Have you ever considered this question? Should you hire a bookkeeper for your startup business?
Congratulations on taking the leap into the entreprenuerial world and opening your own small business. You went from an idea to a business with many things to consider. Among those decisions, you probably asked yourself if you should hire an expert to help you with some of the operational functions that go into running a business. One very important function is the financial aspect of your start-up company. Should you hire an expert bookkeeper and/or accountant or not? If not, your only option is to do it yourself. We know, and you know, that is probably not your area of expertise.
Here are five reasons you should hire a professional bookkeeper for your start-up business:
1. Save you time.
In the early stages of starting your business, you have a ton of other things to focus on, especially growth. Your time should be devoted to strategy, marketing, funding, hiring, and other areas that require your attention over the daily operations of running your business. When you delegate bookkeeping to someone else, you save yourself time, and time is money.
2. Less stress.
The financial aspects of running your business can be stressful enough and you most likely do not get excited doing payroll or writing checks to pay the bills. This is also not your area of expertise. However, a bookkeeper actually enjoys this line of work and will gladly take the stress off of you so you can focus your attention on other tasks. When you focus your attention on other tasks, such as growing, you grow faster. More time and less stress equals growth. And growth equals more money. It’s a win-win!
3. Avoid costly mistakes.
Mistakes made during tax filing can lead to you getting audited. Depending on the type of business structure you’ve created for your startup, you will have various tax requirements, including estimated tax payments, corporate tax payments, 1099’s for contractors or freelancers and other filings.
It is to your best benefit to avoid getting audited and hit with fees from Uncle Sam and find a bookkeeper who can handle taxes as well as payroll and other financial issues.
4. Save yourself money and reduce the cost of financial obligations.
Although you may think you save money by doing everything yourself, the fact is that a professional bookkeeper actually saves you money. There is a reduced level of risk for human error, lack of knowledge, missed payments and tax obligation due dates and delayed accounts receivable.
As we stated above, time is money. You could be using that money towards getting your new business running and bringing in the revenue to move to the next level.
5. Work-life balance.
In the beginning of starting your business, you are already busy enough and not getting enough time with your family or doing activities you enjoy, outside of work. When you hire an expert to handle the financial aspects of your business, you have more time with your loved ones right from the start. Sometimes it can be hard on families the long hours you have to commit to your startup company. If you delegate this task in the very beginning, you can create a consistent work-life balance, which is also less stress. Starting a business already requires most of your time; delegate the bookkeeping to an expert and you also don’t have to go over the costly mistakes we talked about earlier. Those mistakes would cost you even more of your time.
Benefits of hiring a bookkeeper for your startup business
So lets reiterate. By hiring a bookkeeper right from the beginning of your startup business, you save time, money, grow faster, and get to spend more time with your loved ones while someone else keeps your businesses financial matters in order; giving you a peace of mind that you will not have to deal with Uncle Sam coming after you at tax time either.
Should you hire a bookkeeper for your startup business? We believe so if you want to grow. Where can you go wrong by hiring a professional bookkeeper?
Schedule your free quote with an expert at Accounting District today and see how we can help your startup business with it’s financial functions.