When is the right time to hire a bookkeeper?

abp Management

Some business owners spend a lot of time debating whether to hire a bookkeeper or not.  They get along doing it themselves, perhaps with bookkeeping software like QuickBooks, but there comes a time when you need to bring someone else on board.

Here are some common circumstances where it makes sense to hire a bookkeeper:

  • You don’t mind doing your own bookkeeping but you need help getting to grips with some processes/software.
  • You are behind on your bookkeeping and the end of the financial year is approaching.
  • You are making mistakes, perhaps you don’t have the time to properly dedicate to your books, or you simply get your numbers mixed up.
  • Your business is growing and you’re at the point where you simply can’t do it all yourself. Your health and/or personal relationships are starting to suffer.
  • You want to focus on the income-producing activities of your business, such as producing your products or services and generating new leads
  • You feel like you’re spending too much money but don’t know where to scale back.  Bookkeepers look at the finances of small businesses every day, they can help you to keep healthy finances.
  • Your business is growing and you no longer have the time to fully commit to your books without sacrificing the growth of your business.
  • Your bookkeeping is adversely affecting your home life, leaving you no time to spend with family/friends.

If any of these sounds like you, it may be worth looking into hiring a bookkeeper for your business.
Many local bookkeepers are inexpensive and while you could theoretically do it yourself, there are many benefits to having a professional on-board:

  • They can point out trends or opportunities you might have missed
  • Help you to minimise your tax bill
  • Minimise mistakes
  • Inform you on tax breaks related to your industry
  • They can work offsite

Article written by Joe Lavoie of Balanced Books by Joe, an experienced bookkeeper operating in the Meriden, CT area.

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