Hiring a bookkeeper can be an enormous asset to your business, but exactly what does a bookkeeper do and how can they help your business thrive in today’s economic climate? There are a myriad of responsibilities a business owner has to think about on a daily basis. From placing orders from vendors, collecting sales from customers, and paying bills to keep the business running.
There are an equally myriad of tools to assist a business owner in running their business. From hiring additional workers, investing in an automated system, to yes, hiring a bookkeeper.
One of the best things any business owner can do is to identify their strong points and know what their weak points are. Unless you own an accounting or bookkeeping firm, most business owners did not start a business to spend countless hours a week tabulating their books. Not surprisingly the owner’s expertise will lay in the business that they own, whether that be a beauty salon or restaurant.
Here are the top 5 ways a bookkeeper can assist you:
Keeping you organized
Staying organized can be the difference between having enough inventory to get you through the busy season or falling short of your forecast. A bookkeeper can assist you in staying organized by letting you know your inventory levels, what vendors need to be paid and what invoices are still outstanding after the month end close. The possibilities are endless on what type of deliverables a bookkeeper can keep track of and you are sure to notice a difference in your business when you partner up with the right bookkeeper.
Keeps you on task
Knowing which bills to pay first or what product to order next can greatly assist your overall productivity. A bookkeeper can fulfill that role by communicating to an owner through text, email and even through Quickbooks. Bookkeepers can help by opening up communication and prioritizing tasks that need to be done to help your business grow.
Gives you time back
For many business owners getting time back in your daily life will be the biggest benefit that will be experienced when partnering through with a bookkeeper. Handing the bookkeeping reins over to a professional with free up more time than you may imagine. Most business owners can spend anywhere between 20 to 40 hours a week on bookkeeping activities. Imagine what you could do with that many hours back a week.
Saves you money
This is where a successful partnership with your bookkeeper all comes together and pays dividends. Paying vendors on time will avoid later fees and penalties and making sure your invoices are collected on will keep your bottom growing. Having an external bookkeeper will also help you avoid paying employer payroll taxes that would be due if you had an internal accountant.
Informs you on the health of your business
Knowledge is power and knowing how your business is doing will give you the leverage you need to adapt to an ever changing business landscape. Part of the deliverables from your bookkeeping should be financial reporting. Reports will give the owner a clear picture of how different parts of the business are doing and an overall sense of business health.
We hope you found these tips helpful! Feel free to give us a call if you’re currently looking for a bookkeeper. We’re offering free 30 minute discovery calls (also a great way to run through this list!).