The new year is just around the corner, which means it’s time to make some changes! If you’re a small business owner, chances are you’re dealing with your finances on your own. After all, you went into business for yourself. While many entrepreneurs enjoy the freedom and the perks of owning their business, it also means that expenses need to be kept to a minimum in order for success. About 30% of small businesses fail within the first 24 months due to increased expenses and low profits. Hiring a bookkeeper is a decision many small business owners struggle with, that’s why we’ve compiled the top three reasons why hiring a bookkeeper may be one of best decision you’ll make for your business in 2020!
Owning a small business means you have to keep your profit margins at a minimal, and a professional bookkeeper can keep track of these margins and offer guidance on how to control operating expenses for a better return on investment. A bookkeeper can also manage your monthly transactions, payroll, any government fees and ensure that bills are paid on time and accordingly.
The Ups and Downs of Tax Season
Jacquie Johnston, VP of the Canadian Bookkeepers Association, stresses the benefits of hiring an external bookkeeper, she says, “Flexible scheduling and hourly rates allow you to pay for only what you need—nothing more, nothing less”.
Accounting and tax planning only become more complicated in the first few years of owning a business. A bookkeeper can alleviate the stress of taxes, especially during tax season! (which is coming up very soon). Employing a bookkeeper, even on a temporary basis, to accurately report your expenses and budgets may be the way to go.
Stress and more Stress
No one likes stress. The first few years of running your own business requires many long hours and a lot of dedication. In fact, the first few years are the most difficult as you scramble to make ends meet and become profitable. Chances are you are operating many different areas such as sales, marketing; as well as, your finances and let’s be honest, not all of us are good with numbers. This often means juggling multiple tasks at once, which can translate into neglecting other crucial parts of the business. A bookkeeper can help with administration and freeing you up to concentrate on growing your business. Doesn’t that sound great?
While employing a bookkeeper may be a tough decision for a small business owner, the decision may be worth it in the long run. Think BIG, as it could save you money, time and reduce stress.
Contact Bookminders Fraser Valley today for a free consultation. Let us help you grow your business!