You’re an entrepreneur, not a bookkeeper! You’re a big-picture thinker who wants to innovate, create, sell, and build relationships. But still, you have to take time away from what you’re best at to manage your pesky books. It’s a headache and it requires a kind of obsessive attention to detail, patience, and diligence that only real bookkeepers possess.
For many intrepid business owners, nothing could be more draining and demotivating than poring over receipts and numbers on a spreadsheet for hours on end. Inevitably, the consistency and quality of their bookkeeping declined.
And yet, no business can succeed without accurate and consistent bookkeeping. So what’s the solution? Thankfully, you can always hire a bookkeeper to do the job for you. In this article, we are going to cover some of the telltale signs you need a bookkeeper.
1. You’re Spending Too Much Time on Bookkeeping Tasks
It’s common for bookkeeping tasks to take up a lot of time. It requires, after all, that every financial transaction your company engages in be carefully recorded to ensure a consistent and accurate record.
When you try to manage your own books yourself, the key problem you run into is that it eats up time that could otherwise be spent on activities that can grow your business. For example, instead of sitting behind a desk piled high with receipts and invoices for hours on end, you could be out making sales, delivering excellent customer service to retain your revenue base, or brainstorming big-picture strategies to expand your impact.
By outsourcing your bookkeeping needs to a bookkeeper at Schofields Accountants, you can focus on your true passion: doing what you need to do to grow your business! Our bookkeeping services are paperless and cloud-based, so it’s quick, efficient, and accessible at any time.
2. Your Financial Records are Disorganised or Incomplete
Perhaps you need some assistance getting things organised if you constantly find yourself rushing to update or organise your financial records, particularly during tax season.
After all, it’s not uncommon for entrepreneurs and business owners to be so preoccupied with the day-to-day running of the business and pursuing growth opportunities that the administration and paperwork end up taking a back seat.
When this happens, it doesn’t take very long for things to start getting disorganised. Upon the onset of such disarray, you start to feel overwhelmed. Before you realise it, the issue has completely spiralled out of control and you start to feel hopeless. With a professional bookkeeper on hand to help, you’ll never have to feel this way again. Your records will always be kept up-to-date and well organised. Cloud-based bookkeeping services that make us of MYOB and Xero guarantee that your records are kept up to date, safely stored and always accessible.
3. You’re Missing Deadlines and Facing Compliance Issues
If you frequently miss deadlines for things like tax filing, payroll, or BAS lodgement, then you need help with your bookkeeping. Meeting these basic financial management milestones is crucial to ensuring a compliant and financially sound enterprise.
Not only does failing to meet these deadlines indicate chaos brewing in the books, but it also can cause your business real financial strain in the form of penalties and fines.
Thankfully, this is all very avoidable if you have a reliable bookkeeper on your team who can keep track of all relevant deadlines and ensure that you’re fully compliant with all tax laws and regulations.
At Schofields Accountants, our BAS preparation and lodgement services and our single-touch payroll services, will keep your business out of trouble and help you save on more than just penalty fees.
4. You’re Struggling to Understand Your Financial Data
Financials are not always easy to understand. In fact, many people find them plain confusing, and that’s okay. It’s not everyone’s strong suit, just like not everyone is qualified to offer the services your business offers.
If numbers are not your thing, focus on what you know best and use that to grow your business. Leave the finicky financials to those who actually enjoy interpreting financial reports and working with numbers.
Not only will outsourcing your bookkeeping to Schofields Accountants make it easier to make informed business decisions, but it will also make the running of your business so much more enjoyable.
You’ll gain access to expert insights without having to be an expert yourself, giving you a leg up in interpreting your financial data effectively. Our business advisory services include things like budgeting, cash flow management, and goal setting, helping you to get a much better understanding of your financial health without having to be a numbers whiz.
5. The Books Are Getting More Complex
Perhaps you were getting by managing your own books when your business was smaller. However, now that it has started to grow rapidly, you find yourself falling behind.
You find it increasingly difficult to manage the growing volume of transactions and their increasing complexity. As a result, it’s getting harder to effectively manage your books.
However, it’s important that your books don’t fall into disarray, as it could seriously undermine the growth trajectory that you’re currently enjoying. To remain on track, you need a professional bookkeeper who can handle the increased volume and complexity without missing a beat, leaving you to focus on managing your business’s growth.
Schofields Accountants will ensure that every aspect of your financial activity is tracked accurately as your business grows. From payroll to real-time cash flow monitoring, we will ensure that your financial processes can seamlessly scale in sync with your business.
Stay On Top Of Your Books With Schofields Accountants
If you’ve realised that you need to hire a bookkeeper, contact Schofields Accountants today. You can rest assured that our extensive experience and expertise in accounting and bookkeeping will ensure your financial affairs are kept in order.
