Without a bookkeeper, how do you keep track of your business’ finances? Or keep on top of unpaid invoices?
Sure, you can try it yourself – but who really has time for that? Poor money management is one of the main reasons why businesses fail, so unless you’re a financial wizard, it’s probably smarter to leave it to someone else.
If you’re still not convinced that you need a bookkeeper, maybe these will change your mind…
Your revenue is increasing but your profit isn’t
Every successful business has a strategy to maximise profitability. No matter what you’re selling or inventing or offering, it’s all about increasing revenue and profit – that’s just business.
However, increasing revenue and stagnating profit is more common than you may think. If you discover that sales are soaring but profit is stagnating, it’s time to call in a bookkeeper. They can find where you’re going wrong and help you sort it.
Using outsourced bookkeeping services is a cost-effective and flexible way for businesses to make sure that their books are in tip-top shape.
Your business is growing but you can’t control investment and spending
Your business is growing? Great! Your business is growing so quickly that you can’t keep up with it? Not so great.
Growth – especially rapid growth – can leave you drowning in data that you just don’t have time to analyse.
This can mean you’re at risk of making quick business decisions that you haven’t fully thought through, simply because you’re up against it.
Hiring a bookkeeper means reigning in unnecessary spending whilst spotting ways to improve profitability. Without that savvy financial sense, businesses risk falling afoul of compliance and can even risk insolvency – and nobody wants that.
You probably don’t have the expertise to manage your business finances
Look. Just because you’re a business owner, doesn’t automatically mean you’re great with figures – and that’s fine! You might have a knack for entrepreneurship, sales or customer service or countless other disciplines. You don’t need to be a financial guru on top of that.
If you can’t make heads or tails of the quarterly financial statement, it’s time to put the calculator down and start using bookkeeping services. They’re experts in it, just like how you’re an expert in Your field, so leave it to the professionals. Without them, you could make a decision that ends up costing you a fortune!
You can focus on core areas of the business
You’re busy. You have a client base to grow, people to hire, meetings to run. So much goes in to running a business that requires your full attention – do you really need to be managing your finances as well?
Sure, you want to keep an eye on how the business is doing, but a bookkeeper can easily keep you in the loop whilst doing the hard work for you. It’s the best of both worlds. Bookkeepers don’t even need to be in the office five days a week – you can work out a flexible solution to suit you.
{h2} You can make sure that everything is paid on time
It doesn’t matter if you have five or fifty payments to make every month – expenses need to be paid. Failing to make payments or paying late is going to earn you a bad rep and cause disruption, so it’s something that needs to be kept on top of.
The solution? A bookkeeper. It’ll keep partners, suppliers and freelance staff happy and will mean fielding less phone calls from people demanding to speak to your finance department. It’ll mean you won’t have to worry about penalties like late fees either, which will save you money – it’s a win-win.
The best way to manage your business’ finances
In case we haven’t made it clear, a bookkeeper is the best way to handle your finances.
It’s always best to leave it to the professionals, especially when they have years of experience, can work remotely and can fit around your schedule – let us help you get your finances in order.
