Knowing your books is knowing your business. If you know what goes on the financial side of the business, you’d be much more knowledgeable in deciding which in-store actions you should take. As small business owners, you jumble between many tasks and jobs. Your time will be divided between production, selling and doing your bookkeeping.

At some point, you’re going to need help. Unless your business is bookkeeping, keeping your eyes on sales and production is atop your priority list. Freeing up your time from keeping your books update would probably be most welcomed, no?

So when do you know it’s time to get help in doing bookkeeping? Here’s a list of scenarios. Do you see yourself in these?

  • I spend too much time on the desk trying to keep my books up to date.
  • I spend too much money for a full-time bookkeeper, I need a hand in the store.
  • I need to bring in new customers, new business.
  • I don’t know what to do with the books, what do they mean?
  • I’m not even sure about the accuracy of my books!
  • Oh wait, its tax filing season? What do I do?

If you are experiencing these scenarios, entertain the idea of outsourcing your bookkeeping. By doing so, you are able to free up time necessary to boost sales and improve turnover.

Isn’t it costly?

What’s costly is trying to do too much by yourself just because it “saves you money.” Is it your expertise? Sure, do it. Otherwise, it might tire you out that you can’t do your other functions in your small business.

Initially, as the business starts out, doing your own bookkeeping will seem easy. But by the time it grows, you’ll be caught in between two scenarios.

First, you’d feel the need to stay in your desk to keep your books up to date, thereby losing opportunity to make sales, or:

Make sales and try to catch up with your books later. By this time, you’ve already been too stressed out and not giving the focus needed to manage your books.

We see it all the time. Businesses who often make mistakes in managing their books, have no idea what’s going on in the business. That is because even basic bookkeeping can become too tedious to handle.

Bookkeepers record every financial transaction of your business. So it makes most sense for small business owners to hire or outsource a bookkeeper. If you’re thinking further down, you’d need an accountant. But they can be hired later on a per need basis.

Jodie Thompson

Jodie Thompson

Jodie is a qualified CPA and company director having managed her own accounting and advisory firm for over 10 years. Jodie’s experience in establishing and growing businesses is second to none and her hands on approach and technical expertise is valued by our team and our clients alike.

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