The new year is just around the corner. Is it time to make some changes?
If you’re a small business owner, chances are you’re dealing with your bookkeeping on your own. After all, you went into business for yourself. While many entrepreneurs enjoy the freedom and perks of owning their business, it also means that expenses are kept to a minimum for success. Hiring a bookkeeper is a decision many small business owners struggle with. That’s why we’ve compiled the top three reasons why hiring a bookkeeper may be the best decision you’ll make for your business in 2023!
Profit Margins
Owning a small business means keeping your profit margins at a minimum. A professional bookkeeper can keep track of these margins and offer guidance on controlling operating expenses for a better return on investment. A bookkeeper can also manage your monthly transactions, payroll, and government fees and ensure that bills are paid promptly and accordingly. A bookkeeper pays for themselves by freeing up your valuable time, finding cost savings, avoiding penalties for late filings, and following up on accounts receivable, so you get paid on time.
The Ups and Downs of Tax Season
Bookkeeping and tax planning only become more complicated in the first few years of owning a business. A bookkeeper can alleviate the stress of taxes, especially during tax season! (which is coming up very soon). Employing a bookkeeper, even on a temporary basis, to accurately report your expenses and budgets may be the way to go.
Stress and more Stress
No one likes stress. The first few years of running your business require many long hours and dedication. In fact, the first few years are the most difficult as you scramble to make ends meet and become profitable. Chances are you are managing all the different areas, such as sales, marketing and bookkeeping. Let’s be honest, not all of us are good with numbers! Juggling multiple tasks at once can translate into neglecting other crucial parts of the business. A bookkeeper can help with administration and free you up to concentrate on growing your business.
Doesn’t that sound great?
While employing a bookkeeper may be a tough decision for a small business owner, the decision may be worth it in the long run. Think BIG, as it could save money and time and reduce stress.
At Bookminders, we use the Pure Bookkeeping system so that everyone on our highly skilled team follows the same processes, uses the same reports, and records information the same way.
And
We Lead With Profit!
Our firm has received an Advanced Level Certification in Profit First. One of the few selected globally!
What does this mean for you and your small business?
Pure Bookkeeping is a proven, widely-used system that guarantees compliance, consistency, and quality in your business finances. Paired with the Profit First method that we bring to all of our clients, working with us will help you build the financial foundation you need for a profitable and sustainable business.
Find out more, schedule a Free Consultation here.
Although this article offers business advice, this content is for general informational purposes only—it is not intended to replace the guidance of a licensed legal or financial professional. Information created by third parties that we may link out to or feature on our site is not endorsed by us and remains the responsibility of such third parties. Bookminders Services Inc. assumes no responsibility for errors or omissions in the content.