You’re a do-it-yourselfer, an entrepreneur. You’ve built a business from scratch. Doing your books yourself may seem like an easy way to save money. And maybe it was for a while, but as your business develops, there will come a time when outsourcing your books to a professional bookkeeping service will help your long-term success.
When Should You Outsource Your Bookkeeping?
Accurate, organized financial records are incredibly important for the sustainable, long-term success of your business. Here are a few tell-tale signs that’s it’s time for you to invest in professional bookkeeping services.
1. You Are Behind on Paperwork
Outdated books aren’t helping you make good business decisions. Bills that aren’t paid on time can hurt your reputation. Falling behind on consumer invoices makes cashflow unpredictable. But when you have a business to run paperwork is not always your top priority. When the receipts, bills, invoices and bank statements keep piling up on your desk, it’s time to consider outsourcing that paperwork to some who will make it their top priority.
2. You Spend Too Much Time on Your Books
As your business grows, managing your books becomes more and more time consuming. Regardless of whether it is an easy or enjoyable task, whatever amount of time you spend on your books is time you aren’t spending elsewhere. If you no longer have the time or energy to develop new business opportunities or advance your company’s services, products, and client relations because you are bogged down by bookkeeping, it might be time to get some else to do the bookkeeping for you.
3. You Lack Confidence in Your Financial Data
Bookkeepers should be meticulous when it comes to attention to detail, accuracy, computer literacy, math and data entry. If these aren’t your strong suits, it’s time to stop putting your business at risk and find a reputable bookkeeper so you can make sound, strategic business decisions based on accurate and reliable data and insights.
4. You Have a Cash Flow Problem
There are a number of different reasons you may encounter a cash flow problem. And while hiring a professional bookkeeping service won’t necessarily prevent these issues, such as a client failing to pay you on time, it can improve your financial management to mitigate cash flow challenges. An experienced bookkeeper will track your accounts payable and accounts receivable, follow up on unpaid invoices, implement a cash flow monitoring system, develop accurate financial forecasts, and can even provide advice when it comes to strategic budgeting and expense management.
5. You Scramble Come Tax Time
You might not be up to date on the latest tax laws and every business deduction there is, but we are. If you’ve ever scrambled to pull together your receipts come tax time, been unsure of whether or not you qualify for a deduction or stress about quarterly tax payments, payroll taxes, sales taxes or New Mexico’s gross receipts tax, you should consider hiring a professional bookkeeper. A bookkeeper will make sure none of your business expenses go unaccounted for so you don’t miss out on any tax credits or deductions your business is entitled to claim. You’ll have peace of mind come tax and time and one less thing on your plate.
Lighten Your Load & Your Mind with Professional Bookkeeping from Jason Arsenault, CPA
As a certified public accountant offering professional bookkeeping, payroll and accounting services to businesses in the Albuquerque, Santa Fe and Farmington areas from Gallup, NM, you can trust our numbers and our tactics. Leave the number crunching to our experienced and trusted accountants. We can manage your books and handle your invoicing, inventory, payroll, accounts payable, reconciliations and accounts receivable so you’ll have more time to focus on growing your business and increasing your profits. Contact us today for a free consultation.