6 Reasons to Hire a Bookkeeper for Your Small Business

By August 12, 2020News

As a growing small business, the amount of work on your hands increases every day. As the work piles up, you’ll find less and less time to spare for other aspects of your business, and only find yourself buried in paperwork. Delegating necessary tasks that slow you down can massively benefit your business, and bookkeeping is no exception. That’s just one reason Schwan CPA offers professional bookkeeping services; we know just how much this can increase your efficiency and effectiveness.

What Does a Bookkeeper Do?

If you’re a small business that hasn’t hired a third-party bookkeeper, you’ve likely been doing the books yourself. Finances can be a confusing and time-consuming part of running a business, so bookkeepers are often hired to do much of that work. This includes:

  • Recording financial transactions
  • Keeping track of your sales, purchases, payments and receipts
  • Writing invoices
  • Completing payroll

While bookkeeping can be done without the work of a professional bookkeeper, it’s easy to get swamped under a pile of receipts, bills, and invoices. Not to mention, not many business owners find bookkeeping fun or enjoyable! In many cases, hiring a bookkeeper can allow you to be more present in your business, which results in better customer service and, often, a greater bottom line.

The Top 6 Reasons to Hire a Bookkeeper

 

Leaving It to The Experts

You probably aren’t trained in bookkeeping, and while DIY-ing can sometimes work in your favour, it often leads you to make mistakes, fall behind, and become frustrated. Mistakes can cost you heavily in the form of penalties, late fees, and even jail time if you aren’t careful. If your accountant ends up having to fix your bookkeeping at the last minute before your year-end or tax time, it could end up costing you more.

Saving Yourself Time

33% of small business owners reportedly work over 50 hours per week, which is already a massive amount of time. Add finances into the mix and you’ll be drowning in extra work. With a bookkeeper handling your finances, much of the weight can be lifted off your shoulders. Keep in mind that you won’t be paying a professional for the same hours it takes you to do your own bookkeeping. A professional bookkeeper won’t have to spend time researching bookkeeping on Google and checking the paperwork ten times over to make sure they got it right the first nine times! As experts in the field, bookkeepers save time for everyone involved with your business. They could even save you money on your accounting services!

Avoiding the Boredom of Mundane Work

Let’s face it – for most of us, bookkeeping is a chore that we never want to do. It’s tedious, confusing, and tiresome, and there are many other business aspects we’d rather spend our time on. Having a bookkeeper takes that often mind-numbing financial work out of your hands and places it in the hands of a professional who most likely enjoys bookkeeping, resulting in a win-win situation for everyone.

Maintaining a Steady Cash Flow

When you’re already occupied with so many other facets of a small business, an impeded cash flow may slip by unnoticed for too long. A bookkeeper stays on top of cash flow for you and ensures it remains optimal, as well as reminding you of your cash flow in case you forget. You can also discuss cash flow with your accountant, but it’s important that your books are set up properly before that conversation. This way, you’ll have solid data to analyze and review with your CPA.

Getting the Big Picture

Although accounting services in Edmonton typically include some basic bookkeeping set up so that we can use your financial information to your benefit, having someone on board to keep your “big picture” information fully up to date is a major benefit. Not sure where your money is going? Let’s look at a profit and loss breakdown, or analyze where the majority of your expenses come from. Looking to drum up more projects and business? Let’s see which clients have historically been the most beneficial to work with. Our bookkeeping services can help ensure that all of this information is at your fingertips at every moment, and fully up to date.

Ensuring Everything is Paid on Time

Another aspect of business that can easily slip past your notice if you aren’t careful is the bills. Not paying the bills on time has a heavily negative impact on your credit. A bookkeeper can ensure all your bills are paid at the right time, so you don’t have to worry about remembering when bills are due. With Schwan CPA’s bookkeeping services, we can even fully automate the bookkeeping process for you, saving you money and offering complete convenience.

Find the Best Bookkeeper For Your Business

One of the most challenging parts of hiring a bookkeeper is finding one that’s perfect for your small business. Schwan CPA offers professional bookkeeping services to provide our clients with well-rounded financial guidance at all times. Get in touch with us to discuss the expertise we can bring to your business.

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Jeff Schwan

About Jeff Schwan

Jeff established Schwan & Associates CPA to bring unique “cloud-based” accounting services to small and medium-sized Edmonton businesses. Inspired by the quality time spent with his family, Jeff’s goal is to put more time back in the hands of the busy entrepreneurs who strengthen Edmonton’s business community. With 10+ years of experience in diverse management roles, Jeff has acquired a strong set of leadership and mentoring skills. He is, and always has been, an educator at heart. He knows the value of spreading knowledge, investing in people, and continually learning.

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