You need a bookkeeper, and maybe even a virtual bookkeeping service. Here are the signs to help you know the time is right.
If you have a small business and you’re considering hiring a bookkeeper, you might want to consider hiring a virtual bookkeeping service. Every company needs someone who can collect, track, and record financial data. Even a small business needs such a person. A bookkeeper is a vital part of the success of a business because they manage the most important aspect of that business – the financial transactions.
Even if you’re trying to do that job yourself, you’re probably wasting time and money doing something in which you don’t have expertise. That’s where a bookkeeper comes in. And with today’s technology, an even better bet is a virtual bookkeeper. Here are five signs it’s time for you to hire one:
Sign #1: You’ve Never Set up Business Books Before
It might be in your nature to try to handle every aspect of your business yourself, but the experts should handle some areas. You wouldn’t want someone trying to do your job without proper training. That’s reason enough not to put one of the most essential tasks on your payroll in the hands of someone who doesn’t know how to do it properly.
Bookkeeping isn’t rocket science, but there is a certain level of training, experience, and expertise that goes along with being a competent bookkeeper. If you’ve never kept professional books or you’ve never set up business books before, that’s a sign you could use a bookkeeper. It will help ensure it gets done right the first time.
Sign #2: You’re Short on Space, but Still Need the Work Done
Not everyone wants to put up another office and fill another desk to get critical work done. When you hire an employee, it comes with a lot of other responsibilities and costs. You have to pay for space, the desk, the technology, the phone, possibly a parking space, and of course you’ll have to provide vacation time, sick and personal days, and possibly even benefits.
Do you really want to try to manage all of that? Probably not, which is why you’ve been doing the books yourself all this time. A virtual bookkeeper doesn’t need a desk or a parking spot or a phone or even water cooler chit-chat. You can save space, and money, by hiring a virtual bookkeeper.
Sign #3: Software Does Not Equal Expertise
Many people have dabbled in QuickBooks, one of the most popular bookkeeping and accounting software programs on the market. Keep in mind, however, that just because you have the software doesn’t mean you’re a subject matter expert. Owning the software does not automatically mean you have the experience or know-how to use it properly. If you’ve never set up or managed the books for your business or any other business before, it will behoove you to leave it to the experts.
Sign #4: You Feel Overwhelmed and Unorganized
The financial data for your business is often insight into the running of the organization as a whole. If your books are a mess, chances are, so is your business. To be successful, you have to have a robust and organized infrastructure when it comes to your financial information. Starting off with the right software, the proper administration and data management, and the right understanding of the tools and how to use them is imperative to your success. If you’re feeling overwhelmed or if your financial data seems unorganized, it’s time to hire a bookkeeper to bring things back into order.
Sign #5: You’re Worried about Payments, Both from You and to You
One of the most important things a bookkeeper does is track and manage payments. This includes accounts payable as well as accounts receivable. If you aren’t accurately tracking, recording, and reporting on every transaction that comes into or goes out of your accounts, you are on the road to a failed business. A good bookkeeper will manage all of the information including payments, invoices, banking records, payroll, and reporting on a daily basis for the success of your business.
If you’ve noticed any of the above signs, even if just a little, it’s time to take the bull by the horns. Call 678-990-0924 for a free consultation to learn how a virtual bookkeeper can help your business.