It’s natural for business owners to want to be in charge and “handle” everything on their own. It’s all part of taking ownership of the business you’ve built and are proud of. But just because you’re a business owner does not mean you should be handling your books.
Why spend time doing something you don’t have expertise in when you could be spending that time on tasks that will help grow your business? Here are some signs that it might be time to call a bookkeeper.
Has it been months – or years since you’ve logged anything in your books? That’s not a good sign. It means you either don’t know how to do it, you hate doing it, or you just don’t have time.
It takes you hours and maybe even multiple calls to customer support to figure out how to do anything.
Accounting software is not exactly user friendly. All that time spent trying to figure it out could be spent getting new clients or working on that to do list that seems never ending.
You have invoices that haven’t been sent out and you have no idea who has and has not paid you.
Invoicing clients and tracking cash flow is another time consuming task that can be easily delegated to a professional. Cash flow problems seem small but they can cause big problems for your business. Cash flow issues can keep you from taking advantage of opportunities to expand your business or cause you to be unable to keep your good credit rating in tact.
You have no idea how much money is coming in or going out.
You can’t run a business without a budget and you can’t have a budget if you don’t have a handle on your finances. A bookkeeper can help get everything on track and can provide reports on what’s coming and what’s going out. They can also help you set a budget and can keep an eye on your accounts to ensure nothing is out of whack.
You have investors who expect professional looking reports
Bank statements are not going to cut it. You need financial reports, budgets, forecasts, and cash flow models. If you haven’t the slightest idea how to prepare and explain those reports, you need to call a professional.
Your sales are increasing but profits are not
This is a sign you need someone to do some investigating into your finances to see what’s happening. You could have a spending problem, a cashflow problem, a pricing problem or you could be missing something that only a professional could spot.
You’re not separating your personal and business finances.
It’s hard to track business expenses if you’re paying for things out of pocket, or mistaking personal expenses for business expenses. A bookkeeper can help you record all of your expenses and simplify tracking them.
Why spend hours doing something you’re not an expert at? A professional bookkeeper can help you track expenses, keep your finances in check, keep your books in order, and give you your time back so that you can focus on revenue generating tasks.
We can help! Peoples Business Services will customize a package to meet your specific needs. Find out more here.