Perhaps you started small enough that bookkeeping was barely a part-time endeavour. However, as your business grows, so will your responsibilities surrounding finances and bookkeeping. How do you know if it’s time to engage a professional?
YOU DREAD AND ACTIVELY AVOID BOOKKEEPING
Time is precious. When it comes to bookkeeping, dread is the first sign that your books are taking more of your time than they should, and that there are other facets of your business that are competing for your attention.
In addition to being an indicator of time consumption, dread and displeasure can significantly increase the chances of making costly mistakes that could damage your business greatly in the long run.
YOUR BOOKKEEPER IS A "ONE-PERSON SHOW"
Relying on a single individual to maintain all your financial records is a risky affair - mistakes are always a possibility. Accountability is also something to consider. Outsourced bookkeeping services provide a second opinion regarding your record books, and overall - peace-of-mind.
INSUFFICIENT TIME TO FOCUS ON CORE BUSINESS FUNCTIONS
Some of the back office functions that may take much of your time, include managing receivables and payables, payroll, and inventory reporting. The fact is that though such back office responsibilities are essential, they are distracting you from pursuing business growth. Also, focusing on non-strategic and non-revenue generating functions will eventually derail your business operations in one way or another.
For that reason, opting to engage third-party experts to take care of your back office operations such as bookkeeping, is a wise idea because it shifts your attention towards strengthening customer relationships, exploration of possible mergers or partnerships, among other strategies, which will promote business growth.
HIGH COST OF LABOUR
The conventional way of maintaining company financial records for most entrepreneurs is hiring a full-time or part-time bookkeeper. The notion, in this case, is that most business owners believe that engaging an in-house bookkeeper is the best option. However, when you scrutinize the cost of in-house vs. outsourced bookkeeping, you will discover a significant cost savings when dealing with an outsourced bookkeeping expert such as our ProAdvisors at ProStrata-G.
If hiring a full-time bookkeeper isn’t in the cards for you quite yet, but you need to improve your current state of affairs, outsourcing bookkeeping services may be a good option for you. Call ProStrata-G to schedule a free consultation. 204-594-4214 or info@prostratag.ca
ProStrata-G would like to answer your complicated bookkeeping questions. If your small business has been struggling to find answers for your unique business structure, leave a brief comment below. If we are able to help address your small business concern, we’d like to feature your story in our next article.