We speak with small business owners daily, and understand the strain that the bookkeeping process can put on a business. Not only does it take up a great deal of time, maintaining a clear set of books can be confusing at the best of times, and can quickly turn into a permanent job.
Many clients that reach out to us are simply overwhelmed by their bookkeeping tasks, and have so much growth from the business side, that they simply do not have the time or patience to keep up with their bookkeeping. This is a normal part of business, and means that you are growing. It also means that now is the time to reach out to a bookkeeping firm who can provide you with the knowledge and expertise that you need! If the three warning signs below sound familiar, maybe you need to start thinking about getting help with your bookkeeping?
Working around the clock:
Business owners work hard during the day to grow their brand, work with clients, and perform all the necessary tasks that relate to the day-to-day activities of the business. When a business is in the midst of the growth cycle, many owners get caught up in maintaining their books, and can work through many nights trying to stay on top of the bookkeeping process. Unfortunately, this happens to often, and owners quickly become burnt out, and start focusing on the back-end of their business while forgetting about their customers.
When you reach this point, it is important to step back and analyze what is best for the business? Does it make sense for you to be working in the back-end like this, or should you be focusing your attention on growing the business?
Maintaining a clear set of books can be difficult at the best of times, and as a business grows, you may find yourself asking more and more advanced questions. Many bookkeeping firms are able to split the bookkeeping tasks, which allows for owners to maintain many of the functions while passing off the more advanced tasks. This also minimizes the overall costs to the business.
Taking away from your clients:
Similar to working around the clock, many business owners become so backed up with their bookkeeping that it begins to take precedence over the daily activities of the business. This is a sign that you need external help, as the focus on your business is being compromised by tasks that can be easily completed by a third party. Again, this is something that is common for small businesses, and generally means that you are growing. With that said, it is important to maintain your focus, and work on tasks that are best for the business.
What to do now?
If you find yourself in need of bookkeeping help, there are many options available. Hiring an internal bookkeeper is a great solution, especially if you only need part-time help. Another solution is to look externally. This can be beneficial as there is no need to train the bookkeeper, and there are no payroll requirements. Many bookkeeping firms also offer unique ways that allow for work to be split between business and bookkeeper. LedgersOnline, for example, offers hosting services that allows for multiple users to have access to the accounting file. This gives owners the ability to perform bookkeeping tasks, view financial reports, and keep up-to-date on the latest financial data recorded. This allows for business owners to maintain an interest in their business’s financial information, which leads to informed business decisions.
Affordable bookkeeping services for any business anywhere