3 Reasons Why You Should Hire a Bookkeeper for Your Small Business
Starting a business of your own is, naturally, a source of immense pride and satisfaction. Knowing that you actively run a business of your own is a deeply satisfying experience, and something that is sure to leave you with a greater level of self-belief and happiness, however you do need to find time to organice your books or find someone to do this for you, so here are the 3 reasons that you should think about hiring a bookkeeper for your small business.
1. You Don’t Have Time to Do it Yourself
No matter how hard we try to extend it, a day will always contain 24 hours. If a petition ever went around, asking for the day to go to 30 hours, I’d be the first to sign it. Until then, there are just so many things we can accomplish each day. If you are trying to juggle sales, marketing, shipping, and bookkeeping at once, something is going to suffer.
There is nothing more important to an entrepreneur (especially when they are the only employee) than effective time management. Spending 5 hours doing a bank reconciliation that would take a bookkeeper 30 minutes just doesn’t make sense. Sure, it’s an extra cost each month, but how many more sales could you have made in those 5 hours? Which scenario is really costing you more money?
2. You’re Not an Expert in Bookkeeping
I’m sure most of you wouldn’t attempt your own dentistry in order to save some money. If debits and credits are as confusing to you as differentials and tie rods (I think those are car parts) are to me, you could be doing yourself more harm than good. At best, you’re not getting an accurate picture of where your business is at.
At worst, you will be getting a call from the IRS, etc. that include words like “audit” and “jail time”. The costs I’ve seen people spend on late fees, interest, and penalties are breathtaking. Once again, is doing it yourself really saving you money?
3. The Process Leaves You Feeling Less Than Enthused
On a less serious note, bookkeeping is really boring (for almost everyone). I’ll bet most of you would much rather be selling, or reaching out to new clients than printing out trial balances and income statements.
I know you want to have that data available to you, but wouldn’t you rather just have it show up like a gift every month. Although business isn’t supposed to be all fun and games, filling your days with tasks you hate makes it hard to get motivated. Don’t worry, you’ll still have angry customers, shipping delays and software bugs to drive you crazy.
I completely understand the desire to do everything yourself. I’m equally stubborn, so the idea of admitting I can’t do something, and then paying someone else to do it usually ranks up there with root canals. At the end of the day, you need to make the most of your time, money, and expertise.
Bookkeeping is a very important aspect of your business. It can give you a very good picture of where you’ve been, which will help you make informed decisions on where to go next. If you don’t feel like you have the time, knowledge or desire to do it yourself. Looking for a Bookkeeper? Alvarez Tax Services Can Help!