When’s the right time to hire a bookkeeper?

Are you losing a considerable amount of time trying to find lost paperwork and balancing numbers when you should be focusing on your new marketing strategy? Yes? Then it might be time to hire a bookkeeper.

Running an office and running a business is not the same thing.

To ensure your business continues on the path to success you need to focus on the marketing, cash flow, quality of service/products, customer relationships and sales – but what happens to all of the paperwork?

It’s a tough balancing act. Small businesses are stretched for resource as it is, so hiring a bookkeeper for an hour a week, or even a few hours month, can be a cost-effective way of managing your finances.

1. Your receipts are piling up

If your receipts are dumped in a drawer, wallet or filing cabinet in no particular order, you are losing control of your paperwork. A good accountant or bookkeeper will document the receipt once and then file it for easy access. If you find yourself searching for the same receipt more than two times, it’s time to look for some extra help.

2. You just started your company

When starting a new business, all of your focus should be on strategy and moving forward. A bookkeeper can help keep your figures up to date to help make the correct decisions, rather than basing them on faulty projections.

3. You are unaware of your profit margin

If you are unsure of how much your company makes after expenses, you should definitely consider hiring a bookkeeper. A bookkeeper’s debit and credit spreadsheets will give you a perfectly clear picture of your profitability.

4. You hate data entry

If you really dislike entering your figures into your books and finding your totals, you’re more likely to make mistakes. A bookkeeper can complete these tasks quickly with fewer mistakes. You will be able to use the time gained to focus on growing your business.

Read and comment on the original YFS Magazine article.