The 3 Key Advantages Of Hiring A Bookkeeper
Updated: Jun 25, 2021
What's the secret to small business success? According to Chron.com, there are a number of factors, like business planning, customer service, happy employees and focused marketing.
But where does a busy entrepreneur find the time or money to invest in these things? Well, you'd be surprised to learn that hiring a professional bookkeeper can save you time, money and help you plan for success.
Here are three major advantages to having a bookkeeper:
1. We free up your time
Time is money! And no one understands that more than a small business owner. According to a survey by Evoice, time is the most valuable asset to a small business owner. And the same survey finds most of them clocking over 52 hours weekly running their businesses – and 57% are working 6 days a week.
You’d be surprised to find out how many hours you spend on accounting and administrative tasks that a bookkeeper can do for you. Try using a time tracking software for a week or two to see where your hours are spent. You can even trial QuickBooks Time free for 30 days. Simply divide your time into categories like Sales, Marketing, Social Media, Business Services, Accounting, Invoicing, and whatever else fits.
So what would you do with your Saturdays if you could get them back? Or what would you do if you could get home a few hours earlier each evening? Entering transactions, performing reconciliations, payroll and filing HST are just a few of the tasks we can take off your plate.
2. We help you succeed
When it comes to financials, timeliness and accuracy matter the most. There’s no use in having a set of books that don’t correctly reflect your bank balances – or that don’t show you what’s going on with your funds right now.
An accurate and up to date set of books will show you where your hard-earned money is going – and where inefficiencies exist. Getting access to your key numbers can give you the birds-eye view of your business and point out issues with cash flow and more.
More so, the knowledge of an experienced bookkeeper can help you fix these issues. Are your receivables adding up? If so, we can recommend changing your net terms. Are you racking up interest charges and late penalties? We'll get your cash flow organized. These are just examples of the many solutions we offer to get you set up for success.
3. We save you money
Having an experienced bookkeeper on your team opens the door to savings you probably didn't know about. We possess knowledge of available tax credits, deductions, and claimable expenses to save an average of $1,500 annually.
By providing your business with accurate books, we better prepare you for your accountant at year end. This saves your accountant a whole lot of review and clean-up and prevents you from incurring any extra fees and charges.
Simcoe Office Solutions also offers you savings by including the cost of your accounting and expense tracking software in our packages – a savings of between $600 to $4000 per year.
We'd say that having more time, more money and an accurate picture of your business are three huge advantages to having a bookkeeper for your business. Contact us today to learn more about the key benefits our services can provide for you.