4 Benefits to Hiring a Bookkeeper for Your Business
Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters.
Here are 4 benefits to hiring bookkeepers to help you manage your business.
A bookkeeper is an expert at managing, sorting and recording your business’s financial transactions. They’ve spent time developing their skills and experience. During that time, they’ve also seen and resolved bookkeeping-related issues that you may come up against. Their expertise makes them more efficient at managing those issues.
Beyond that, they understand business trends and challenges others in your industry face, and can help you move through those as well. They also know what questions to ask to help you make important decisions and can share best practices with you.
Your bookkeeper not only helps you maintain accurate records, they understand your financial circumstances. They help you assess how to make important business decisions, such as whether now is a good time to grow or when you should hold back. They can also identify trends in your industry and help you take advantage of those opportunities.
Finally, they can assist you with budgeting, and sticking to your budget. They’ll help you come up with a realistic financial plan that enables your business to grow while achieving short- and long-term goals.
As a business owner, you likely have many activities to focus on. In bookkeeping alone there are numerous tasks to be responsible for, such as:
- Collecting and recording transaction data
- Sorting receipts
- Classifying expenses
- Invoicing customers
- Paying vendors
- Managing payroll.
Bookkeepers take on those tasks so you don’t have to. It’s not just about the energy you put into them, it’s about the fact that unless you’re an expert at bookkeeping, it’ll likely take you longer to complete these activities than it would take a bookkeeper.
Think of the time you spend during an average week managing your books, then think of the time you spend during a high-pressure week, such as during tax season. That can add up to a lot of extra hours.
By hiring a bookkeeper, you save yourself that valuable time for other activities such as marketing, perfecting your products or even spending time with family.
There’s a time cost to doing your own books, but there’s also a potential money cost in the form of missed opportunities. The time you spend doing your own books is time you could potentially be out creating or taking advantage of new opportunities for your business. Your bookkeeper frees you up so you have the time and energy to identify potential opportunities. They can also advise you on whether you’re in a fiscal position to jump on those possibilities.
Additionally, the expertise bookkeepers bring to their activities means they’re likely to save you from costly mistakes that could affect your finances.
Hiring a bookkeeper is a sound business decision as it gives you access to expertise and guidance you might not otherwise have, and it frees up your time and money to take advantage of other business opportunities.
Oracle Accounting & Wealth is located at Suite 31, 89-97 Jones Street ULTIMO NSW 2007. Phone: 02-9715 2977
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The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.