Hard-to-Ignore Signs That It’s Time You Hired a Bookkeeper
While it makes good business sense, taking on some critical business functions such as bookkeeping and accounting yourself may not be the best idea.
You may be able to do it yourself for a while, but as a business owner, you will know it is time to bring in a bookkeeping expert when you face the following realities.
Books Are Not Up-to-Date
Doing it all by yourself can leave you short of time to do the books. Catching up after falling behind with keeping your books up-to-date may not be so easy to do.
It can be quite challenging and nearly impossible to have a 360-view of your business, that is, the cash flow and profits, if your books are not in order. Having a qualified person take care of your bookkeeping function ensures that your books are in order and up-to-date.
Unbilled Clients and Overdue Invoices
Credit control is a big part of bookkeeping. Billing and sending out invoices to clients takes time, and if you don't bill clients or you have overdue invoices, it will greatly affect your cash flow. With cash flow problems, there isn't much that you will be able to do, as you will find your business struggling to meet its financial obligations to suppliers and even employees.
A bookkeeping specialist will stay on top of your credit control. Ensuring that clients are billed regularly and following up on overdue invoices is part of the job and will keep away those cash flow problems.
Unreconciled Bank Statements
A reconciled bank statement will give you an excellent picture of your business's financial position and health. If you insist on trying to do it all by yourself, you may find yourself with an unreconciled bank statement and not the slightest idea about your finances.
With the help of bookkeeping software, a bookkeeper can connect bank feeds and ensure that all the information is up-to-date. The generated reports should give you a good idea of your position.
No Time to Grow Your Business
Bookkeeping is quite involved, and you will most certainly find yourself spending more time than you'd care to handling this function. All this, at the expense of coming up with ideas and strategies to grow your business.
Get bookkeeping right by hiring a qualified and experienced bookkeeper. It's a hire worth the money, so don't wait until you are dealing with the outlined scenarios to bring a bookkeeper on board.
For more information, contact a bookkeeping service.