For entrepreneurs, SMEs, individuals the responsibility - to manage the money coming in and out of its coffers, like many others, often falls upon their own shoulders.
While you may find basic accounting easy to do, but it takes your considerable time and actually it takes you away from working on your core business. Meanwhile, the accounting, bookkeeping and tax planning have become more complicated in the last six years or so.
But being one's own bookkeeper or tax preparer is, at best, a temporary or stopgap solution, and, at worst, a recipe for entrepreneurial disaster.
And research has shown that it costs less to outsource bookkeeping than hiring an employee; you need to weigh your options before taking a final decision.
But let us see when it is the time for you to hire a book keeper or an accountant:
Save More Money!
To Save Time – We all know to work smarter, not harder. An Outright.com survey revealed that small business owners spend about 5 hours per month on bookkeeping even though a professional can complete the same tasks 63% faster. Why bother plugging away at something you don’t like that only slows you down anyway? Use those extra 5 hours to write some copy,
Want to focus only on your business, not your books!
Your time is worth way more than what you’d pay a bookkeeper to keep your organized, you just haven’t realized that yet… If you are a “do it yourself” business owner, you can keep your own books until it hinders your business growth. If you want to be more successful in your business, you will reach a time when you have more high value activities to complete. Then it will be time to hire a bookkeeper.
De-Stress yourself!
Do you enjoy bookkeeping? Probably not, otherwise you would be in business as a bookkeeper. An experienced bookkeeper knows what to do and how to do it. A bookkeeper stays up-to-date on the latest information, software and tax rules and actually enjoys doing the work (crazy, right?).
Overall, the answer to when you should hire a bookkeeper is now. Besides recording expenses, a bookkeeper categorizes them for business purposes and tax purposes. Bookkeepers also reconcile your bank accounts. They help you make sure that your financial records accurately reflect the state of your business.
Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk
While you may find basic accounting easy to do, but it takes your considerable time and actually it takes you away from working on your core business. Meanwhile, the accounting, bookkeeping and tax planning have become more complicated in the last six years or so.
But being one's own bookkeeper or tax preparer is, at best, a temporary or stopgap solution, and, at worst, a recipe for entrepreneurial disaster.
And research has shown that it costs less to outsource bookkeeping than hiring an employee; you need to weigh your options before taking a final decision.
But let us see when it is the time for you to hire a book keeper or an accountant:
Save More Money!
To Save Time – We all know to work smarter, not harder. An Outright.com survey revealed that small business owners spend about 5 hours per month on bookkeeping even though a professional can complete the same tasks 63% faster. Why bother plugging away at something you don’t like that only slows you down anyway? Use those extra 5 hours to write some copy,
Want to focus only on your business, not your books!
Your time is worth way more than what you’d pay a bookkeeper to keep your organized, you just haven’t realized that yet… If you are a “do it yourself” business owner, you can keep your own books until it hinders your business growth. If you want to be more successful in your business, you will reach a time when you have more high value activities to complete. Then it will be time to hire a bookkeeper.
De-Stress yourself!
Do you enjoy bookkeeping? Probably not, otherwise you would be in business as a bookkeeper. An experienced bookkeeper knows what to do and how to do it. A bookkeeper stays up-to-date on the latest information, software and tax rules and actually enjoys doing the work (crazy, right?).
Overall, the answer to when you should hire a bookkeeper is now. Besides recording expenses, a bookkeeper categorizes them for business purposes and tax purposes. Bookkeepers also reconcile your bank accounts. They help you make sure that your financial records accurately reflect the state of your business.
Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk
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