Does my Small Business Need a Professional Bookkeeper?

When you go into business for yourself, you imagine your days filled with doing what you love. What most people don’t realize is that you will become bogged down very quickly with daily minutiae. Record keeping, creating second and third invoices, and inputting receipts are not exactly what most entrepreneurial dreams are made of.

As your business burgeons and begins to grow, you may move from sole proprietor working completely on your own to needing an assistant and other office staff, sales reps, marketers, and so on. You may find yourself assigning bookkeeping duties to some of these initial employees even though bookkeeping isn’t in their job description. Doing so is comparable to having a dental hygienist perform a root canal; they may know the basics, but do you really trust your business financials to someone who is anything less than an expert? Your small business needs a professional bookkeeper to fulfill these duties.


What does a bookkeeper do?

All the financial transactions of your business will run through your bookkeeper. Accounts receivable and accounts payable, incidentals, supply receipts, vendor contracts, inventory, and payroll all fall under the purview of a bookkeeper. They will reconcile bank statements with receipts to make sure all accounts are balanced.

In addition to recording, bookkeepers can also perform some accounting functions. They can create financial reports and statements and even make recommendations for financial health.

Can you do it yourself?

A business owner can and should be knowledgeable about every aspect of their business. Insurance and liability may not be your area of expertise, for example, but it is important to know your legal exposure. Similarly, you may not be an expert in profit and loss statements, but you should understand them.

You could muddle through recording business transactions in the beginning but as your business grows you will find your available time decreases as the amount of financial paperwork increases. The opportunity for error grows the longer you shoulder the responsibilities, and the inaccuracies become costlier.


Can you afford to hire a bookkeeper?

Hiring a bookkeeper, even part time, is definitely an important financial decision. You may be thinking that you need a bookkeeper to figure out if you can afford a bookkeeper! In all honesty, you really can’t afford to NOT hire a bookkeeper. The money you’ll save in paperwork streamlining, cost comparisons, and employee optimization will pay dividends in the future. If you’re not sure if the funds are there, outsourcing to a mobile bookkeeping firm could be the answer.

With a mobile bookkeeper, you don’t have to worry about giving someone enough work to do to justify their position. If your work is seasonal you may have some months that require more billable hours than others. Unsteady income may not appeal to an in-house person, but a firm can spread out the work of other clients to fill in the gaps.

Prestige Bookkeeping Services is a company that will evaluate your bookkeeping needs and make recommendations as to the services that will best suit your business. As your business grows, you won’t need to hire more bookkeeping personnel because Prestige has you covered. Call us for a complimentary consultation at (954) 818-4922. Let Prestige take the responsibility and time investment of bookkeeping tasks off your shoulders so you can get back to business.

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