I love bookkeeping. I have clients who came to me the first year of their business. I also have clients who came to me after being in business for several years. Starting record-keeping in the first year is usually much simpler for accountants . A lot of the time, business owners attempt to take care of the financial records themselves. Many business owners are savvy enough to do this and in return it saves money. However, sometimes we overlook the time it takes away from growing our business. I have 3 ways to tell it’s time to hire a bookkeeper.
1.) You can only get to doing your books every couple of months.
Financial records should be kept on a daily basis. It can vary depending on the size of the business. However, at minimum record keeping should occur monthly. If you find yourself not keeping up with your books on a monthly basis, it may be time to hire a bookkeeper.
2.) When you are more focused on your books than your sales
Again, of course many business owners are savvy enough to do their books themselves. As a CEO, we all know there are other things that need our attention that only we can do or maintain.If we are not focused on making the money we will not have any records to keep anyway! If bookkeeping take away from generating your cash flow, it may be time to hire a bookkeeper.
3.) You are stressed out during tax season
We are in tax season. After your books are closed you take your financial records to your tax accountant to file your taxes. The thing is, we are usual not prepared for our taxes. So we have to pay for tax preparation which includes 12 months of bookkeeping that we should of already done! So if you are stress during tax season. because your books are not closed so your tax accountant can successfully file your taxes with your financial statements, it may be time to hire a bookkeeper.