You started your business to do something you love, to build something special, maybe even to change the world.
You didn’t start a business to spend hours updating your books. Yet, for so many entrepreneurs, this is what happens. There are consequences to that, you get frustrated, maybe even make mistakes or neglect them altogether.
Many small businesses fail because they don’t have the right oversight of their financial situation, that giving up can lead to other problems for your business, and all the hard work you put into it. So, instead of spending time dealing with books yourself, hiring a bookkeeper can be an incredibly important step in the development of your business. Like any major decision in the life of a company, whether new or well established, outsourcing bookkeeping should only be undertaken after appropriate research and assessment though, so here are several ways in which your business can benefit from a bookkeeping service.
You have more time for the important things
Starting out in business is exciting and a little scary, but whatever size and scope of the company, whatever field you work in, it is also a time sink. In the early days especially, you often end up doing two or three different jobs, from accountant to acting as the entire sales department! This is great for a while, but eventually you need to focus on business strategy, managing the direction of the organization to take advantage of new opportunities and grow.
If you are spending hours every day managing your books, then you are not spending time on tasks that could help your business grow and thrive. That can leave your business unable to take advantage of new opportunities and never reach its full potential, while competitors take that market share instead. Your vision and leadership energy should be focused entirely on moving the business forward, and this is where hiring a bookkeeper can help.
It’s not just the value of your time either. As your business grows, there will be more demand placed on your time, to take advantage of an opportunity you may have to ignore the books to get everything done for an urgent project to benefit a potential new client. Then what? If that happens at the wrong time of year, and you miss tax or account submission deadlines, you could face fines or investigations from government, and that can be expensive. By outsourcing bookkeeping, you know that the books are always up to date regardless of your own workload.
By outsourcing bookkeeping, they take that workload away and let you spend your time and energy where it makes the most impact on your business. We all have goals we want to achieve; a bookkeeping service helps you to build a business that reaches them.
It saves you money
Doing your own bookkeeping usually starts out as a financial choice, as a small business, especially those just starting out, keeping overheads as low as possible means faster reinvestment to help you grow. But at some point, your business grows to the stage where it takes up a big part of your day. At this stage there are a couple of options, one of which is hiring a bookkeeper. For many entrepreneurs, this sounds like an expensive option, after all you are paying for a professional bookkeeping service. However, professional bookkeepers provide their service to a number of clients, you are never supporting the full cost of those professional skills full time. Just for their time they are working for your business.
That means that outsourcing bookkeeping costs much less than you probably think, offering exceptional value when compared to hiring your own in-house solution. But hiring a bookkeeper can make economic sense compared to you continuing to do your own books as well. Many entrepreneurs fall into the trap of think that if you do something yourself, its free. It is not. Your time is valuable, probably more valuable than anyone else involved with your business.
If instead of doing the books, you spent 2 hours on something productive, such as developing a new product, calling clients, chasing new sales, how much revenue could your business earn from that? More than it costs for outsourcing bookkeeping in all probability. Use your time wisely, and then save money by using an outsourced bookkeeping service.
You enjoy professional bookkeeping
One area of hiring a bookkeeper that is often ignored is that when you do, you get a professional bookkeeper to look after your accounts. For most business owners, bookkeeping is something you learn to do out of necessity, and you are probably not trained. Over time, that means that mistakes are likely to be made, and that can cost you heavily.
But it’s not just mistakes, a professional bookkeeping service brings in-depth knowledge of current legislation, ensuring you maximize allowances and other benefits that ultimately reduce your obligations. Not taking advantage of those benefits can be more expensive than a genuine mistake, but few business owners are able to stay on top of continually evolving rules. By outsourcing bookkeeping, your business enjoys the best, accurate and professionally produced accounts at all times.
It is tempting to do everything yourself, in fact one of the hardest things to do with a new and growing business as an owner is to relinquish control to others. But to achieve your goals, this is something every business owner has to do, and outsourcing bookkeeping is simply part of that.
Not only does hiring a bookkeeper benefit both you and your business in several ways, to achieve growth and reach the potential of your company, it is an essential and important step that is necessary for your success.
Give Binery a try today – a modern touch of outsourced bookkeeping!