Ever wonder why the bookkeeping industry growing like I is? The explanation is easy: most small and medium-sized businesses realize the importance of hiring a qualified bookkeeper. They know that these experts won’t only help them survive those delicate first two or three years, but beyond.
If you’re thinking of hiring a bookkeeper, these are very good reasons to finally do it:
No Time for Admin Tasks
This may sound quite uncomfortable, but entrepreneurs are usually creative and adventurous by nature, and not the type to like spending their time on administrative routines. They are usually busy chasing sales and meeting people, and almost have no time for paperwork. If that sounds just like you, hiring a bookkeeper will be one of the best steps you can take for your business.
The Importance of Turnover and Cash Flow
Anyone who has truly mastered business will tell you that Turnover and Cash Flow are the two most crucial requirements for success. If you have no sales, your business will be stillborn; if you have no proper cash flow management system; it will be gone in under 5 minutes. While you work on increasing your turnover, your bookkeeper can busy himself with watching your cash flow and chasing late payers.
Pro Advice and Experience
Entrepreneurs may think they know everything, but the successful ones know that they don’t, and use other people who can provide the knowledge they lack. Business that hire bookkeeping services don’t only have up-to-date accounts or spotless tax records, but also a constant source of professional advice and recommendations.
Accounting software can do many things, but certainly not everything. To save money, many start-up entrepreneurs think bookkeeping software is a good substitute for human professionals. But this is flat out a false economy. First and foremost, data should still be entered, and with every hour you spend encoding data, you lose one hour that you could have spent growing your network or seeking other revenue-boosting opportunities.
The Importance of Delegation
Lastly, there seems to be a misconception that working with a professional bookkeeper costs an arm and a leg. To start with, you’ll probably only need a part-time bookkeeper. Successful entrepreneurs will tell you that a big part of successful management is learning to delegate. Take note that tax and bookkeeping work will not earn you a profit. So have someone else do it – a professional at that – so you can focus on revenue-raising aspects of your business.
The good thing is, many professional bookkeepers are offering their services today, and you don’t have to limit yourself to a single prospect. Truth is, if you consider at least two or three, you will be able to make comparisons and make a smarter, more informed choice.