When it comes to bookkeeping in small business there are a few key areas that are important. Accuracy of information, Timeliness of information and then plain old finding the time to do it. We hear all too often tradies and small business owners repeat sentences like, "I struggle to find the time to do paperwork", "I wish I didn't have to do this paperwork", "I don't understand bookkeeping" and many more similar statements.
If this sounds like you have a look through our Pros and Cons of hiring a bookkeeper for your trade, service or other small business.
Pros of Hiring a Bookkeeping
Accuracy
A bookkeeper will accurately record your business transactions ready for generating financial reports. A hard working bookkeeper will find miscellaneous transaction even if you forget them, so you don't miss out on any claimable expenses.
Timeliness
A bookkeeper will keep your books up to date on a regular and continuous basis. No need for you to find the time to do it. Prompt and efficient bookkeeping is important so you have up to date information when setting your path for growth.
Legislation & Obligations
It is crucial that small business owners are operating in accordance with legislation and meeting their obligations. Record keeping, Payroll and BAS are a few areas Hard Working Books can help you avoid fines or penalties if you get it wrong.
Time with friend and family
Using a bookkeeper will free up some of you precious time so you can concentrate on building and growing your business. If you have that under control you will appreciate the extra time available for family, friends or those long lost hobbies.
Save Money
How much is your time worth? Tasks that take you many hours per week will likely be completed more efficiently and cost effectively by a bookkeeper. There is a common saying "you have to spend money to make money' that couldn't be more true in this case. Take our free online consultation to find out more.
Cons of Hiring a bookkeeper
Cost
Outsourced bookkeeping comes at a cost. For some the cost will be the determining factor when choosing to use a bookkeeper or not. You might be surprised how affordable outsourcing your bookkeeping is. Have a look at our plans and packages for more information.
Control
Being a small business owner you obviously like having control. It is often thought that using a bookkeeper will take away some of that control. That's not the case, delegating your bookkeeping tasks to Hard Working Books is not losing control at all. It is empowering you with information and knowledge to lead and control your team towards the goals you have set.
There really aren't too many cons to hiring a bookkeeper for your small business. If you can understand that the cons here are just perceived you will quickly realise the benefits that regular and accurate bookkeeping can bring to your business. If the cons take you thoughts keep in mind that we also provide One-Off and Catch-Up bookkeeping services to help out when needed.
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