How do you know when it’s time to pass your small business expenses to a professional bookkeeper when you’ve been taking care of it yourself? It might seem like a task that you can continue to handle on your own, but once you notice the following signs, it’s time to hire someone to take care of your finances for you.
1. It takes too much time.
One of the biggest reasons you have someone else do your bookkeeping is time management. You only have so many hours in the day, and the more your business grows, the more time you need to spend balancing the books, managing payroll, tracking income, paying bills, and more. Think about how much time you are currently spending on your bookkeeping. Could you use that time for something else? Even small businesses could benefit from hiring a bookkeeper at a fixed or hourly rate.
2. Your books haven’t been updated in a while.
Not staying updated on your business bookkeeping can be a source for serious financial problems. Not only will a bookkeeper fix up everything that has fallen behind, but they will track your expenses regularly to make sure everything is up-to-date. This means you always get a clear idea of where your business stands financially and you won’t need to play catch-up when tax season is here.
3. An accountant is doing your bookkeeping.
While an accountant is qualified to do bookkeeping, it’s not what they’ve trained for. Accountants and CPAs are hired to analyze your business finances, not track them, and they might charge you a higher bookkeeping rate than average to take care of it. Save yourself some money and hire a bookkeeper to do your bookkeeping.
4. Tax season is far too stressful.
Taxes are confusing, and the best way to save yourself from a headache is to hire a bookkeeper to make sure all of your tax statements are prepared. They pass the organized paperwork over to your accountant and boom, you’re done. There’s no need to try and solve the mystery of the mysterious expense when you have someone who kept track of everything throughout the fiscal year. A bookkeeper who stays on top of your monthly records will even be able to get you more deductions come tax season, and you’ll be thankful for that when you save thousands of dollars.
5. You’re falling behind on paying your bills.
This is a dangerous problem to come across. No one likes late payments, and you always want to keep a healthy relationship with your vendors and suppliers. A bookkeeper will take note of due dates and make sure everything gets paid on time, and can sometimes even save you money by taking advantage of early payment discounts.
Talk to a Bookkeeper Today
If you’re facing any of the listed problems, reach out to All About Businesses. Your bookkeeping shouldn’t be a burden, and hiring a professional virtual bookkeeper will feel like taking a breath of fresh air.