8 signs it’s time for you to hire a bookkeeper

Did you know the average business owner spends 120 days a year on bookkeeping and admin?

If you feel this in your bones, release the pressure (or let your other half off the hook!) and hire a bookkeeper to work their magic.


8 Signs it's time for you to hire a bookkeeper

 

1. You hate bookkeeping

 

Yep, that’s enough of a reason to outsource. There’s nothing wrong with playing to your strengths, focusing on revenue-generating work or handing over tasks that take up your time (and money!) to a specialist who focuses on a particular area to help you get the results you need. 

 

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2 You’re missing compliance deadlines, and paying the price

 

Due dates and payments will vary for different business structures but between BAS, PAYG, PAYGI, IAS and the rest  – if you’re doing everything, understandably things get missed.  If you miss your compliance obligations, you could be throwing money down the drain with penalties. How much $ have you spent on penalty fees?

 

 

3 You’re making $ but aren’t sure where it’s going

You work hard to bring in business to make sure you’re succeeding. Accurate calculations of profit and loss and your financial situation can be tough if your bookkeeping isn’t up to date.

 

 

4 You don’t have a clear view of what you need to pay, the amount and when. 

If your method of paying taxes, bills and business essentials is to wait for the invoice or quote then hope you’ve got enough to cover it – you’re selling yourself short. Your bookkeeper can get the ball rolling to help you plan for these so you don’t get caught out with unexpected bills. 

 

 

5 The volume of transactions is too much for you to manage 

When you started, maybe doing your receipt captures, reconciling and the rest felt manageable. If your business has grown and you’re successfully offering the thing you’re good at while the financial tasks are sitting on the to-do pile for longer and longer – it’s time to get it off your plate.  

 

6 You’re missing out on deductions you can claim  

 

Running a business always costs more than most people think it will. It’s important to know which essential expenses can be deducted and the rules that apply. A bookkeeper will categorise your expenses correctly so when tax time comes, you’re organised. 

 

Important: bookkeeping fees are tax deductible. 

 

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7 You don’t want the added pressure of keeping up with legislative changes, and reforms and understanding what they mean and knowing what action to take

I don’t know about you but I’d wager that most of our clients who have a minute up their sleeve don’t think gee I think I’ll log in to MyGov or get on the ATO website and see what’s happening.  Bookkeepers, on the other hand, keep up to date with industry changes, proposals and legislation and can make sure your business is doing what it needs to within their scope of work.

 

 

8 You have no spare time

Running is business is blo0dy tough. There’s no denying it. But it’s also supposed to feel rewarding and give you some of the benefits you thought were unachievable when you worked for someone else. Whether it’s flexibility, having a say in what you do or who you work with, hiring a bookkeeper can help with those. 

 

Conclusion

If you want your business to succeed… focussing on your numbers needs to be a priority.

You need up to date, accurate financial records and to be on time and compliant with industry and legislative requirements. 

Working with a bookkeeper can strengthen your business capability, accurately help you understand your financial position, plan for expenses, profit and let you focus on growing the business, doing your day job and freeing up some time to live your life.

Which of these points hits hard with you?

 

 

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Ready to take your books and business to smooth operator level? Smart choice!

Contact Us

Ready to take your books and business to smooth operator level? Smart choice!

Contact Us

Ready to take your books and business to smooth operator level? Smart choice!

Contact Us

Ready to take your books and business to smooth operator level? Smart choice!