It’s common among small business owners, entrepreneurs, startups and freelancers to focus on cutting costs, especially regarding manpower. By multitasking, they take on multiple roles and save money here and there. In a book store, for example, you’d see the shopkeeper cleaning the shop, taking calls, arranging books, handling sales, and answering inquiries.
In new businesses, it’s also not unusual to see the owner taking over accounting and human resources tasks. This is because hiring a finance manager, accountant or bookkeeper, and a human resources manager or recruitment officer is typically viewed as a costly addition.
But what happens in this situation is that business owners end up spreading themselves too thin, especially when it comes to accounting activities. Not hiring a professional to handle critical and complicated bookkeeping tasks can be a risky move.
As an experienced accountant and QuickBooks bookkeeper in Charlotte, North Carolina, I am sharing this advice to help owners make better decisions so they can grow their business. Here are three reasons why you need to get a bookkeeper onboard, ASAP:
1. You’ll have time to focus on key business tasks.
In business, time truly is money. Instead of attempting to handle all accounting tasks and risk making mistakes or missing errors in calculations, your time would be better spent strategizing and devising a marketing plan for your enterprise.
By freeing up time to focus on your field of expertise (i.e. running your business), you’ll have more time to devote to product development, improving customer service, and getting more investors onboard. You also won’t need to worry about missing tax deadlines and getting penalized.
2. You can get valuable business advice.
Among the key roles of a bookkeeper is to monitor cash flow, as well as profit and loss (P&L). Without a dedicated professional handling these business-critical tasks, you may be led to thinking your business is afloat when, in fact, it’s barely scraping by. By knowing exactly where your business stands, you can regroup and review your business strategy and identify any areas that require more of your attention.
Your bookkeeper can also help you with financial analysis, as well as generate financial reports, monitor progress and propose adjustments. These are all important tasks, especially if you plan on getting additional funding from banks or other financial institutions.
3. You can stay on top of bills, payroll and vendor payments.
Running your business solo can mean you're so busy with the big picture, you miss the little things that really matter. You may overlook not only tax deadlines but also bill due dates, vendor payments and even payroll. Instead of saving money, you can end up paying for late payment fees, fines and penalties. Your credit score will also take a beating if you keep missing payment deadlines. If paying late becomes a regular thing, you can also lose the trust and respect of your vendors.
Late payroll can affect your skeleton crew’s morale and lead you to losing good people in the process.
With a bookkeeper by your side, invoices will be paid on or ahead of time, and you’ll never have to be late in making bill payments. Best of all, you’ll have someone handle the payroll so your crew is paid on time.
Time to get a QuickBooks bookkeeper in Charlotte, NC
Building a business from scratch and growing it is challenging enough, so why not make it a bit easier for you by hiring a QuickBooks bookkeeper? I can get you set up with the essentials quickly and efficiently.
All you need to do is drop me a line at BlueFire Accounting.
You’ll be glad you did.