Now that you’ve successfully opened your business, you need to decide how you’re going to contend with the day to day operational responsibilities. Do you already have experience in managing your business finances or will outside expertise save you precious time? When it comes to the financial element of running a business, you may need someone to keep a watchful eye over your numbers. So the idea of hiring a bookkeeper for your team is starting to look like a good investment.
Here are the top five reasons for why you should hire a bookkeeper:
1. Maintain your focus on core business needs
With the business in its start-up stage, it’s crucial that as the business owner, you devote as much time and energy into growing and developing your concept into a usable product or service offering. This may require you to apply more time to other specific areas of the business, which may cause you to inadvertently miss other important responsibilities or deadlines. With a bookkeeper onboard, you’ll be safe in the knowledge that your financial operations are being monitored and taken care of by an experienced professional.
2. Get an outsider’s perspective of your business
The business is your brainchild and you’ve poured your ideas and efforts into its development as a start-up, but have you really covered all the bases? It may be valuable to have a fresh pair of eyes to take a look at your company from all angles. This will ensure there are no hidden dangers or pitfalls that could threaten your business before it’s even begun. A bookkeeper, even on a part time basis, will produce detailed reports each month to show how your company is performing financially. The bookkeeper can show you where the money is going, how your efforts are paying off and if there are any areas that may need improvement and more attention.
3. Get an experienced professional who understands what’s required
In an ideal world, a business owner would be able to run their start-up single-handedly and know about every area of business management. In reality, not all company founders will have the experience or background in specific areas like marketing, human resources and finance. With an experienced and trained finance member on your team, you won’t have to handle these tasks. This way, mistakes will less likely be made and you can avoid potential issues that may end up costing you more in the long run.
4. Ensure payments are met & made on time
As the business owner; you will be focused on building up your company’s profile and creating awareness, building your team and working on your product/service to keep the business moving forward. This won’t leave you a lot of time ensure that important payment deadlines are met. With a bookkeeper on the team, the responsibility would be taken away and replaced with the confidence that every financial task has been handled professionally and on time.
5. Implementing & maintaining business systems
Having a bookkeeper on board, ensures that there’s always a responsible gatekeeper to the company’s accounting systems. They can then create a monitored procedure to ensure that you’re going through the right channels, spending accordingly and fulfilling your duties as a company director.
If you’re interested in hearing more around our experienced bookkeepers to help manage your company’s financials, get in touch today.
Contact our central team via email or call 01442 8176.