How many hats do you wear on an average day? If you're like many business owners, the simple answer is TOO MANY! Does the thought of having to do your own bookkeeping stress you out? Does it take you a significant amount of time to complete it each and every month? Maybe it’s time to outsource your bookkeeping to save you time, money, resources, and peace of mind.
Hiring a bookkeeper who knows how to efficiently and effectively manage your company’s books allows you to spend more time focusing on your company’s profits. In fact, a study conducted by Xero found that small businesses that hire accounting professionals increase their profits by 16 percent.
Top 5 Tips
Keep your focus on your core business – Your business needs your attention. Your time should be devoted to strategy, sales and marketing, and overseeing day-to-day operations. These are the activities that will drive revenue and bottom line profits.
Balance your work and home life – By outsourcing your bookkeeping, you’ll have time left at the end of your day for yourself and your loved ones. This is the balance we all need to stay healthy and avoid potential burn out.
Do what you love to do – Let's face it, unless your business is bookkeeping or accounting, you most likely find these tasks to be tedious, at best. Spend your time doing what you love and leave the rest to us.
Rely on professional expertise – Very few business owners have a background in finance. It’s best to leave this a professional. Mistakes are less likely when you are relying on someone who’s dedicated their career to bookkeeping. If you miss a payment or compliance filing, this can impact your business credit, cause ill-will, or incur non-deductible penalties. A knowledgeable bookkeeper will keep you on the right track.
Gain financial perspective – Your bookkeeper can put the financials in order and run reports to show you how you are doing each month, where your funds are going, and how your efforts are paying off. S/he will have the added benefit of experience interpreting your financials and providing you with comparative scenarios from work done for others over the years.
Keeping doors open.
Save Time
Do you know how much money your time is worth? What if you could get some of those hours back? Hiring a bookkeeper will save you time. They are able to effortlessly stay on top of all of your financials. You, on the other hand, likely have it hanging over your head on top of all of the other work you have to do for that week. Your time is valuable. The more time you spend working on and worrying about your bookkeeping, the less money you are making for yourself and your business. Many business owners already work 50-60 hours a week solely doing their job. By unloading your bookkeeping tasks to a professional, you are able to put that extra brain power, and more importantly time, to good use.
Save Money
Along with saving time, you will be saving money by hiring a bookkeeper. Your bookkeeper will be able to do all of the bookkeeping tasks much more quickly and efficiently as they are proficient at their job.
Working with the experts at Sharp Point Bookkeeping Solutions will also save you money when you hand over your books to your tax accountant. When your bookkeeping is correct, your tax accountant will spend less time reviewing your books and preparing your tax returns. Accountants charge significantly more per hour than bookkeepers, so if you’re doing your books yourself, your tax accountant will very likely need to spend extra time looking over them and making adjustments —costing you more money. Each year, your bookkeeper will be able to deliver a flawless set of books to your accountant, creating additional savings for you.
Having a great team like Sharp Point Bookkeeping on your side means that you have the potential to save money and pay less in taxes. We are proficient and educated in the tax system and know where to look for tax breaks for your business. We know which business expenses are considered tax deductible, which includes the money you spend on bookkeeping services.
Take Action
If you’re one of the many businesses that is spending any time on bookkeeping-related tasks each month, we're determined to help you regain your time and boost your profits. Our team at Sharp Point Bookkeeping Solutions is ready and waiting to hear from you. Contact us today to start improving your bottom line!
