for Bad Bookkeepers
- Are Bookkeeping Fees Tax Deductible?
- It’s Coffee Day!
Whether you’re in the development, start-up or growth phase, you need a bookkeeper!
Bookkeepers are needed when business owners face tough decisions regarding their business. Should I hire a contractor? Which product or service is driving my income? How much will I have to pay in taxes? When can I potentially make $10,000 a month?
Most business owners feel they can’t afford a bookkeeper. That’s never true! With the internet you have more resources to advisors with rates as low as $20/hour or per task to $400 a month. As a business owner you can do your own bookkeeping. Especially with Biden’s proposed tax laws and financial regulations that effect your business, now’s the best time to look into outsourced bookkeeping.
1. Bookkeepers Help You Save Money!
Bookkeepers minimize unnecessary fees like accidental overdrafts, high maintenance and service fees, insufficient funds, wire transfer, excessive transactions and even interest. These business expenses might not mean much but they add up quickly and can effect your cashflow.
Next, taxes! They play a major role in business and personal decisions. By having a bookkeeper, they help mitigate the overall liability owed to the government. With opportunity costs, it’s effectively cheaper for busy business owners to outsource their Bookkeeping, as opposed to doing it alone.
2. Bookkeepers Alleviate Stress!
It’s okay to admit, if numbers just aren’t your thing. No longer do you need to handle your business or even personal books, hand them over! By seeking the help of a Bookkeeper, you get rid of the headache that comes with financials.
Because Bookkeeping may require extensive research and knowledge to the average business owner, it’s better to save your energy spent on finances. Having to learn something new on top of being the busy business owner you are, can lead to other issues.
3. Bookkeepers Help Manage Cash Flow!
Cash Flow! This is the number one issue I’ve seen small businesses struggle with. Good cash flow is having enough assets to cover your liabilities with some to spare and not be in a bind. This is known as cash flow positive. Most businesses find themselves in the negative. Cash flow is the money coming in and out of your business!
A good cash flow isn’t just making more money than you spend or having cash on hand; it’s about being able to make normal business decisions that don’t drastically impact your business health.
4. Bookkeepers Are Experts!
Bookkeepers are experts, certified and educated. They may not go through the necessary education requirements as Accountants would, but they are pros! It’s always better to know and understand the expertise a certain Bookkeeper offers. Some are only specialized in a certain field, niche or industry.
5. Bookkeepers help Mitigate Error!
By having someone with experience handle your books, you get rid of the risk of having errors. Challanges and issues are known to arise when there’s one person doing alot. As a business owner, you’re used to handling things all on your own but it may be time to wave your flag!
Youtube videos can’t teach you everything and your buddy who’s good with numbers may not have the time to save you!
6. BOOKKEEPERS SAVE YOU TIME!
Instead of having to allocate time out of your already busy schedule, by not doing it at all. you leave more time for getting new client, more sales and new strategies that will help your business grow or scale.
Your worst enemy is lack of sleep!