When you’re just getting started and getting to grips with running your business we know that money is important. You may try and save costs by doing everything yourself and finding the cheapest sources in order to make sure that your business survives.
But as you grow, there will be a point where you will need to outsource your bookkeeping. But when is this time?
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Bookkeeping is taking time away from your clients
As you grow your time will be more precious. Not only when you grow will you have more clients, you will also have increased bookkeeping to be carried out. If your bookkeeping is taking you away from doing the work for your clients then maybe this is a sign you should hire a bookkeeper. A bookkeeper can ensure that you can focus on doing what you do best – running your business!
Another sign can be financially. If say you’re spending 3 hours a week on bookkeeping and that 3 hours could be spend with a client – how much are you losing? And would it be more financially viable to hire a bookkeeper?
You want to know more about your business but don’t know how
A bookkeeper can help you to understand the system that you are using e.g. Xero. These systems have many features that could be helpful to you, to help aid your growth. You are paying for these systems, so why shouldn’t you take advantage of what they have to offer!d
Its becoming more complicated
You may know the basics but as your business grows you will have more complicated bookkeeping needs that you may not have time/don’t know how to account for.
If you wanted to still do some of the bookkeeping yourself, a bookkeeper can give you advice or oversee what you are doing and carry out the more complicated bookkeeping tasks.
You leave it until the last minute
We understand that when your business grows you’re very busy. We have found that the first task that gets left behind is your financial matters when you are time poor.
Don’t leave your bookkeeping until the last minute! Be smart and hire a bookkeeper so you know your up to date financial information. This is the best way to ensure you have the correct amounts of cash flow and working capital to run your business.
Bookkeeping is causing you stress
Bookkeeping is not everyone’s favourite things to do. If its causing you more anxiety and stress than it should do – maybe this is a sign.
At Holy Brook we can support you with your bookkeeping. We can adapt to your needs as you grow. We are more than happy to make sure that your finances are taken care of so you can focus on running your business.
If any of these factors apply to you, it may be a signal that you should think about hiring a bookkeeper. If you are unsure about what a bookkeeper could do for your business, please do contact us.
From Holy Brook.