Why You Should Work with a Bookkeeper
Managing your business’s finances can be overwhelming, especially when you’re juggling multiple tasks as a small business owner. Perhaps you’ve already set up your systems and routines, but the question remains: should you handle bookkeeping alone or seek help from a bookkeeper? Let’s explore this question together and see if collaborating with a bookkeeper could be a game-changer for your business.
Is this what you went into business for?
One of the first things we should consider is, “What did I go into business for?” For example, I actually went into business for bookkeeping, however, I didn’t go into business for marketing. Yes, there are aspects of my own marketing that I handle on my own (hello blog😍) whether due to budget or because I genuinely enjoy that task. However, there are aspects that I do get outside help for. Like my friend Lindsay that helps me keep my head straight when it comes to marketing strategy! Or when I hired a gal to build the first edition of my website. Am I capable of doing these things on my own? Yes. But is this the best use of my time? Heck no! And will there be things I miss because it’s not my area of expertise? Ab-so-freakin’-lutely!
So when there are areas of your business that you aren’t an expert in, or that pull you away from being the CEO of your own business and pushing it towards your vision, it’s time to evaluate which tasks you should start outsourcing. And bookkeeping is something you should add to that list.
Don’t play in the weeds, instead, step back and see the big picture. 😉
Reduce your stress
Bookkeeping can be tedious and time-consuming. Additionally, not knowing where the heck your are at financially can cause you to flaunder. And don’t forget how stressful it gets come tax season when you need to report your income and expenses! If you’ve tried to handle your own books but found yourself not keeping up with them on a consistent basis (or maybe you don’t even touch them!), then it is most definitely time to work with a bookkeeper. Having a bookkeeper means your financial records will be kept up to date on a regular basis so you can keep running your business in confidence and with one less crticial task on your list.
Easier Tax-Prep
Tax season can be a nighmare for small business owners, but a bookkeeper can help make this process much easier. Choosing the right bookkeeper means you’ll have someone that will work WITH your tax preparer so you have less you need to do come tax time. For example, at The Admin Group LLC, we offer tax-time support by offering to communicate directly with our clients tax guy (or gal). We provide a year-end packet that offers notes to help make the life of your tax person easier. And trust me, if you make their life easier, they’ll enjoy having you as a client, and may even offer you a discount! And even if they don’t offer you a discount, it’ll significantly reduce the risk of a bill that’s higher than originally quoted. And yes, we’ve seen that happen too when client’s have messy financial records.
Stay Organized
With a bookkeeper handling your fiances, you can say goodbye to mess spreadsheets and misplaced receipts. Even if you opt for a package that doesn’t offer all the bells and whistles, your bookkeeper can (and should!) offer tips on how to improve your organization and overall workflow of how you handle your financial records. If they don’t already suggest these tips, then just ask! Sometimes we have clients that aren’t ready for type of assitance, but when our clients ask us, we are ready to spill the beans.
Financial Planning
Not all bookkeepers offer financial planning, but if this is something that’s important to you, then ask your bookkeeper (or one you are considering working with) if they offer financial planning. At The Admin Group LLC, we offer a slightly less traditional version of financial planning. A more traditional route looks at just the past numbers, and forecasts where you’ll be if you stay on the same track. But we recognize that businesses are not meant to stay stagnat. So when we dive into financial forecasting with a client, we find out what changes they anticipate making in the future and help them forecast that growth!
Financial Insight
We’ve touched on this a bit already, but another reason to work with a bookkeeper is gaining an understanding of the overall financial health of your business. If you work with the right bookkeeper, they won’t talk in the traditional accounting language, but will speak to you in a way that makes sense to you. We won’t talk about ratios, but will find what data is important to you and explain it in layman’s terms.
Expertise & Accuracy
The last point I want to make ties back into the frist point and question I asked, “Is this what you went into business for?” The truth is, if you didn’t take courses on bookkeeping, you don’t spend hours on a daily basis practicing and/or performing bookkeeping tasks, then you are likely prone to doing things incorrectly. Having a bookkeeper – no, let me specifcy a bit mroe – having an EXEPRT bookkeeper in your corner, will ensure that your records are accurate. That balances are correct. And that all the systems and platforms you are in (Your accoutning platform, your invoicing or payment processor system, your bank account…) show consistent data.
If you don’t have the time, energy, or expertise to keep up with your bookkeeping then partnering with a bookkeeper can be a game changer for your small business. From reducing stress to providing valuable insight and expertise, the benefits are undeniable. So why not take the leap and start working with a bookkeeper today? Schedule a call today and let’s make your financial journey smoother and more successful.
