Running a small business comes with many operational costs. Some of these expenses, such as renting retail space and paying employees, are fairly obvious. While these things are certainly important and essential to the day-to-day operation of your company, there are also important long-term investments that you should be making in your business. One such expense is hiring a bookkeeper.
If the idea of shelling out your hard-earned business dollars is off-putting, it shouldn’t be! Hiring a bookkeeper frees up your time and energy to do what you love, and also ensures that the financial health of your company is being consistently and properly monitored. If you’re still not convinced, here are three important reasons why you should hire a bookkeeper for your small business:
It Frees Up Your Time
As an entrepreneur, you more than likely already have a slew of tasks, meetings, and other operational duties vying for your time. The last thing you need on your plate is a huge, steaming pile of accounting goo that distracts you from your company’s core mission and leaves less time in your day for the essential tasks that need to get done to run your business smoothly. By hiring a bookkeeper, you are able to spend more time serving your clients, building your team, and devising a marketing plan to grow your venture to new heights.
You’ll Have More Energy to Work ON Your Business Instead of IN Your Business
Operating a company requires a lot of emotional energy, too. If you don’t get excited by the idea of Excel spreadsheets or analyzing financial data, then outsourcing your accounting work is a great way to protect your mental health and leave more room for you to do what you love. Hiring a bookkeeper allows you to avoid the burnout of pouring over numbers that don’t add up, processing payments, and monitoring the financial health of your company. This leaves you with more energy and passion to devote to your work!
It Helps Avoid Financial Mistakes
While you’re probably a great entrepreneur, chances are that you are not an accounting expert. While it may seem like you’re protecting your bottom line by cutting operational costs, trying to handle the business’s finances is a recipe for disaster in the long term. According to freshbooks, doing your own accounting often doesn’t actually save you money. In fact, it may be hurting your bottom line! From clerical errors that lead to incorrect invoicing or double payments to vendors, you could be losing thousands of dollars a year by trying to do it all yourself. Especially when tax season rolls around, you want to make sure that all your I’s are dotted and T’s are crossed, and having a professional bookkeeper on your side is more than worth avoiding the headache of an IRS audit.
Hiring a bookkeeper is financially practical, saves you money in the long run, and protects your time and energy. Knowing that a professional is monitoring your company’s cash flow and can help you understand your fiscal health can make all the difference in how you approach the numbers side of your work. Rather than spending your time in your books (at best bored, and at worst frustrated and confused,) employing an accounting professional will ensure that you stay informed about where you stand and where you need to go, all while keeping your focus on running your business.
When you are ready to hire someone to assist you with this task, give us a call! 310-534-5577 or [email protected]. We’re happy to help!
