Are you part of a startup or new business? That in itself is daunting enough. Whether it is a landscaping business, coffee shop, tech business, digital marketing or any other number of businesses, you started it to pursue your passion, and to make money. Because of this there are many things to consider and one of them is the financial health of your business. Now you may not want or need an accountant right now, you should at least consider enlisting the services of a bookkeeper. Here are a few reasons why.
1 – You can stay focused on running your business.
You need to focus your time and energy on the business. Your time should be focused on things like gaining new clients or customers, obtaining funding, daily operations of the business.
2 – Stay out of what you really don’t know or understand
Most people that start a new business don’t have backgrounds in finance, let alone a working knowledge of accounts payable or receivables. You should let someone that has a background and certifications / experience do this. Most people comb / brush their hair everyday, but when they want it cut or styled they go to a barber or salon. You can concentrate on running your business and making money. Let a bookkeeper deal with the nuances of your finances, and give you a report on them on a regular basis.
3 – Gain a different perspective on the business
Your bookkeeper can put your financials in order and run specialized reports each month showing you how you are doing. They can also make recommendations to you based on the information in these reports. You can find out if your marketing is working, how many clients are paying on time, the “big picture” so to speak of the business.
4 – Let someone else handle the mundane or tedious aspects of the business
It is hard to imagine as the owner of a small business that after everyone is done for the day you still need to tally up and run payroll or write checks to pay the bills. With today’s 21st century technology, you can give those tasks to a bookkeeper and still be assured that your financials are secure. Hand over these areas to someone who will handle them well, because they take as much pride in doing well for their clients as you do in yours! They will be motivated to do these tasks whereas you probably won’t.
5 – Save time for yourself
This one is hard to measure, but at the end of the day, you are saving time. Time to spend with family, or to put back into the business. As a small business owner your time is money, and the more time you can save the more money you can make. This is time you could be using to bring your business to the next level.
Outsourcing your bookkeeping for your new or small business may be one of the most cost effective decisions you can make. The ROI on this decision makes it a simple one.