4 Benefits to Hiring a Bookkeeper/Accountant for your Growing Business

Accountants can be highly beneficial for businesses of every size. They offer Insight and expertise into areas that you might not have experience in such as finance, cash flow, and budgeting. They can also take certain tasks off of your to-do list, which will free up much of your time and energy to focus on other things.

Here are 4 benefits to hiring an accountant to help you manage your business

Expertise

A bookkeeper is an expert at managing, sorting and recording your business’s financial transactions. They’ve spent time developing their skills and experience. During that time, they’ve also seen and resolved bookkeeping-related issues that you may come up against. Their expertise makes them more efficient at managing those issues.

Beyond that, they understand business trends and challenges others in your industry face, and can help you move through those as well. They also know what questions to ask to help you make important decisions and can share best practices with you.

Guidance

Your bookkeeper not only helps you maintain accurate records, they understand your financial circumstances. They help you assess how to make important business decisions, such as whether now is a good time to grow or when you should hold back. They can also identify trends in your industry and help you take advantage of those opportunities.

Finally, they can assist you with budgeting, and sticking to your budget. They’ll help you come up with a realistic financial plan that enables your business to grow while achieving short- and long-term goals.

Time Savings

As a business owner, you likely have many activities to focus on. In bookkeeping alone there are numerous tasks to be responsible for, such as:

• Sorting Receipts
• Classifying expenses
• Invoicing Customers
• Paying Vendors
• Collections
• Managing Payroll
• Recording transactional data

Bookkeepers take on those tasks so you don’t have to. It’s not just about the energy you put into them, it’s about the fact that unless you’re an expert at bookkeeping, it’ll likely take you longer to complete these activities than it would take a bookkeeper.

Think of the time you spend during an average week managing your books, then think of the time you spend during a high-pressure week. That can add up to a lot of extra hours.

By hiring a bookkeeper/accounting professional, you save yourself that valuable time for other activities such as marketing, product work, or even spending time with family.

Money Savings

There’s a time cost to doing your own books, but there’s also a potential money cost in the form of missed opportunities. The time you spend dealing with your own books is time you could potentially be out taking advantage of new opportunities for your business. Your bookkeeper frees you up so you have the time and energy to identify potential opportunities. They can also advise you on whether you’re in a fiscal position to jump on those possibilities.

Additionally, the expertise bookkeepers bring to their activities means they’re likely to save you from costly mistakes that could affect your finances.

Final Thoughts

Hiring a bookkeeper can be a business smart & life-smart decision for any business owner. Between the time-savings, money savings, and expertise, and guidance you'll find many benefits.

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