Wondering if you really need to get a bookkeeper for your business or are you better off just keeping on the way you are now?
To be clear: it’s your business and you can run it any way that you see fit. And…since you are here, I figure that means you’d like some things to think over.
Your books are a hot mess
Not you? Actually, that’s great to hear! Many small business owners wish they could say the same.
If this one is a big yes for you, then you definitely need a bookkeeper. You are flying blind.
Now, what are your options?
- You can do the books yourself
- You can have someone in house do your book work
- You can hire it done
It doesn’t really matter which one, just get going with something.
Which software? Again, doesn’t really matter, there are multiple great software options for small businesses.
You wonder "where did my money go?"
To me, this means you have the books done to the best of your abilities (if not, that’s step #1) but still don’t understand what the books are telling you.
Learn to read your financial statements or get someone who can read them for you. Why? Because as long as your books are done correctly, there is no mystery as to where your money is going. It’s all right there in the reports.
The catch is: this only matters if you can read (maybe more accurately said as translate) your reports into useful information.
You can get your financial information by:
- learning to read the reports yourself (you’ve got this, if you can run a business, you can learn to read your financial reports)
- consult with your Accountant or CPA
- ask your bookkeeper (s/he should know or be able to tell you shortly)
Bookkeeping sucks a ton of your time
There is no getting around it, bookkeeping needs to be done and takes time. The real question is: whose time will it be taking?
If you are on the fence about doing the books yourself or hiring someone to help you out, here’s a suggestion:
- Add up the time you spend per month on your books
- Consider what that is costing you, in dollars or missed experiences, since you could do something else with your time
Now that you have an idea of what doing your own books is costing you, is it worth it to you? It just might be worth every minute, if you are immersed in the numbers and are loving it.
However, if you are not loving it (maybe even hating it) now is a good time to choose your course. Stick it out for a bit longer until you learn to like (or at the very least stop avoiding) doing the book work or get someone else to help you. Both are good options and both have pros and cons.
In summary: if any of the points mentioned above sound like you or describe the current state of your books, then, yes, you probably need to get something figured out in the way of bookkeeping.
If you’d like some help with your bookkeeping, let’s talk. Fill in the contact form below or call me, Kathy, at (234) 249-2176.