Bookkeeping is a crucial business task that must get done whether you like to do it or not.
When you outsource your bookkeeping, you no longer have to worry about whether or not your bookkeeping gets done or not. You know it’s going to get done.
I am a big proponent that you know how to do all of the things that you outsource before you outsource them.
But if bookkeeping is a huge source of stress for you, it should definitely be something that you outsource, but you should be able to at least read the reports and have chats with your bookkeeper at least.
Why should you outsource your bookkeeping?
It saves you time.
You are a busy business owner. Something that takes you longer than it needs to or just plain stresses you out, so you end up ignoring it, is not something that you should be doing.
You will end up wasting more time or just not getting your bookkeeping done at all.
Plus a professional bookkeeper has more knowledge about your bookkeeping than you do, therefore it will usually take them much less time to do the task than it would for you to do it.
You can improve your cash flow.
By having your bookkeeping done on a regular basis, you know more of how money is flowing in and out of your business.
When you know how money is flowing in and out of your business, you can work to improve those processes too.
You can find easy ways to make more money.
You can find ways to save money too.
Your bookkeeper is knowledgeable.
A bookkeeper (should) has the knowledge to know the industry and do your bookkeeping correctly.
Please do your homework when hiring a bookkeeper! There are bookkeepers out there who just started a business to make some money, and they aren’t usually all that knowledgeable. I’m just sick of clients coming to me, saying they hired someone who had no idea what they were doing and now they need a new bookkeeper and the mess cleaned up as well.
Not only does your bookkeeper know how to do the bookkeeping for your business, but they can also help you build strategies and projections and plans for your business as well.
You can make projections and budgets easily.
When you know the past numbers, it makes preparing projections and budgets that much easier.
But so many business owners don’t look at their numbers, let alone prepare the projections and budgets.
When you have projections and budgets in place, your business can continue to grow and grow, but you have to have your bookkeeping done so you know the past numbers in order to make the budgets and projections realistic.
Otherwise, the budgets and projections won’t be that realistic, you’ll just be making them up based on what you think you know.
Reduces costs associated with having employees.
Having employees on staff can get expensive.
But outsourcing your bookkeeping would mean you are hiring an independent contractor. Therefore, you would only be paying their fees. You wouldn’t be paying payroll taxes for your bookkeeper as well.
If you had an employee on your staff that did your bookkeeping and accounting, then you would also be responsible for your employee’s payroll taxes as well.
Helps you scale your business.
Just like I mentioned above in the section about budgets and projections, your bookkeeping numbers can really help you scale and grow your business.
But you have to have your bookkeeping done, look at and analyze the numbers, then use those numbers for your projections that can help you continue to scale your business.
Your numbers are always telling you a story. And that story that they tell will help you continue to scale your business even more.
Let’s you focus on your business’s core operations.
As the business owner, you have so many other things that you should be focusing on in your business. You are the CEO, so you wear all the hats.
But doing menial tasks like your bookkeeping, can take time away from your doing the tasks that can actually make you more money.
So when you outsource your bookkeeping, you are able to focus on other things in your business that can help you make more money.
Are you ready to outsource your bookkeeping?
Are you ready to actually hire a bookkeeper and get your bookkeeping done by someone else? If so, let’s chat and see if we are a good fit to work together. I have a few openings right now.
Having a bookkeeper in your business ensures that things get done on time and are done correctly.
It is a definitely a source of stress elimination for you.