Bookkeeping is the crucial part of a business and cannot be ignored at anytime or the businesses can suffer significant losses and sometimes not even sustain for a longer period of time.
Starting a new small business or running an existing business can be very overwhelming, where the small business owners are responsible for marketing, sales, operations, management and every other aspect of the business including bookkeeping.
For a small business owner, managing their own books can be very time consuming and hiring a full time or part time accountant can be way too expensive. And this is why small business owners should consider outsourcing their bookkeeping to professionals.
Here are 4 reasons why small business owners should outsource their bookkeeping to professionals.
In this modern age, we always say that time flies very fast or I don’t know what have I achieved today and the day is gone. Remember, we can always recover the lost money and a house or car and we can get healthier if we were going through sickness, but time once gone is gone forever and we can never have yesterday or last month come back.
With outsourcing bookkeeping to professionals, small business owners can save an enormous amount of time which can be utilised at the activities they are good at and of course it will help grow the business.
Again as mentioned above, Time is money and it can never be recovered. By saving time on daily bookkeeping duties, small business owners can utilise their time towards specialised activities which helps them grow their business. Bookkeeping costs can vary from minimum $5 per to $50 per hour depending upon the type of bookkeeper you have hired, but as being a small business owner, if your average hourly rate is around $200 per hour or more, you can imagine yourself how much cost effective it will be to outsource your bookkeeping work.
As being a small business owner, sometimes we try to become a jack of all trades and think we can be good at everything we do. This kind of mindset can be very expensive and can act as a significant barrier to the growth of your business. It is very common among small business owners running their businesses for many many years and not getting anywhere and have you asked why?
By hiring a professional bookkeeper, a small business owner can use the expertise of a specialised person who has multiple years of experience in similar work and can guide you with the key steps required to grow your business.
A bookkeeper can translate the profit and loss and balance sheet numbers in simple layman terms for you to understand how your business is performing financially.
Innovative Methods and Tools
You might be good at cooking like a restaurant owner or you might be a great technician as an automotive business, but you are not aware of all the modern accounting software you can use which can speed up your business processes such as invoicing and tracking customer payments which can be very time-consuming. An outsourced bookkeeper can help you become aware of all the new technology software to automate your business systems.
I hope this article was helpful and please feel free to contact us if you need more information or you can book FREE 1 hour consultation where we can find ways to help you grow your business.