As a business owner, you wear many hats when it comes to day to day management. Bookkeeping should not be one of those “tasks” that land on your to-do list. If you are a business owner doing your own books, here are 3 signs that you need to start outsourcing now.
3 Signs You Need To Outsource Your Bookkeeping Now
1. You don’t have a budget for your business.
If you don’t have a budget then you aren’t maximizing your deductions or know how much for each expense category you have left to spend to stay on track with your goals.
Why do you need to make sure you’re maximizing your deductions? It’s all part of proper tax planning. When you maximize your deductions you’re ensuring that your expendable cash is allocated to where it benefits the company best. Making sure you work the tax code to your favor so you owe the least amount in taxes and can reinvest the amounts saved back into your business is proper tax planning. I talk about tax planning in this blog post here.
How can a bookkeeper help me develop and stay on budget?
It’s what we do!
Bookkeepers know all of the ins and outs of your business. They see everything and are able to assign proper expense categories to each item and will review your financials with you so you know where and when you can spend money.
2. Account reconciliation is never done
Reconciling your accounts is a non-negotiable when it comes to knowing your numbers and knowing where your money is going. However, most business owners end up not doing it at all because of the time commitment, not knowing how to do a reconciliation and they’re not sure how to deal with any discrepancies. All of these are valid reasons to outsource this task to a bookkeeper. If you don’t have accurate, reconciled, accounts then you don’t have accurate financial statements.
3. You aren’t meeting your financial goals
Meeting your financial goals is important in a business. It’s how you grow and move forward. That said, you can’t move forward in your business if you aren’t meeting your financial goal. If you hire a bookkeeper you’ll know where you are with your goals every month. You’ll know where your expenses can be cut back and new potential income sources you might be missing out on.
These are just a few of the signs that you need to hire a bookkeeper ASAP. If any of these sounds like you then click the contact us button at the top of this page and schedule a call. My team and I would love to chat to see how we can help you grow your business.