Being an entrepreneur requires a lot of time and dedication. Most of the small business owners wear several hats. CEO, manager, employee, computer tech ... the list goes on. Sometimes you become overwhelmed with secondary tasks rather than spending time with your clients. If you are an entrepreneur who wants to start your own business, or already a business owner, you need to hire a professional bookkeeper. Here are 3 reasons why:
1. Opportunity cost.
Bookkeeping is taking a lot of time to learn. If you took one or two accounting classes in college, it doesn’t mean that you can build a nice chart of accounts and do your books correctly. Keep in mind that to maintain good books, you do not only have to know bookkeeping, but you also need to be familiar with a bookkeeping software. It also takes hours to learn. It is better to spend time on growing your business rather than learning a completely new skill.
2. Bookkeeping can be complicated
Many entrepreneurs think that accounting is straightforward and consists only of recording profits and costs. However, in today's fast-changing world you need to have an educated person to maintain your books, pay your bills, invoice your clients, record your revenues and expenses, pay your employee's’ salary, and pay taxes. The most important is to file your taxes with government agencies. It can be your company income tax, sales tax, payroll tax, etc. The lack of knowledge can lead to a very costly mistake. By having the right expertise, you will reduce the risk of this mistake.
3. Good bookkeeper will help you grow your business
Do not think about bookkeeper as an employee or just a contractor who was hired to do just a data entry job. You should think about bookkeeper as your business assistant. Every day your bookkeeper works closely with your books and understands your business financials very well. He sees every small detail of your business and understands it as good as you do. Good bookkeepers will always give you advice what would work best for your company. They can even give you a different perspective on your business. They are interested in your business growth.