Should You Hire A Bookkeeper? If you give “A-CRAP”
The short answer is “Yes“, if you give “A CRAP” about your business. Bookkeeping is essential for any and all business owners. As the old saying goes, “bookkeeping will make or break you”. Every business needs a bookkeeper. Instead of answering the question “should I hire a bookkeeper,” let’s look at some top reasons as to “why” you should get one.
Accurate records are a must. Not only in regards to taxes, but in understanding where your company stands. Without accurate records, you cannot get a good idea of your successes or failures.
Thorough bookkeeping records provide transparency. Accurate records help you determine which parts of your business have been the most profitable.
Proper bookkeeping ensures that you have all of the documentation (receipts, invoices, purchase orders etc) well-organized for obligations like taxes and audits. Because of being able to access these documents quickly, should you ever need them, you are easily prepared for any discrepancies that may arise.
It is your responsibility to report your financial standing to investors. In order to do this, you must have a thorough standing of what the numbers you’re presenting means. Reports also work as a comparison tool which allows you to strategize your business and marketing plan. The role of reports in planning the future of your business is necessary to make informed decisions.
Accurate data and reports are critical tools in analyzing cash flow, thus setting the scene for improving business structure. Analysis is a crucial building block in developing a system for follow-ups, invoicing and payments. Without accurate analysis, you cannot have a complete understanding of what it costs for your business to operate.
Are you growing, breaking even or declining? How quickly? Accurate data, paired with reporting and analysis, answers both of these questions, addresses potential issues or concerns and equips you with the facts so that you can improve upon your business strategies.