When Does A Small Business Need A Bookkeeper?
Most small business owners understand that good record keeping is important. In many cases, they don't think they can afford a professional bookkeeper. Instead, they try to do it themselves. After all, if they can renovate a kitchen or complete electrical work for a new build, then how hard can bookkeeping be?
Another option is to ask a relative or friend to do the job. Perhaps your wife or mum is put in charge of the bookkeeping so you can go back to your real job. However, unless your wife or mother is a qualified bookkeeper or accountant they probably have limited knowledge and experience of when to file tax returns, how to use Xero or MYOB, or how to save the business money through efficiency.
So the question becomes, when does your small business need a bookkeeper? Here are some of the all too familiar warning signs that your business needs one.
When your accounting system is a shoebox and it no longer fits your paperwork.
If you're still storing your receipts in a shoebox and using your bank statements to manage your accounts, then one of our bookkeepers will bring you into the 21st century with cloud-based accounting software that does a lot of the hard work for you.
When you don't want to manage the books or have no interest in doing it yourself.
Like us, you got into business because you have a passion for your craft and you’re good at what you do. Unlike us you probably didn’t get into business to become a bookkeeper! That’s where our passion lies so let us take care of the hard work for you.
When your time is better spent doing your core role in the business (which is always!!)
In order to grow your business, you should be working ON the business rather than IN the business. Stick to what you're passionate about and great at, rather than spending your precious time on balancing your accounts. This will give you more time to nurture business relationships, close deals and improve your business.
When you need more accurate financial information on a regular basis to run your business successfully.
As your business grows there is more need for accurate information to be able to manage cash flow and to keep up with that growth. This includes the ability to budget and forecast accurately, get fast P&L reports when required and, should the need arise, provide a detailed proposal to a lender to borrow money.
When your bookkeeping is being done by someone with no experience.
If your books aren't being managed accurately, you can end up with unwanted IRD fines and a grumpy accountant! Save time, money and headaches by getting it done properly in the first place.
When you don’t know the latest apps, add-ons and functions for your accounting software.
Running your own business is time consuming enough without having to learn about the latest monthly updates in Xero or MYOB. Ensure you are utilising the best automation techniques available in bookkeeping, by using an expert bookkeeper who keeps up to date with the latest changes.
A professional bookkeeper from The Back Office Company can save you a lot of headaches, time and money. Your businesses’ bookkeeping is too important to leave to chance. Let us keep your back office running smoothly so you can focus on doing what you do well.