3 Signs Your Company Needs to Outsource a Bookkeeper
As a small business owner, I'm resourceful and take pride in my work. This resourcefulness is helpful when starting a business because I can minimise costs to run a tight ship right away.
As the business grows, so do my responsibilities. I have so many tasks to do that a do-it-yourself approach quickly becomes unsustainable. I realise this most clearly when it comes to bookkeeping; it's just not sustainable.
What Does DIY Bookkeeping Accomplish?
Doing it yourself can save some money on bookkeeping. The problem with the DIY approach is that time can be a real financial drain.
Some business owners with prior business experience are well equipped to do their own bookkeeping. The challenge was that they knew that the time involved in investigating and reconciling transactions was taking away from other necessary tasks.
It's not just time that's the issue; it's also the effort it takes to understand what the numbers mean. It is hard to know when to follow up with clients and vendors.
Managing the information can be complicated if clients and vendors send emails, invoices, and purchase orders. It's hard to keep track of everything and ensure that financial reports are accurate.
At the end of the day, consulting with an accountant about bookkeeping remains the best way to go. If you're still unconvinced that your business needs bookkeeping, here are the telltale signs:
1. You're Stuck in the Accounting Process
Once you outsource a bookkeeper, you will have no issues with financial reports. Your accountant will manage your bookkeeping responsibilities. Your payments will be made on time, your taxes filed on time, and your reports will be filed as they are needed. This will free up your time on other financial tasks or other parts of your business.
2. You're Reluctant to Sign the Checks
There is nothing wrong with the feeling of being protective. You are a business owner, and you have the right to know that the check you sign goes to a legitimate expense. This is all part of being a good steward of your company.
However, you should be able to trust your accountants. They have worked with many clients and can quickly review the checks and balances on every expense.
Having an accountant handle your bookkeeping means that your checks are being properly written for the proper purpose. You can rely on your professional accountant to ensure that you use your money wisely.
3. You Disagree with Your Accountant on a Financial Decision
It's normal to have disagreements with your accountant or your tax preparer. The most important thing to remember is that your accountant has been in your shoes before. They know how to handle the financial decisions that you need to make.
The most important thing is that your accounts are in good standing. You want to make sure that your accountant helps you reach your goals. If you disagree with a financial decision, you can easily ask your accountant to make a recommendation.
Hopefully, your accountant has experience working with small businesses. They will know what works for your specific industry, and you can then rely on their advice.
The best way to save time, money, and energy is to hire an accountant to handle your bookkeeping. A lot of time, money, and energy can be saved with the right accountant. You should take the time to rely on your accountant for your bookkeeping. It's easier to decide to outsource a bookkeeper, and you will be glad that you did.
1 to 1 Accountants is an accountancy firm based in the UK, serving small businesses, limited companies, partnerships, sole traders, eCommerce companies, freelancers, landlords and tradespeople. If you need accountancy services for small businesses in Hillingdon, we’ve got you covered. Get in touch with us today and let us know how we can help!