If you’re a small business owner, you’re likely running into the common challenge of wearing a million hats and doing it all – including your bookkeeping. At some point, you’d rather not be on the hamster wheel and start making some real shifts in your business. But how do you know it’s the right time to hire a bookkeeper?
Whether you’re in the growth stage, struggling to find time, dreaming of increasing your profits or gaining clarity (and sanity) over your numbers, we’ve compiled key signs to look out for that it’s time to outsource your bookkeeping.
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Here are the 5 signs that it’s the right time to hire a bookkeeper for your business
1. It’s not your sweet spot
There’s that age-old saying ‘jack of all trades, master of none’. However, a part of running a successful business is knowing where you add the most value and when to hand the tools over to a professional who can handle specific components of your business.
When it comes to bookkeeping, it goes beyond invoices, paying your taxes and maintaining IRD compliance. Your bookkeeper will ensure your accounts are managed accurately and pre-empt issues, which will save you more time, money and headaches in future fixing errors if it’s not your speciality. More importantly, a finance expert will provide you with the information to make informed decisions that will create a positive impact on your business overall.
3. You don’t have time
Time is of the essence when you’re a business owner. If taking care of your accounts isn’t always top of mind, managed efficiently or effectively, this can negatively impact company profits, which can take a toll on the well-being of your professional and personal life. If cash flow is suffering, suppliers are frustrated with late payments and you’re tending to your accounts during precious family time, these are all signs to outsource your bookkeeping, so you can gain that valuable time back.
At Honeybooks, we see giving our clients their time back, not only by taking care of the numbers but also by helping them automate repetitive tasks. You can say goodbye to paper receipts, tedious processes and unnecessary stress. We get high on details, processes and the beautiful sight of Xero’s green tick.
4. You want to grow your business and make data-driven decisions
You’re still bringing in the dosh, but your business isn’t growing – or where you thought it would be by now. This is where having a professional finance lens can help give you a fresh perspective, someone who will critically review your data and pinpoint what’s hindering your growth.
Hiring an expert in this field will not only empower you with key decision making to scale your business when you’ve reached stagnation, but also help to facilitate you during a phase of transition to avoid burnout or financial mistakes. Outsourcing means you can receive the amount of bookkeeping help that your business needs, versus hiring a full time internal team member.
4. You’d rather be doing something else
Let’s be real, if you’re dreading facing your bookkeeping tasks, but doing it out of necessity, it’s not serving your business or your own happiness. Why not outsource it to a professional who will thrive on lists, order and making sure your accounts are top-notch.
This will result in you having more time to focus on other areas of your business you get excited about and focus on working towards those big picture goals, such as improving cash flow, managing teams, innovation, business development or sales.
5. You’re making mistakes and missing deadlines
This is a biggie. If you’re making errors and missing deadlines or payments, this can lead to penalties or accounts being incorrect. If the reports filed aren’t accurate, your accountant won’t be able to file an end-of-year return, or it’ll take them a lot longer to go back and fix the mistakes to file it. This means more sunken costs that could be better spent elsewhere. Prevent this by having a pro bookkeeper handling this for you.
The benefits of outsourcing your bookkeeping
There’s a ton of benefits when it comes to outsourcing your bookkeeping for your business. So next time you’re weighing up whether you should take the plunge to outsource help, here’s a reminder of the benefits.
- More time to focus on the parts of your business where you offer the most value, but gives you joy and purpose.
- More confidence, peace of mind and reduced stress that an expert is taking care of your books.
- More cost-effective versus hiring in-house. No hidden costs, overheads, office space, staffing amenities and staffing issues.
- More accuracy with a trained reliable professional. Increasing efficiencies and effective use of time and skillsets.
At Honeybooks, we love getting stuck into a business’s books. Let’s be honest, you didn’t get into business to be chained to your desk and wrestle with numbers and receipts. You need a team who are pros at bookkeeping. The kind of A-type unicorns who get high on details, lists, processes and get a kick out of the sight of Xero’s green tick – that’s us!
Wanna chat numbers?
Book a 30-minute chat with us; it could be the most profitable 30 minutes of your year.
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