Running a business is hard work and it takes multiple skillsets to be effective—no matter what industry you’re in. You need to have exceptional skills in organization, project management, communication, customer service and bookkeeping, just to name a few of the universal talents.
And bookkeeping seems to be the one skill that gives business owners the most stress and anxiety.
It doesn’t have to be that way. If you’ve been struggling with handling the finance side of your business, it’s time to get on the right page and get your books taken care of. That means talking to a professional and letting them take it from here.
Think about it: When you have a toothache, you don’t try to treat it yourself. You go see a professional. When your business books aren’t looking too hot, don’t try to fix it yourself. Get help.
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Here are some of the biggest reasons you need a bookkeeper for your business.
This year’s tax season wasn’t fun.
When your books aren’t in order, tax time is no fun. (Okay, it’s not fun no matter what your books look like. But you know what I mean.)
How long did it take you to reconcile your transactions from last year? What did your accountant say when she saw your business paperwork? If taking your tax documents to your tax preparer makes you nervous, a bookkeeper can help you be a bit (a LOT) more organized in the 2017 tax season.
You’re not taking advantage of all the write-offs you should.
If you’re doing your taxes yourself, I’d be willing to bet you’re missing a lot of possible tax write-offs. A bookkeeper can earmark and categorize those expenses so you can include them on your tax documents. It will save you the hassle of doing that after the fact, while also saving you money on your taxes.
You need to know how much you’re spending (and making) each month. For real.
You’re bringing in $10k a month but never seem to have anything left over by the 30th. You’re tracking your expenses and invoices, but are you really tracking correctly? There’s a big difference between gross and net profit, and you need to make sure you’re taking taxes, overhead and recurring expenses when you’re determining “income” each month. It’s a lot to think about, in addition to growing your business.
You’re spending too much time on something that isn’t your expertise.
Unless you hold a business degree or an accounting license, your expertise isn’t in bookkeeping. And you probably didn’t go into business so you could spend more time budgeting and paying bills.
Taking care of your own books takes you more time than it would take a bookkeeper or accountant to do. And every hour you spend on it is an hour that you could have spent growing your business.
The reality is if you think you might need a bookkeeper for your business, you probably do. I’ve talked to a lot of business owners recently who are foregoing bookkeeping services because they think they can’t afford it. In my opinion, you can’t afford to not have a bookkeeper by your side.
Okay, maybe you truly just don’t have a bookkeeper in your budget. That happens; I know. Consider finding someone who can help you set up your books and give you training so you can do it yourself—and not be stuck in a bind at the end of the year.
Heather Pranitis of Number Nerd Bookkeeping Solutions is a true number nerd, with 21 years of experience managing and advising businesses across many industries. While she considers herself a bookkeeper first and foremost, she has the knowledge and experience to be your virtual CFO. (Hint: If you don’t know what this is, you need her!) Not only can she take over your books for you, she also offers consulting services—setting up your books and training you to take it over. You can find her on Facebook and Instagram.