Time is money. All of us have heard this hackneyed saying so many times, yet it remains as true as ever, especially in the age of modern technology where we can perform complex operations at the simple push of a button. The philosophy behind it all is simple and straightforward, as are its implications: when you save time, you save money. This is just one of the reasons why bookkeeping and payroll services for small businesses are in such high demand. These secondary functions may not seem vital to the success of your small business, yet your business cannot function without them.
In case you were wondering if you should hire a bookkeeper for your small business and what qualities set professional bookkeepers apart, read on.
Should I hire a bookkeeper for my small business?
Ask experienced entrepreneurs and their vote will be unanimous: hiring a professional bookkeeper pays off in the long run. You may think that doing the bookkeeping by yourself will save you money, but it could actually have the opposite effect. Due to the higher risk of human error and the possibility that you might forget to pay your bills on time, you may end up losing money, as well as wasting your time and energy. On the other hand, a trusted bookkeeper can manage your finances so your business can run smoothly.
What are the main reasons to hire a bookkeeper?
- You will stay focused on your core business needs instead of putting time and effort into taking care of the technicalities,
- Reduce financial risks: unless you have a background in finance, accounts payable and accounts receivable, your business and your business credit may be on the line,
- You need a balance between your personal and professional life. Having too much on your plate in your professional life can take a toll on your personal life,
- Professional insight from a bookkeeper could be beneficial for your business: you will see the bigger picture and get a clear overview of how you’re doing financially,
- Bookkeeping and payroll can be tedious and time-consuming. Why not focus on the more exciting aspects of your business instead?
- Keep up with the bills to be paid: a bookkeeper will help you stay on top of everything by making sure you don’t miss any payments when due,
- A bookkeeper may also help you meet the applicable tax requirements by handling your taxes and making sure you file taxes correctly and on time,
- Maintaining an optimal cash flow and ensuring that your clients are paying you on time is much easier when you have a trusted bookkeeper helping you keep an eye on things,
- Eliminate the risk of conflict of interest: if you have a partner or partners, it’s best to have your bookkeeper set up a special approval process for withdrawing funds.
What are the qualities of a good bookkeeper?
As with any hiring process, it’s best to have a checklist for when you’re looking for a bookkeeper:
- Having qualifications and experience, as well as ability to use accounting software packages,
- Having the ability to perform multiple functions: try to find a bookkeeper who can do your bookkeeping, your payroll and your taxes,
- Being well-organised with good time-management skills,
- Having good communication skills,
- Having and showing confidence in their skills and abilities.
Your business triumph is our business triumph
Let’t put it this way: having a bookkeeper you can trust to get the job done and not having to keep your own financial records is a reward in and of itself and outsourcing payroll to professionals will save you time and spare you countless headaches. Our services are available across the San Diego region. Aside from our efficient bookkeeping and payroll services for small businesses, we can do your individual or corporate taxes without letting anything slip through the cracks. Focus on your business while we focus on you. Call now and set up your first appointment!