Can I afford to hire a bookkeeper? Do I really need a bookkeeper?
Are these questions you’re asking yourself about your business right now?
If you are, please believe me when I say I get it!
As the CEO of Balanced Ledger, I talk to business owners like you every day. It’s hard to know what to hire out and when. One of the first objections I get from business owners is they cannot afford a bookkeeper. If you’re thinking this you have to read this entire blog post to the end.
The questions you’re asking yourself right now about your business is why I put together this list of 5 signs that you need to hire out your bookkeeping.
Your bookkeeping processes are manual
New clients come to us with the majority of their bookkeeping as manual processes. I don’t have to tell you that this is inefficient and has a huge margin for error, I know you know that!
I also know if accounting is not your strong suit it can be intimidating to set up, implement automations and get everything working correctly. Accounting systems set up incorrectly is the number one thing we see when business owners come to us for help.
This is why we exclusively work with QuickBooks Online and why I am a certified QuickBooks Pro Advisor. We set everything up correctly for you and take all the manual processes out of your bookkeeping.
Do you do your Bookkeeping tasks on a daily/weekly/monthly basis?
It can be so hard to do everything in your business and often bookkeeping is one of those tasks that is pushed off until the last minute. However, by doing this you’re missing out on valuable information about the health of your business.
Picture this: one of your favorite design mentors is offering a brand new coaching container. It opens up for early bird pricing at noon tomorrow but you’re not sure if you can afford it and you won’t have time to do your bookkeeping to assess your cash flow to know if it’s smart to place the purchase on a credit card or pay for it with the cash you have available in your business checking account.
Now, imagine being able to push a button and have an accurate financial report to make an investment decision for your business right on the spot? This doesn’t have to be a dream, it can be your reality if you hire a bookkeeper.
Have you reviewed your business expenses?
Do you know who you’re paying with your hard-earned money?
Do you know how much your expenses are every month?
Are you accounting for your large yearly expenses every month or crossing your fingers that the cash will work itself out when the time comes for the lump sum renewal?
If you’re not doing your bookkeeping tasks and reviewing your expenses I can assure you you’re spending more than you need to.
Let me give you a real-life example: I recently went through my own expenses in June and was able to cancel some subscriptions I wasn’t using and save over $200/month!
This is coming from someone who is on top of her bookkeeping and reviews her expenses regularly. I was able to save this money quickly because I’m on top of my bookkeeping and am able to shift my expenses according to my priorities in my business.
Now I want you to imagine how much you might be spending and not even know it because you’re not keeping up with your bookkeeping tasks and reviewing your financials on a monthly basis.
That’s where hiring a bookkeeper can help you and often pay for itself in the first month!
Are your services priced accordingly?
One thing we’re all experiencing in this post-COVID world is an increase in prices.
Some are small, minor increases, while the cost of other items has risen significantly.
My question to you is, do you know the profit margin for your services and changed your pricing accordingly?
One thing that our new clients are surprised by is how little profit they’re actually making after all of their hard work. They spend so much time creating an amazing experience for their clients for the small amount of money that is left over after the project is done.
This is where my team and I shine.
We are able to show our clients where their hard-earned money is going to, if they should increase their prices, and where they can cut back on expenses. This is just one way our services can pay for themselves often within the first month.
Do you pay yourself on a consistent basis?
I’m going to tell you something that sounds counterintuitive at first but promise me you’ll have an open mind and read the entire paragraph.
If you’re not paying yourself on a consistent basis then you need to hire a bookkeeper.
I know this sounds counterintuitive to hire someone when you’re not even paying yourself but trust me when I tell you that once you hire us you’ll be able to not only keep paying us but you’ll be able to pay yourself on a consistent basis.
So many business owners are emotionally wrapped up in their business finances and are not able to look at things objectively.
This is where we come in like the financial superheroes we are to save the day.
We’re able to create a budget and cash forecast so you’ll not only have comfort in knowing that you can consistently pay yourself and continue to pay us to help you make sound financial decisions.
Now, I want to know how many questions you answered NO to.
If you answered NO to any of these questions then let’s set up an appointment so my team and I can help you get on track to having the profitable business of your dreams.
We only have 5 more Done For You Bookkeeping spots left for 2021. We’d love for you to be one of our clients and get you on track to meeting your goals!
Click here to schedule your appointment now!