As a small business, your goal is probably to grow, grow, grow. In order to grow the right way, you need to understand your organization’s finances. Learning where to save money and where to invest is crucial to a healthy organization. In this article, we’ll walk you through 5 reasons why you need to finally stop DIYing your business finances and hire a bookkeeper to help.
You Can Finally Focus on Organizational Growth
We’re just being honest here. Your time is valuable and should be spent building your business and focusing on the quality and efficiency of your product or service. The more time you spend deep in your financial records or trying to figure out the online bookkeeping system you have, the less time you’re pouring into organizational development.
You’ll Get an Outside Opinion
Although you think you have a good idea about the state of your business, it always helps to have another set of eyes on your financials. A bookkeeper can be your financial expert, organizing your financials and putting together reports that showcase exactly how your business is doing each month. Bookkeepers can help you figure out where your biggest expenses are, where you can trim costs, and how you can improve your business. They will give you the “big picture” analysis, without you having to spend the time on it.
Technology Doesn’t Compensate for Lack of Financial Expertise
Not many business owners have backgrounds in finance or even knowledge of accounts payable, receivable, and taxes. Time and time again we see small business owners struggling with their current bookkeeping software. Or worse, not realizing they’re making detrimental financial mistakes. Technology, while it can definitely save money in the short term, cannot compensate for a lack of financial and technical expertise.
Ensure Correct Tax Filings
The last thing you want to happen to your business is a dreaded tax audit. As a small business owner, you have to submit your annual tax filings. Depending on the type of business structure you have though, there may be additional tax requirements to ensure you are compliant with tax laws. Not filing these can result in costly penalties! It’s ideal to find a bookkeeper who can handle taxes as well as payroll and other financial issues.
You’ll Get Help with Other Legal Areas of Your Business
As your business grows, you’ll likely need contracts, conflict of interest agreements, and more. Bookkeepers can help you identify which documents are required and even help you draft up these documents to use. These documents will grant you legal protection in case of an unhappy client or partner.
At the end of the day, your time is money that you could be putting into growing your business and bringing in new revenue. From the time and money savings to focusing on financial records and contracts, hiring a bookkeeper just makes good business sense for your business. With a team of expert bookkeepers on your side, you’ll never have to worry about the health of your business.
With Grow Thrive Succeed, we help you organize your business finances so you don’t have to stress over the numbers and can focus on what you love.
