Most small business owners start off managing the majority of their administrative tasks such as email management, marketing, tracking expenses and income.
While the freedom of being able to manage all these things yourself is a great feeling, eventually a time will come when your business begins to grow and these tasks will stop you from working on the bigger picture.
Finances and accounting are often overlooked in the midst of other business responsibilities and tasks. You run the risk of serious consequences if your business’s accounting records are not kept in order.
Hiring a professional bookkeeper frees up your time to work on growing your business. While it is an added expense, outsourcing your bookkeeping job to a professional will help streamline your financial management. It can also save you money on costs you may not have identified yourself.
Does reconciling your bank and recording your finances take up a lot of your time?
Do you struggle understanding everything on your financial reports?
Here are some reasons why hiring a professional bookkeeper will save you money.
A professional can perform your financial in half the time it would have taken you to do it yourself. This will save your business money because you’ll have time to work on bigger opportunities to bring in more revenue.
Managing your profit margin
Small businesses often work with a narrow profit margin. A professional bookkeeper can keep track of the margins and give you advice on how to generate even larger returns.
Tax season is stressful. The process can be tedious, time-consuming and mentally draining. A professional bookkeeper will learn and understand all the financial details of your business and has the information needed to complete your business’s taxes accurately.
Outsourcing a bookkeeper has its own benefits as opposed to hiring a bookkeeper as part of your staff.
Firstly, you have the choice whether to hire them temporarily for certain jobs if you are already fairly confident with the managing the majority of your finances or on a more permanent basis if you need more help.
Secondly, you won’t have to worry about the additional costs that come with hiring an employee, such as sick leave, annual leave, superannuation, workers compensation insurance and PAYG tax.
Lastly, you’ll always have someone on the job. No need to worry about your bookkeeper going on holiday and leaving you with no one to do the work.
Here at The Small Business Lounge, we assist small businesses in improving their potential by assessing their current situation and allowing them to regularly review systems and processes to ensure they are working to their best ability.
We offer a number of bookkeeping packages to suit different pricing needs and offer ongoing training to ensure you are always up to date on your business’s finances.