Time to hire a bookkeeper?
When you start your own business, it’s no secret that you wear many hats to keep things ticking along. There does come a point where being a CEO/Bookkeeper/Marketing Professional/ HR Guru is too much and you realise it’s time to get some help. The question is, when is the right time to hire a bookkeeper? As an entrepreneur, you need to do what’s best to grow your business & we think having a bookkeeper can help you get there. So here are our 5 tips to help you decide when to hire a bookkeeper.
1. When the books get prioritised over your day-to-day business
We all know how busy the everyday can be as an entrepreneur; you can feel that you have 1000 balls in the air at once, leaving you with no time to focus on the core of your business. When you’re spending more of your time with your head in the books rather than developing your business, it’s time to call for some back up. Having someone solely focusing on your company’s books allows you to put your emphasis on the more important things.
2. When things get too complicated
You may be able to balance your books when your starting your business (we do live in a world where we have YouTube tutorials that allow us to be a jack-of-all-trades), however there is a limit to this. Certain compliance obligations that need to be met as a small business owner may be over your level of bookkeeping knowledge. This is when it comes in handy to have someone who specialises in this area, ensuring that you meet these requirements.
3. To know if your Business is making a Profit.
Hiring a Bookkeeper enables you to have a clear view of your financials at any given time, a fundamental to knowing where your business is heading. By keeping your books up to date, and having a record or your expenses & income, we can create a profit & loss at a moment’s notice – giving you the visibility over your funds.
4. To help you maintain cash flow
You don’t have time to keep a close eye on your expenses. At Bigger Fish, we provide a virtual CFO service, where we focus on maintaining your cash flow (keeping in mind all the important payment dates) and ensuring you able to meet your financial obligations by their given deadlines.
5. Work/life Balance
Why did you start your own business in the first place? Most people started their own business to be their own boss, to have more control over their life, to establish a good work/life balance. With the constant work of having to keep you books up-to-date, processing supplier payments & the never-ending management of your financials, running your own company soon becomes more work than you thought. Get control again and off load the books to some else, allowing you to focus on bigger & better things.