Many small business owners assume that they can save money by doing their own books, but this strategy can quickly lead to headaches and time-consuming issues that end up costing them more in the long run. Professional bookkeepers take on a variety of tasks for businesses, including managing accounts payable and receivable, processing payroll, financial reporting, and organizing documents for tax preparation. Does your business need to hire a bookkeeper in Dupage County, IL? Continue reading for a closer look at the signs that your business needs help managing its books.

Why Hire a Bookkeeper?

There are numerous reasons to hire a bookkeeper. First is to save time. If you find that you are spending more time trying to reconcile transactions or fill in spreadsheets than you spend on core tasks for running your business, you may be limiting your ability to grow your business. Hiring a bookkeeper will allow you to focus more on what you do best. Additionally, a bookkeeper can reduce your stress surrounding your business’s finances and ensure that you are avoiding potentially costly mistakes.

Signs It’s Time to Hire a Bookkeeper

Every business has unique needs and financial concerns, but the signs of inaccurate or inefficient bookkeeping are often the same:

You’ve Made Costly Bookkeeping Errors – If you’re facing an audit or have been fined for compliance issues, this is a clear sign that you need help with your books. The cost of a bookkeeper is minimal in comparison to the potential expenses you might face for inaccurate reporting, improper payroll filing, or missed payments.
You Don’t Know Your Current Cash Flow – If your books are always behind (or nonexistent), then you won’t know the true cash flow of your business. That means you’ll essentially be navigating blind when making major business decisions, and that could lead to big issues down the road.
Your Business Is Growing – Managing your books may have been easy when you first got your business off the ground, but the larger your business becomes, the more complex your finances are. If your business is growing, it deserves the added support and guidance of a professional bookkeeper.
Tax Time Is a Nightmare for Your Business – Well-organized books can make tax time a breeze, as financial data will be strategically organized to simplify your tax filings. If you do not have bookkeeping solutions in place, however, tax time may be a nightmare as you scramble to collect data, calculate your tax burden, and identify the deductions and credits that apply to your business.

Should I Hire a Bookkeeper?

If you’re not sure whether you need to hire a bookkeeper for your business, you can get a clearer picture of your needs by consulting a bookkeeper for a consultation. Most bookkeeping services will provide a free review of your current system and offer insights for streamlining your records and improving your financial tracking and reporting.

How to Hire a Bookkeeper

Hiring a bookkeeper doesn’t have to be difficult or time-consuming. After all, a bookkeeper should make your life easier, not more complicated. To begin your search, look for bookkeeping companies in your area that provide outsourced bookkeeping services. This will ensure that you are paired with a reputable financial professional and spare you from the hassle of hiring a full-time employee in-house.

The Benefits of Hiring a Bookkeeper

Is hiring a bookkeeper the right choice for your company? A bookkeeping service can provide numerous benefits to your business. Here’s a closer look at the perks you can look forward to:

Reduce the risk of fraud
Minimize financial errors
Ensure accurate financial reporting
Remain in compliance with local, state, and federal regulations
Get more free time in your schedule
Maximize efficiency with the right software solutions
Reduce your risk of an audit
Simplify tax season
Support your growing company
Make cash flow and expenses more predictable

Get Started With Financial Czar

When it comes to managing your business’s finances, you shouldn’t take any chances. Financial Czar can provide the clarity and confidence you need to manage your books and make sound financial decisions to grow your business. Contact us to schedule a consultation with our CPA, Adam Zellmer.

How to Know It’s Time to Hire a Bookkeeper