3 Great Reasons to Hire a Bookkeeper

As a business grows, at some point in time, every owner realizes that operations can begin to move in the direction of what they initially become a business owner for; the flexibility can turn into being a slave to the new business, the financial independence and the goal of making more money can turn into making sure employees and expenses are paid before yourself, and the idea of being your own boss can turn in to constantly answering to employee’s needs, customer’s needs, or even the bank’s needs. Operations can become very stressful; responsibilities like ensuring growing profits, keeping customers and employees satisfied, or even just having enough time at the end of the day to spend precious time with their family can quickly lose the limited allocated time set for those requirements. In order for every business to grow, owners must offload tasks in order for that business to grow and be more productive and profitable. One of the most valuable and strategic hires that a business owner can make is to add someone in charge of the finances for the business. Three great reasons why a bookkeeper is a must hire for any business is that they provide detailed financial information that is accurate and improves efficiency, they can take care of timely tasks from the owners hands so they can focus, and they are extremely cost effective and end up paying for themselves with the time they save and the value that they bring to the company.

Adding a financial employee is a great hire because they can provide accurate reporting and efficiency. Accuracy and efficiency is the number one goal of every business. It is the foundation that leads to profitability and growth. Accurate records mean less errors in recordings which provide for better tools for financial planning. Better financial planning leads to better results for that business. To ensure that financial records are accurate, bookkeepers specialize in attention to detail, which minimizes errors and discrepancies. A skilled Bookkeeper can also take care of lots of other time consuming financial tasks such as entering data, reconciling accounts, and creating detailed reports which then allow for the owner to focus their time and attention on the day to day tasks and the overall big picture of the business.

Business owners are faced with so many challenges on a daily basis. Some of the main problems that modern business owners are tasked with are cash flow issues, marketing and staying competitive, and managing quality vs growth, whether that be through the business avenues or through employees, which leads to another problem of hiring quality employees that are willing to work and continue working for the company for a long time. Without offloading some of the day to day tasks, owners can face being overwhelmed with problems that are not in their expertise and that take time away from their original focus of the business which can be very negative for the business operations. Trying to balance so much could lead to a potential disaster of being overworked, overwhelmed, or maybe even burnout. It could also lead to attempting to find short cuts which could then lead to errors in important decision making.  A Bookkeeper can help with these problems by taking away one of the most headache parts of running a business, which is all of the financial records and planning. They contribute accurate records of financial data and provide many different company reports such as cash flow reports which can help predict future cash amounts of the business. Or reports such as marketing correlation and regression analysis to find the most useful ways to put that hard earned money to work for the business. And while the book keeper is taking care of all of those tasks that frees up a lot more time and stress off of the owner to work on things such as hiring, the other day to day operations, and provide the owner with accurate information to make good long term decisions. 

Another great reason as to why adding a Bookkeeper is such a great hire is because they pay for themselves with the value that they add and bring to the company. Right from the start, bookkeepers begin to show their worth to the company in many different ways. Whether this by going though and reconciling past accounts to ensure no discrepancies and to make sure all accounts are in compliance with tax regulations which prevent hefty fines or repercussions down the road. Or by providing and breaking down complex reports for owners or managers that allow for better strategizing and stabilizing for long term growth. Some of the reports that can be provided can show where resources are being misallocated to non profitable or underperforming aspects of the business. They can also show where the business is missing on potential revenue and opportunities with the up to date information that they keep. Adding a Bookkeeper is certainly cost effective in the long run, which is also certainly the main goal of any business that wants to be around for a long time, to be cost effective and be able to continue to make good decisions in order to reap the rewards of adding value to their customers, and of reinvesting back into itself.