Like most small business owners, you’re probably wearing many hats within your business. Yes, while juggling multiple tasks is inevitably going to be a large component of running a small business, it can quickly become too much.
With your eyes firmly placed on running and growing your business, the task of recording your financial transactions and keeping your books in order can take a back seat. All too often, the busier you get, the more you fall behind on recording transactions and before you know it, your business activity statement (BAS) is due. If this sounds all too familiar, it might be time for you to consider hiring or outsourcing to a bookkeeper. Here are some sure signs you need a bookkeeper in your life:
Your books are never up to date
There’s a reason why cash flow is considered king. Without it, you’ve got no clarity over how your funds are tracking and what you need to plan for going forwards. Leaving your paperwork until the last minute can put your business in a precarious situation and land you in trouble without you knowing it. If you have no idea whether you’re trading profitably or what your cash flow looks like – you definitely need a bookkeeper.
More time than you can afford
When time (and stress levels) are your currency, you need to use it wisely. If balancing books is not your passion and your time is better spent selling your products or services, consider outsourcing your bookkeeping. Most accounting software is accessible from the cloud which makes for a smooth handover to your bookkeeper. With record-keeping off your plate, you’ll have more time to focus on what you do best, which is running your amazing business and it’ll allow you to get your work-life balance back on track.
Your accountant is doing your bookkeeping
Asking your accountant to do your bookkeeping is like asking a lawyer to do your admin. Accountants are generally more qualified than bookkeepers, which means you’re paying a premium for that skill set. If your accountant is preparing your books and getting your records in order, you’re probably being charged too much. A good bookkeeper can help reduce your accounting costs by preparing clean books to hand over to your accountant.
Your records are not accurate
If you have attempted to do it yourself, you know that bookkeeping takes considerable skill and effort. While many small business owners consider themselves a jack-of-all-trades, it’s often a different story when it comes to running finances. As innocent as your mistakes may turn out to be, they can cost you significantly. A bookkeeper can set your records straight from the start, keep your business compliant and give you peace of mind that your checks and balances are in tip top order.
In between making sales and keeping suppliers and staff in check, there can be little to no time left for the things you love. If you find yourself working nights and weekends to get your books in order, seek help from a bookkeeper. KPI Business Advisory bookkeepers can help you with invoicing, accounts receivable and payable, payroll processing, superannuation, bank reconciliations, BAS preparation and lodgement, and tax return preparation. With expert set up and support, our bookkeepers will take the time and hassle out of managing your books, leaving you more time to get on with business.
For more information, visit our KPI Business office at 1/13 Brighton Road Glenelg or call us at 13 001 132 today.