By Kathy Samoun and Diana Rangaves

To those who have an “entrepreneurial spirit”, starting and running your own business can be an exciting prospect. And why wouldn’t it? The thought of being your own boss and in control of your financial future has its appeal. Oftentimes, with that entrepreneurial spirit comes a feeling you must “do it all” on your own to reduce costs. Being a busy business owner, sometimes the books get put on the “back burner” and you fall behind. This often leads to a mad rush to get things done and a feeling of being overwhelmed. Yes, hiring a professional bookkeeper is an extra expense, but by doing so, your return on investment is immediate in several ways.

Freeing up your time

Starting and running a new business can be stressful and time-consuming. When you started your business, you probably took on a significant portion of the operational responsibilities for the enterprise. As your venture grows, these operational responsibilities increase exponentially and might quickly reach a point where running things is no longer a one-person job. Hiring a professional bookkeeper frees up your time and other resources to attend to managing and growing your company.

Increase profits

Staying on track with your bookkeeping and knowing your financial “picture” is the key to any successful business. Working with an accounting professional can help you by giving you the tools and understanding to know where you stand at any given moment. A survey by Xero revealed that businesses with a professional bookkeeper showed a 16% increase in total revenue over those that didn’t work with a bookkeeper.

Many business owners do not have a true understanding of their financial statements. A bookkeeper can help by giving you a working understanding of the “numbers” and giving you financial advice helping you increase your profits and decrease expenses.

Peace of mind

If you own your own business and have ever felt that “end of year panic” knowing you are behind in your bookkeeping, you will understand the peace of mind outsourcing or hiring a bookkeeper can bring. It is a difficult thing for many business owners to let go and hand over this duty to another, but it may be worth it. Knowing your books are up to date and accurate can save you money, time and give you peace of mind that is priceless.

Accuracy in financial reporting

Professional bookkeepers have financial expertise and knowledge. These professionals are familiar with different types of financial information a business may need in different situations. That means outsourcing the bookkeeping work increases the accuracy and understanding of your financial reports.

A bookkeeper can handle this process seamlessly. As a business owner, your time is better spent on growing your business than learning how to use accounting software, researching accounting regulations, and creating their financial reports. This will save you effort, time, energy, and money. Also, it reduces the risks of errors that could throw off your business’s financial information.

Efficiency in tax returns and audits

Taxes often play a crucial role in running a business. However, not all business owners have the time to learn and keep up with the ever-changing tax regulations. Most of them are unsure of how to record store receipts, expenses, or manage tax documents.

A professional bookkeeper helps simplify tax time by keeping you on track throughout the year. At the end of the year, you have the right financial records ready to pass on to your accountant. This makes it easier and faster to prepare tax returns and file your taxes on time. If there is ever a situation where there is an audit, carefully organized records ensure that the audit process goes smoothly.

Final thoughts

At the end of the day, your time is money when it comes to running your business. Hiring a bookkeeper frees you up so you can run and grow your business. Having the time to do so, is critical to the success of your business.

If you need a certified bookkeeper, ask about our 50% discount on the first month of our monthly bookkeeping services for all new clients*. Our promise to you become a valued partner to help secure your financial future.

We are dedicated to helping you achieve the peace of mind you need to focus on growing your business.

*Discount is on monthly services only and does not include the cost of accounting software subscriptions or catch-up/clean-up services.