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5 Signs You're Ready to Hire a Professional Bookkeeper

September 25, 20233 min read

Running your own business is a tough job, especially when it comes to keeping track of your finances. As your company grows, and more transactions are processed, it can become increasingly difficult to manage them yourself. This is where a professional bookkeeper comes in, to help you navigate the maze of numbers and stay on top of your finances. So when is it time to bring in professional help?  

1. You're struggling to keep up with your books

If you find yourself spending most of your time going through receipts, invoices, and bank statements, and still struggling to keep track of your finances, then you need a bookkeeper. A qualified bookkeeper can manage your financial transactions, reconcile your bank accounts, and provide a clear overview of your financial position.  If you don't enjoy spending time inside your Quickbooks account, it will always be last on your to-do list.  This means you won't have the information up to date when you need it.

2. You're making errors

Bookkeeping is a precise job that requires attention to detail. Making mistakes can cause significant problems, including regulatory fines and lost profits. If you find that you are making frequent errors in your accounts, it’s time to reach out for professional help.  If you're not sure if the information is correct, it's time to reach out for professional help.  Many accounts that we take on have Quickbooks errors - especially in managing the balance sheet accounts.  Remember that your CPA is likely expecting the information to be correct when you file taxes.  Most are not looking for errors in your bookkeeping, nor would they have the ability to spot them without doing a full audit of your Quickbooks file.

3. You're spending too much time on bookkeeping

Running your own business involves juggling many tasks. If handling your books takes up too much of your time, it may be advantageous to outsource bookkeeping duties. A professional bookkeeper can help free up your time, leaving you to focus on the core tasks of your business.  Think about it, if you want to pay yourself an effective hourly rate of $100/hr and you're spending 5 hours a month keeping track of your finances instead of making more money for your business you are essentially paying $500/mo for bookkeeping AND missing out on potential new sales.

4. You're experiencing rapid growth

Growth is a positive sign for any business. However, with expansion comes added risk. You need someone who can keep track of your finances, manage your cash flow, and identify potential opportunities for growth. A bookkeeper can provide the necessary expertise and support as you scale your business and hiring a Fractional CFO (like us!) will help with managing your cash flow and creating forecast models.

5. You need to generate reports

Generating financial reports is crucial for any business. Reports provide insights, help identify areas that are not performing as expected, and can help justify your decisions to lenders and investors. However, the process of creating reports can be time-consuming and complicated. A bookkeeper can take care of this for you, providing you with customised reports tailored to your needs.

Overall, there are many reasons why you should hire a professional bookkeeper. However, the five signs outlined above should help you identify the key triggers that indicate it's time to outsource your bookkeeping duties. By hiring a bookkeeper, you will be able to save time, reduce errors, grow your business, and generate reports that give you a clear overview of your financial position. So, if you're experiencing any of the above signs, it's time to start your search for a qualified bookkeeper!

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Erica Haller

Hi, I am Erica Day I’m a middle child, problem solver, and self-proclaimed numbers nerd. You’ll find me enjoying the small-town feel of my little neck of the woods in New Jersey. As a former professional photographer and long time business owner, I’ll likely have a camera on hand. Also a mom to three girls and two sweet, but high maintenance, pups. With a degree in Finance and almost two decades of entrepreneur expertise, I’ve found my calling providing advisory services to CEOs looking to scale and increase profits.

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