Most entrepreneurs go in to business to do what they love. When starting out, money is often tight, and most business owners try to do it all. Hiring a bookkeeper, even for a few hours a week, can provide a number of important benefits.
1. More time to do what you do. Rather than focusing on paying bills, tracking expenses, and reconciling bank accounts, you can continue to grow and run your business.
2. Up to date info for decision-making. If you record your business’ revenues, but never seem to get all of your expenses posted, you never have the whole picture. Think about it this way. A friend sends you a photograph, but it’s torn in half. Until your friend provides the other piece of the photo, you never really know for sure what he was trying to show you. Not posting all of your business activity on a regular basis only gives you half the picture – and that’s not good for anyone.
3. Error and fraud detection right away. We all know about hackers stealing credit card information, but if you don’t spot it, you may have a serious problem with cash flow if your account is misappropriated by criminals. It happens. And the theft can be closer to home, if a trusted employee is suddenly hurting for cash and decides to “borrow” from you just to get over their troubled time. Banks make errors, too. Your bookkeeper is an impartial third-party checking your bank and credit card accounts and spotting errors and fraud promptly.
Your business needs you. Your business needs a bookkeeper who helps you run your business and succeed. The cost is probably far less than you think, and can provide peace of mind for you, the entrepreneur. Check into a bookkeeper – you won’t be disappointed!