Why Do You Need a Bookkeeper and/or an Accountant?
Updated: Sep 21, 2020
“A lot of small business owners ask themselves “Do I really need a bookkeeper? Initially, the answer is “NO” - I can do”
When you start a business your main focus is to get your everything off the ground. Balancing business takes up more and more time. Little by little success and growth come your way and then you realise that it's inevitable, you have to catch up on your financials.
Many business owners come my way to do a quick cleanup before the end of the financial year. The priority becomes reconciled books ready to file a return instead of full visibility. A bookkeeper is more than just hire to perform services that you dread doing yourself. Bookkeepers specialise in different areas and industries. They are there to help you strategies your books, clarify your cash flow, set up daily and monthly processes and give clarity on Income versus Expenditure (Profitability). Above all bookkeepers free the business owners times so that they can concentrate on marketing their business and keeping ahead of all necessary compliance and have some life balance.
Although you can attempt and succeed in doing it yourself, we are experts in our field just as you are in yours, where the art of delegation comes in place.
When Is the Right Time To Delegate Financial Tasks?
As a business owner, you know that you're an expert in doing your job and have very high-ranking skills but not necessarily involved in financial management. Focusing your time on your tasks will generate more revenue.
A professional accountant or bookkeeper knows the industry well and is required to stay up to date with the latest practices and processes. They also know how to leverage the software to make the best use of it, getting the job done in a fraction of the time of someone less experienced.
WHICH TASKS SHOULD YOU DELEGATE?
Depending on your experience, resources, size and scope of your business.
Point to be noted is - a bookkeeper is likely to be able to smash out the jobs that take you hours to do. Your time is better spent with what you are good at.