There is no business, nor business owner, who is going to be able to make it a true success without the know-how necessary to manage their accounts and finances. However, the reality is that running a business can require so much time and attention that spending all of your time with your nose in the books can take away precious time that could be spent making you a profit elsewhere.
However, does that really mean that you need a bookkeeper? Here, we’re going to look at why the answer to that question is a resounding “yes”, and why you should start taking steps to find the right bookkeeper to meet your needs now.
What a bookkeeper does for you
One of the best ways to get an idea of just how valuable a bookkeeper can be for your business is to think about what they actually do for you. Bookkeeping services can vary from provider to provider but, for instance, here are a few of the services that The Bookkeeping Hub can provide:
- Inputting your transactions into accounting software for accurate and timely bookkeeping
- Preparing monthly bank reconciliations to ensure no discrepancies between accounts
- Preparing monthly financial reports and business activity statements
- Preventing task issues and complications
- Helping you prepare your budget and financial plans
As mentioned, having all of this taken for you frees up a lot of the time that you might otherwise spend doing it yourself. You can also rest assured that you’re working with the professionals bringing the right level of expertise to ensure that it’s done right.
Ensure that your books don’t fall out of date
If you want to stay prepared for tax season, or simply want the most accurate information available at any moment, then it is important to keep your books up to date. Without a bookkeeper, it’s easy to fall behind with those books. As a result, when you try to look at them to help you better grasp your cash flow situation and financial health, it can be tricky. A bookkeeper can always ensure that your records are up-to-date and accurate.
Find out why you’re not making more profit
Bookkeepers can help you identify costs and where you’re spending more money than you should be. As such, if you find that you’re successfully increasing your sales and revenue, but your profits aren’t increasing, you need to find where that extra money is going. By preparing financial statements on your situation, your bookkeeper can act as not just an update of your financial records but can provide insights that can empower you to make better business decisions.
Don’t lose track of what you owe
Most businesses run with some level of debt and financial obligation. What’s more, cash flow can be made more unpredictable for companies that have to wait for their clients to send them money, such as invoice-run companies. Your bookkeeper can help you be fully aware of what money you are owed and what is owed to you at any point. As such, you don’t have to rely on cash flow alone to make your decisions, you can get a much more complete picture of your financial health.
You want to see the impact of financial decision-making
Whether you’ve cut back on costs or made investments designed to help increase profit in the business, learning the cost-effectiveness of your operations can be difficult if you’re not able to get the bigger picture. Reports from your bookkeeping services can help you track spending and earning trends, seeing how those decisions really affect your financial position.
Learn more about bookkeeping yourself
By working with a bookkeeper, you can glean knowledge from them that you can later use yourself if you decide to handle more of your financial duties in-house. However, you don’t have to get that knowledge through osmosis. Firms like the Bookkeeper Hub actually offer Xero training, so that you’re able to learn the best bookkeeping methods directly from the professionals.
With Xero Training, you can get to grips with how to use some of the most widely-lauded accounting and bookkeeping software in the industry to be able to better handle your books in-house.
Get in touch with the bookkeeper your business needs
Whether you’re looking for someone to help you take care of your books, or to help you build the knowledge that you need to do it in-house, finding a bookkeeper to work with is going to be invaluable for your business. Get in touch with The Bookkeeping Hub to get started today.