Like most small and mid-sized business owners, your work week is busy. So busy that it often extends into your nights and weekends. As you scroll through your list of weekly and monthly duties in search of a way to lighten your load, your bookkeeping responsibilities are sure to cross your mind. Below are just a few of the time-saving benefits of hiring a bookkeeper.
The Initial Time Saved
Odds are, you aren’t even sure exactly how much time you spend managing your books. This goes beyond collecting receipts and invoices, but even the time you spend double-checking your work—and analyzing your monthly PNL. That is if you have the time in your schedule to keep your books up-to-date enough to generate a monthly PNL.
Time Saved At Tax Time
Whether speaking of quarterly or annual taxes, well-kept books will make tax season far less stressful. You won’t be left scrambling to find missing documents, and the reduced stress is immeasurable.
Investing Your Time Where It Matters Most
Your primary job as a business owner is to grow your businesses, right? While you are sure to respond with a resounding “yes”, take a quick look at where you actually invest your time. While back-of-house responsibilities certainly need to be prioritized—your time is best spent engaging with your customers, and building your business.
Long-Term Financial Planning And Forecasting
Many of the small business owners I work with struggle when performing their long-term financial planning. This is often because there is far too much guesswork involved in their process.
While outsourcing your bookkeeping will take the stress of balancing your books off your plate, it will also provide you with in-depth reports and planning tools. Your bookkeeper will even help you to determine your largest areas of opportunity, such as where you are spending more than you might imagine. Bookkeepers can also consult on spending, forecasting, and where to invest more money in your business.
Don’t Waste Time Training Someone New
If you have considered delegating your bookkeeping to someone else in-house, consider this. Not only will you have to take the time to train them, but their time spent bookkeeping will take them away from other essential job duties. While hiring a bookkeeper is an additional expense, we are experts in our industry—and can perform our services an average of 3 to 4 times faster than anyone who has been assigned bookkeeping as part of their job duties. While you will have to pay bookkeepers for their time, you don’t have to pay us for employee related expenses such as benefits, insurance, payroll taxes, unemployment taxes, vacation time, or updated bookkeeping software.
If the reasons above aren’t enough to have you convinced, also consider the peace of mind that comes with knowing that your books are up-to-date and error free.