When you’re building your small business, it can be hard to know what tasks you can and should take on by yourself and which tasks you should outsource. Accounting and bookkeeping are common tasks that many small business owners, freelancers, and entrepreneurs tackle on their own. Primarily, this is done as a cost-saving measure, however, it’s important to note, that poor accounting practices can end up costing a business even more in the long run than the cost of hiring a bookkeeper or accountant. So, how do you make the decision that is right for you and your business? Here are a few telltale signs that it is definitely time to hire a bookkeeper.
1. You’re Working 24/7
Perhaps the most common sign that it’s time to bring on help is that you’re working around the clock. Burnout is not good for you or your business and, as an entrepreneur, it’s important to know when to delegate tasks. Bookkeeping is an easy task to offload when you’re drowning in operational tasks.
2. You’re Not Making Use of the Latest Accounting Technology
The accounting and bookkeeping world has come a long way since the days of storing your receipts in a shoebox. The cloud has replaced the shoebox and new accounting technology can save you an incredible amount of time. This is especially true if a bookkeeper who has experience with software is in your corner!
3. You’re Not Spending Your Time on the Most Important Things
If you’re finding yourself spending all of your time on accounting and bookkeeping at the expense of other important areas of your business, it is definitely time to make some changes. It’s crucial to spend your time doing the things that only you can do and the things you do well.
4. You Don’t Have a Good Grasp of Your Numbers
Proper accounting practices are crucial to helping you understand exactly where your money is coming from and, perhaps more importantly, where it’s going. If you’re not sure exactly where you stand financially it is important to bring in extra help. This can help you make strategic decisions for your business.
If these four signs apply to you, it is probably a good time to start considering a bookkeeper. CONTACT TAXVISORS TODAY – we can get you set up with the right person for you and your business!