Many business owners may have had the time to oversee all aspects of their business when they were just starting out. But when their business begins to expand, it is time to weigh things up. Is outsourcing certain tasks the way to go?
It is more important that business owners concentrate more on the areas of the business that can benefit from their expertise – and assign other jobs to other experts.
One of the tasks that business owners can allocate to experts is the financial record keeping. Think about engaging the services of a good bookkeeper. However, when can you say it is the right time to hire one?
Here are 4 signs that you need a bookkeeper:
1. You are spending more time doing the books than managing your business.
It is time to hire yourself a bookkeeper if you find yourself spending a significant part of your day or week doing financial tasks such as keeping financial records of the business.
There are many tasks that a bookkeeper can take on, including pursuing customers with debts, checking vendor invoices, reviewing bank account balances and transactions and ordering stock. Having these tasks off your shoulders will allow you to pay more attention on other areas of your business.
2. You are failing to keep up to date with all business operations.
Growing paperwork and record keeping goes with a growing business.
Many business owners are pressed for time, resulting in them leaving the vital task of updating the records to the last minute – typically for tax time or BAS. If records are not kept updated and there are financial problems that are not seen early, you are in for major problem and you won’t even be aware of it.
Failing to keep up to date with records is definitely a sign that you need to hire a bookkeeper.
3. You doubt that you are keeping records properly.
It’s time to get yourself a bookkeeper if you are spending time checking your books and questioning whether the figures are accurate or correct.
You can save yourself a lot of hassle and give yourself more time to strengthen other aspects of the business by using the knowledge and experience of a good bookkeeper.
4. It is no longer simple doing your tax and/or other compliance.
Complying with rules and other requirements, such as accreditation, are very important for your business, but performing these responsibilities can take a lot of time.
You have to be up to date with regulatory changes and bring your business processes and records up to date to keep in step with those changes. A good bookkeeper can help your business remain compliant.
It’s not always easy telling when the right time is to enlist outside help for your business. When you see the first sign of trouble, make things easier yourself and hire a good bookkeeper.
PJS Accountants offer a full range of services, including tax planning and compliance, accounting and SMSF services, and bookkeeping. For enquiries, contact PJS Accountants.