How a Bookkeeper Will Help You to Grow Your Business
Oftentimes, there are business owners that don’t see the benefit of hiring a bookkeeper. This is especially true if they’ve been creating their own spreadsheets to keep up with their finances, or have someone on staff that keeps up with their accounts.
After all, if you’ve got someone keeping up with your books, hiring a bookkeeper might seem like an expense you can’t afford. Or, you might view the thought of hiring a bookkeeper as something that you consider only for a specific task, such a completing and filing your tax returns.
A bookkeeper can certainly set up your accounts and keep them straight for you, and even make certain that your taxes and other paperwork are completed correctly and filed in a timely manner. Simple bookkeeping tasks and tax preparation, however, are not the primary reasons why you and other business owners should consider hiring a bookkeeper.
The Benefits of Hiring a Bookkeeper
Rather than looking at a bookkeeper as a specialist that’s only needed and brought in to perform certain unpleasant tasks, business owners can truly benefit once they realise the biggest reason to hire a bookkeeper is for their ability to offer strategic business advice.
Rather than boxing your bookkeeper in and limiting their abilities to book keeping and tax preparation, you and your business can benefit once you look at your them as your partner and guide.
A bookkeeper has the power to be your own personal financial guru with the experience and expertise necessary to help you grow your business.
Why Your Bookkeeper is Vital in Managing Your Finances
Consulting with a bookkeeper is the first step to gaining a better understanding of the meaning behind all of the numbers and other data produced by your business. Once you have a better understanding of your current financial status you can begin to put systems in place to gain better control of your finances.
Properly managing your finances is literally one of the keys to the survival and sustainability of your business, and its importance cannot be overstated. In fact, a recent study conducted by Xero found that when businesses fail, an incredible 65% of owners blame a lack of cash flow or similar financial issues as the number one reason behind their business failure.
As you develop a relationship with your bookkeeper, you will learn more about the important financial areas of your business, such as how to control your costs and steps you can take to increase your cash flows.
In addition to helping you to gain a better understanding of your finances, a bookkeeper provides a second set of eyes on your finances. By keeping a watchful eye out for you, your bookkeeper acts as a stopgap that can detect and prevent fraud or other losses. They can also help to keep you aware and up to date on potential issues so that you can take corrective action before issues get out of hand and disrupt your ability to compete in your market space.
If you allow them to, a bookkeeper will become your trusted ally and act as your sounding board, discussing issues and strategies with you. They can help you make the strategic plans that enable you to meet challenges and expand your business and increase your revenues.
Your bookkeeper is simply the one professional with the experience and knowledge necessary to help you plan for your future and help you map out the steps that you will need to take to turn your dreams for your business into reality.
If you need a trusted financial mentor to help you figure out your plans for your business, or if you are just tired of your cash seemingly vanishing into thin air, why not get in touch today? We’ll be glad to help guide you and help you gain better control over your finances and walk with you each step of the way as you build your business.