Running a small business often means you juggle lots of different hats. There’s the marketing, admin, emails, IT, tea making and – of course – bookkeeping. But how do you know when it’s time to let go of the bookkeeping and bring in a professional?
#1. You spend all your personal time catching up on paperwork
You’ve worked all day running your business. You’ve got home, cooked the dinner, washed up, walked the dog, put the kids to bed and then you sit down with… a nice big pile of receipts! Your evening should definitely be your own time – mentally, you need time to switch off so that you have the energy to get up the next day and run your business. Hiring a bookkeeper takes all these cumbersome tasks away – all your paperwork can be processed remotely or onsite – so you can sit down with a nice glass of wine, not a stack of paperwork!
#2. Bookkeeping is at the bottom of your long list of ‘things to do’
At least it’s on the list! You know you need to do your bookkeeping, but it’s not high on your priority list with all the other responsibilities you have. These lists can weigh you down, especially when you don’t clear things off them – leaving you waking up in the middle of the night worrying about everything you’ve got to do. Using the services of a professional bookkeeper removes this problem – it will no longer be on your to-do list, it’ll be on theirs – giving you more time to focus on the things that need your attention.
#3. Your invoices often get sent out late
It’s a familiar story – you’re so busy doing all the work that you struggle to find the time to invoice customers and get the money in. This can have a big impact on getting paid on time, and consequently your cashflow will suffer. Using a Bookkeeper will help maintain your cashflow, potentially saving you the cost of bank charges and interest and making sure your invoicing runs smoothly.
#4. Your suppliers are being paid late
When your paperwork isn’t organised, you risk being late paying your suppliers. This can quickly result in a bad reputation and reduced credit facilities with suppliers, which in turn can have a big impact on your cashflow. A bookkeeper can organise all your paperwork and provide a list of all the suppliers that need paying – and when – on a regular basis.
#5. You’ve fallen behind with your bookkeeping
You started the year telling yourself that you were going to keep on top of paperwork, and that you wouldn’t be rummaging around trying to find those invoices and receipts. A bookkeeper can regularly collect your paperwork and process it for you – keeping you bang up to date. Doing this will save you time and could potentially save you money, and you’ll get a clearer picture of your figures so you can streamline or become more efficient.
Fresh Clarity are a chartered accountants in Shropshire specialising in business transformation. We help small businesses take control of their business finances. If you think it’s time to get some Fresh Clarity in your life with bespoke bookkeeping services, talk to Fresh Clarity today for free advice and support.