In today’s episode, Bernard Roesch talks about how to know when the right time is to hire a bookkeeper.
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Why Hire a Bookkeeper?
It’s important in business to keep track of your money and have control of your finances. Small mistakes can add up to a lot of money over time. For example, invoicing clients incorrectly or forgetting to invoice all together. Also, it’s important to keep your relationships with vendors healthy by paying people on time. All of these things can be handled by a bookkeeper and it’s especially important to not let them fall behind.
Signs That You Need to Hire a Bookkeeper
Every business that grows reaches this point. You either realize that you don’t feel on top of your money or you feel like there is simply too much bookkeeping to be done. If you feel like you don’t have a firm understanding of (1) who you owe money to and how much, (2) how much money you are owed and by whom or (3) if you don’t have the cash to cover your bills, you probably need a better bookkeeping routine. As a business owner, you are responsible for making sure these things are achieved. However, manually updating the books yourself is not the best use of your time.
Separate from feeling like you are in control of your money, if you feel like you would simply spend too much time on updating your books then it’s time to hire a bookkeeper. For example, if you spend a few hours per week on invoicing, collecting and applying payments, or submitting payments to your vendors, then this is something that you should delegate to a bookkeeper. It will either take up a lot of your valuable time that you could otherwise use to grow the business or you will end up pushing it aside and it will not get done.
Need Help Streamlining Your Bookkeeping?
If you need help delegating your bookkeeping, contact Bernard today. Bernard has setup bookkeeping processes for many businesses and he can help you do the same. This will enable you to focus on growing your business while the books are managed for you.
You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.