Hiring A Bookkeeper Can Increase Your Profits By 16%
Everyone in small business knows there are jobs that just have to be done in order for your business to stay afloat. For those of us who aren’t fond of figures, it often feels like a chore and a waste of valuable time.
We all know that it’s vital to keep on top of your financials. Not only is it a legal requirement of the tax office, it is important information that lets you know how your business is operating. Knowing your income and expenditure, and where your profits are going, from unnecessary expenses, to tax collected, allows you to plan and operate effectively.
If you struggle with managing your accounts, it makes sense to hire a bookkeeper. It takes the pain of dealing with your financial information off your hands, and takes away a load of stress and frustration. Your time can then be used to go and make more money while your bookkeeper takes care of the records.
That’s not the only benefit of hiring a bookkeeper, however. Accounting software company, Xero, recently conducted a survey of 300 small business owners and found that those who hired a bookkeeper saw an average increase in profits of 16%.
There are a number of reasons for this, not least being that your time, mind and other resources are freed up to focus on your business.
Bookkeepers are experienced enough to do this dreaded bookwork efficiently, meaning they can do it far more quickly than you can. They are also trained in other areas that enable them to look for tax breaks and tax cuts you may not be aware of, what benefits can be claimed, and how to avoid fees. They know where you can change a particular tactic so you pay fewer fees, or gain more interest from your bank, for example.
They can also more readily spot where you can save money, or where you can reduce costs.
Essentially, bookkeepers don’t just save you time and brain power, they can save you money, point you in the right direction for obtaining more money, and increase your profits by up to sixteen percent.
You may well say they are worth their weight in gold.