When you’re starting out in business it’s natural to put some things off until you hit a certain level of growth. Maybe you’ve promised yourself that you’ll hire a VA when you get three new clients or a social media manager once you hit six figures. But there’s definitely one thing you should get help with sooner rather than later: your bookkeeping.
In fact, I would recommend getting a bookkeeper as soon as you can realistically afford it, for three key reasons.
1. It’s fundamental to your finances
Everything stems from your bookkeeping data, from knowing where most of your revenue is coming from to knowing whether you can justify a new business investment. And if you’re not taking care of your books or your records, you’ll struggle to maintain any kind of control over your finances as a whole.
2. It’s a huge time saver (for everyone!)
Bookkeeping, even for small businesses, isn’t as simple as you might think and researching software options, deciding which to choose, and then learning how to use it can take up a lot of valuable time that you’d rather spend on growing your business.
Plus, if you attempt your own bookkeeping and make a mistake your accountant is going to have to spend far more time on your accounts than if you’d let them handle your records in the first place — which will waste your accountant’s time and increase your bill.
3. It lets you focus on the important things
When things get busy, it’s hard to keep your bookkeeping at the top of the priority list; you might find yourself doing little more than posting transactions from your bank statement and uploading receipts. But, when you outsource your bookkeeping, your accountant will have the time and the expertise not just to ensure that your data is up-to-date and accurate, but to analyse and interpret your reports and tell you what’s really going on in your business finances.
While you may feel that you’re abdicating your responsibility by handing your accounts over to someone else, it’s actually the reverse: by letting a professional handle the day-to-day tasks, you’re in a better position to focus on your wider financial strategy.
I think early bookkeeping help is so important to small business owners that I’ve decided to add it to my basic support packages — drop me a line to find out more.
