If you operate a small business, you are most likely used to juggling many responsibilities at once. You must produce money, keep your customers satisfied, and manage financial information in addition to keeping everything functioning. Tracking the financials, on the other hand, can be a headache, and one of the most important considerations you may have is who you hire to help with your accounts. Do you require the services of an accountant, a bookkeeper, or both?
Let us debunk some misconceptions.
Most small business owners recognise the need of proper record keeping. Many times, people believe they cannot afford a professional bookkeeper. Instead, they attempt to accomplish it on their own. After all, if they can rebuild a dining room or do construction wiring for new buildings, how difficult can bookkeeping be?
There are many ways to go about it. An alternative is to delegate the task to a family member or acquaintance. Perhaps your wife or brother is put in charge of the bookkeeping so you can return to your regular employment. However, unless your wife or brother is a certified bookkeeper or accountant, they are likely to have limited understanding and expertise with when to submit tax returns, how to use Xero or MYOB, or how to save money for the business via efficiency.
So, when does your small business require the services of a bookkeeper? Here are some of the all-too-common warning signals that your company requires one.
When your accounting solution is the size of a shoebox and no longer accommodates your papers
If you are still keeping receipts in a shoebox and managing your finances with bank statements, one of our bookkeepers will bring you into the 21st century using cloud-based accounting software that handles a lot of the heavy lifting for you.
When you do not want to handle the books or have no interest in doing it yourself
You got into business because you have a passion for your trade and are skilled at it, just like us. Unlike us, you presumably did not enter the business world to become a bookkeeper, so no doubt you are not going to enjoy it. That is our expertise, so let us handle the grunt work for you.
When it is preferable to spend your time executing your main role in the business (which is always!!)
You should work ON the business rather than IN the business if you want to develop it. Rather of wasting time balancing your accounts, focus on what you are passionate about and good at. This will allow you to devote more time to cultivating business contacts, closing transactions, and growing your company.
When you require more precise financial data on a regular basis to manage your business properly
As your company expands, so does the requirement for precise information in order to manage cash flow and stay up with that expansion. This includes the capacity to correctly budget and anticipate, obtain timely P&L reports, and, if necessary, submit a thorough request to a lender to borrow money.
When your bookkeeping is handled by someone with no prior experience
If your records are not kept up to date, you might wind yourself with IRD fines and a furious accountant! Save time, money, and headaches by doing it right the first time with professionals.
When you are unaware of the most recent applications, add-ons, and functionalities for your accounting system
Running your own business takes enough time without having to learn about the most recent monthly upgrades in Xero or MYOB. Use a professional bookkeeper who is up to speed on the newest updates to ensure you are employing the best automated techniques available in bookkeeping.
Your firm’s bookkeeping is much too crucial to leave to chance. A professional bookkeeper from our skilled staff can save you a lot of time, money, and hassles. Allow us to manage your back office so you can concentrate on what you do best.
