Do you need to hire help with the bookkeeping of your small
business? Most small business owners try to keep costs low and do as much of
the work as they can for as long as they can. But at some point, every growing
business needs to work with professionals to have success in this important
part of their business. How do you know when you've reached this point? Here
are a few indicators to look for.
1. You Have Piles of Papers
Bookkeeping comes with a lot of paperwork in
most businesses. And if you're not able to keep up for some reason, the
ordinary ebb and flow of documents can become an insurmountable mountain of
papers. Look around your office and think about how long piles, files, and
papers have been sitting around. If it's been a while - or if you can't
remember when they weren't there - the job has become too much.
2. You Procrastinate More Than Ever
Many business owners aren't fond of keeping the books. After
all, they usually didn't get into business to do accounting work. But have you
become worse at procrastinating than you used to be? This usually indicates
that you lack the time, don't have confidence in your skills, or your dislike
for bookkeeping has grown over time. Whatever the reason, it may be time to
offload it and get rid of that guilt.
3. Your Taxes Have Gone Up
The amount of taxes your business must pay can be partially
a product of who is handling the books. The reason? First, someone unfamiliar
with the IRS rules and accounting practice may not capture all possible
deductions, may use wrong categories, or may not enter transactions in ways
that provide tax benefits. Second, a set of unorganized books is hard for tax
accountants to use.
No one can guarantee a reduced tax bill, but
with the help of professionals you will know that you're getting the best
savings possible. And you can work proactively to make things better.
4. You Do Only the Bare Minimum
Keeping the books is about more than just entering
transactions into a computer. It should also include conducting research,
analyzing trends, making and using reports, and improving your methods.
But an overworked business owner or manager may
find that they only have time to do the bare minimum. Recording your
transactions may not be helping you much if you have no time to use that
information to determine your cash flow, shorten delays in getting paid, or
reduce bookkeeping errors. Treading water may keep you up-to-date, but it's not
helping you improve your business.
5. Other Business Elements Are Taking a Hit
Think about your business beyond the books. Is it suffering
in other areas? Is your marketing lacking? Have you not had time to build your
brand? Would you like to expand but can't get started on the project?
Some or all of these elements may be more important than
keeping the books, and they can often only be done by you. On the other hand,
you can outsource bookkeeping to others who will do it just as well or even
better than you. Focus on where your business needs you to devote your
energy.
Where to Start
Does your business situation fit any of these indicators?
Then start taking back control by meeting with the bookkeeping team at
Quality
Bookkeeping Services Inc. We will help you ensure that your business
accounting is done on time and correctly so you can focus on running and
growing your business instead. Call today to make an appointment.
