Like most small business owners, you’re probably wearing many hats. And while juggling multiple tasks is part and parcel of running a small business, it can quickly become too much. With your eyes firmly planted on running and growing your business, recording your financial transactions and keeping your books in order can take a back seat. The busier you get, the more you fall behind and before you know it, your business activity statement (BAS) is due. If this sounds all too familiar, it might be time for you to hire a bookkeeper. Here are some sure signs you need a bookkeeper in your life:
There’s only so much you can squeeze into one day and as a busy business owner, it’s often a case of too many tasks and too little time. When time is your currency, you need to use it wisely. If balancing books is not your passion and your time is better spent selling your products or services, consider outsourcing your bookkeeping. Most accounting software is accessible from the cloud which makes for a smooth handover. With record-keeping off your plate, you’ll have more time to focus on what you do best and get your work-life balance back on track.
There’s a reason why cash flow is king. Without it, you’ve got no transparency over how your funds are tracking and what you need to plan for. The reality for most small business owners is that your paperwork grows with your business. Leaving your paperwork until the last minute can put your small business in a precarious situation and land you in trouble without you knowing it. If you have no idea whether you’re trading profitability or what cash flow looks like - you need a bookkeeper.
If you have attempted to do it yourself, you know the skills that are involved in bookkeeping. While many small business owners consider themselves a ‘jack of all trades,’ it’s often a different story when it comes to finances. As innocent as your mistakes may be, they can cost you. It’s not just data entry errors you need to think about, it’s also keeping on top of compliance. A bookkeeper can set your records straight from the start, keep your business compliant and give you peace of mind that your checks and balances are in tip top order.
Asking your accountant to do your bookkeeping is like asking a lawyer to do your admin. Accountants are generally more qualified than bookkeepers, which means you’re paying a premium for that skill set. If your accountant is preparing your books and getting your records in order, you’re probably spending too much. A good bookkeeper can help reduce your accounting costs by preparing clean books to hand over to your accountant.
Running a small business isn’t easy. In between making sales and keeping suppliers and staff in check, there can be little to no time left for the things you love. If you find yourself working nights and weekends to get your books in order, seek help from a bookkeeper. H&R Block bookkeepers can help you with invoicing, accounts receivable and payable, payroll processing, superannuation, bank reconciliations, BAS preparation and lodgement, debtor management and tax return preparation. With expert set up and support, our bookkeepers will take the time and hassle out of managing your books, leaving you more time to get on with business.
For more information, find your nearest H&R Block office or call us at 13 23 25 today.
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