Stop Doing Your Own Bookkeeping – Top 5 Reasons

So, you’ve started your own small business, and you’ve been managing the bookkeeping yourself. But let me guess… time has passed, and your business is thriving – which is fantastic – but now the bookkeeping has become an absolute mammoth task!

Unfortunately, for your business to continue thriving, bookkeeping is one of those jobs that requires tender loving care.

However, just because it needs to be managed doesn’t mean you have to be the person managing it! Read that again. Stop what you’re doing, log out of your accounting software and keep reading to save yourself a few unnecessary headaches.

1. Saves You Time

When you first started your business, did you ever anticipate just how much time you would spend processing your bookkeeping and payroll?

Bookkeeping is an exceptionally time-consuming task- especially for someone who is not entirely experienced. So why not delegate the job to someone who is? Let’s face it; your attention is best focused on what’s most important, growing your business.

2. Saves You Money

We get it, when you’re a small business owner, funds can be tight, and you may be saying ‘how on earth can I afford the additional cost of a bookkeeper?’.

To offer perspective, time is money! When you’re spending valuable time reconciling your bank account and processing employees’ wages, you have just lost time that could have been better spent;

• Promoting your business
• Networking
• Improving your products or services
• Creating opportunities

3. Efficiency = Growth

Efficiency is all about leveraging a business’s resources. One sure way to improve efficiency is to automate whatever tasks you can; this includes.. you know it.. Bookkeeping!

If there is one thing that we have had to reinvent or reassess in recent times, it is the way in which we operate. Unwillingly, we have had to adopt new systems and automate our processes in order to survive – and naturally, many will understand the importance of automation and how effective it can be. So, why not automate the bookkeeping function too?

4. Gives You Insight

Having a bookkeeper is like having your own personal doctor for your business. They keep you informed on the financial health of your business and advise you on your current financial position.

They are able to provide you with comparison data to update you on how your business is performing in the present, compared to how your business was performing in previous times. As well as, how your business is performing compared to other businesses in your industry.

5. Ensures Compliance

When starting out, we bet you did not realise how long the accounting priorities list was. If you’re not stressing out about processing the weekly pay run, reconciling the XERO file each month or lodging the quarterly business activity statement, then brace yourself for annual payment summaries or TPAR reports tipping you over the edge!

If you engage the services of a bookkeeper then you no longer have to stress about doing any of that. Your bookkeeper will ensure your business is compliant all year round.

Get in Touch

Bookkeeping is essentially the engine room of every successful business,  but you don’t have to do it all yourself. You can choose to do some bookkeeping in-house and outsource other bookkeeping duties. Our blog post, Bookkeeping: What To Do In-house & What to Outsource, will help determine what duties may be better left to our professional Gold Coast bookkeepers.

Grow Advisory Group are here to ensure your engine runs smoothly and swiftly. Call us on (07) 5599 5700 today to schedule your fee-free consultation and find out how outsourcing your bookkeeping can help you.

Alternatively, you can submit an enquiry via our Contact Us page or send an email to [email protected], and someone from our expert team will be in touch.

Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.