Being the owner of a small business involves numerous and often time-consuming responsibilities. While every activity in your business needs your focus, time, and effort, you can easily fall into the wrong sense about managing your business’s books of accounts on your own. If you do not have a massive list of daily incomes and expenses like large organizations, why should you hire an accountant and a bookkeeper, especially a full-time one? ATS Accounting & Tax Edmonton would like to discuss some reasons why even a small business can benefit from outsourcing its bookkeeping tasks to a professional full-time bookkeeper.
Get Additional Help for Day-to-Day Operations
As an entrepreneur with a lot of responsibilities, you may get pulled in a dozen different directions every day. If you are slightly knowledgeable about managing your finances, doing it on your own can create a risk for your firm’s growth. As a business leader, you need a constant focus on things that need new strategic directions, execution of major strategic decisions, building your team, and even expanding your business. With your business expansion, you could be bogged down with accounting and bookkeeping tasks. Outsourcing a full-time bookkeeper will help you to focus on the growth of the business and taking effective, solid decisions for your business.
Provides Consistency in Your Invoice Processing
We all know that invoicing contributes to your company’s cash flow. By having your invoices submitted on time at a consistent level and convenient format, you can get a lot of time to spare for payments. Without following a standard invoice process, you can easily expose your business to the risk of having your revenue stream collapse. Not having a consistent follow-up with the cash shortage and other problems in your invoicing system, in the early days of your business, can create major issues. Outsourcing such tasks to a full-time bookkeeper can help you regain control if there is a shortage of cash or addresses any invoice-related issues at the earliest.
A Full-Time Bookkeeper Manages Your Payroll
Managing your payroll is another critical function that you need to consider. When you work closely with your employees, you can probably get away with delaying a day or two to deposit their salary or correct a payroll error if your team is small and there is mutual trust and understanding. But putting off dealing with payroll issues can damage your team’s morale. To avoid payroll issues, you need a full-time bookkeeper to establish and maintain control over it.
Get Your Finances Straight
You need to keep in mind that most successful businesses do not stay small forever. Every business needs growth. When you have successfully attracted more customers, invested in more resources, and built your infrastructure, your financial transactions can be much more complicated and risky to handle on your own. When your business starts to grow, you will need a full-time bookkeeper who is aware of your business’s financial condition before your expansion so he or she can help you improve your financial situation in the future.
A Full-Time Bookkeeper Saves Time
If you are managing your account reports on your own, it can take up a great deal of your time. On average, an entrepreneur should spend an hour every two weeks to record bookkeeping information. Doing your books consumes valuable time and you may end up spending more time recording accounting information than actually managing your business. As a business owner, you cannot afford to spend your valuable time on bookkeeping tasks. As the operating manager of your business, and you need to take care of important operational tasks and take important decisions that need your time the most. Professional bookkeepers are experts in their field and focus on providing you with the best service in a timely manner so you can focus on tasks that will contribute to your business’s growth.
Helps You Maintain Your Passion
Ask yourself – Did I start your business to do accounting and bookkeeping tasks? Is crunching numbers and creating financial reports what you want to do for your business? Of course not! Many business owners get burned out fast due to an overload of tasks and their misconception that they should be doing everything on their own. You don’t want to be one of those individuals. As an entrepreneur, you need to follow the passion that motivated you to start your business. All you need to do is source out the tasks that distract you from the reasons you started your business. Outsourcing your bookkeeping and accounting tasks to a professional full-time bookkeeper will help focus and pursue your passion and foster the growth of the business.
A Full-Time Bookkeeper Provides Expertise
In order to handle your financial accounts on your own, you need to have a good background and experience in finance. You need to have a working knowledge of accounting practices and taxes. With a constant updating of rules and regulations in terms of taxes by the federal government, it is difficult to stay updated all the time. As a business owner, you have limited time on your hands which should be spent on managing and growing your business. However, a bookkeeper will always be updated regarding tax laws and accounting practices, thus able to provide expertise for the financial status of your business.
Assists You in Your Company’s Growth
At the start of your business, your goal is to help your company gain some level of stability. However, growth requires you to focus on your core business needs. Unfortunately, when you try to do everything on your own, your pace of growth tends to be slow. You need to pull yourself out of the tedious aspects that prevent you from pushing your business forward. Rather than looking after little tasks that can take away your focus from the core activities and objectives of your business and prevent you from using your unique business talents, you can outsource those mundane activities to a full-time bookkeeper who will take care of them effectively allowing you to focus on higher-level tasks.
Outsourcing your bookkeeping to a professional full-time bookkeeper has a lot of benefits. The decision of hiring a bookkeeper depends on your firm’s needs and your preference. If you’re a small business owner contact us today. ATS Accounting & Tax Edmonton will not only accurately maintain your accounting and bookkeeping records but will also provide insightful advice to enable you to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. Call us at 780-484-4006 or contact us online to book your FREE 15-Minute Consultation!
