Why should I hire a bookkeeper?

I’m often asked why should I hire a bookkeeper? Admittedly when I first started in business with my restaurant I thought the same question. Quickly though, it became apparent that having a dedicated bookkeeper was an essential part of good business management. Over the years I have come up with ten reasons why hiring a bookkeeper is an excellent idea.

  1. No Time – Business owners are very busy people, and the last thing you want to do after a had week is sit down and enter tedious data.
  2. Lack of Knowledge – Bookkeeping and accounting can be a very complex and arcane art to some people. For these people doing their own books can be a nightmare, and lead to some costly mistakes.
  3. Uninterested – Unless you find debits and credits and columns and tables interesting then bookkeeping is going to be really boring for most people. Luckily bookkeepers like myself get a strange pleasure out of a well ordered balance sheet.
  4. Obtaining Financing – Clean records with the data complete and well laid out is exactly what a bank wants to see. Believe me I worked for a major bank for 4 years and saw many records that were scattered and missing information. Would you lend them money?
  5. Budgeting – Your bookkeeper can help you prepare budgets. Budgets are a fantastic tool for controlling expenditures and and measuring your success.
  6. Monitor the Financial Picture – An accurate financial picture is the key stone of of any business. If you can answer questions like  am I making money, and are sales increasing? You will be better able to manage your business, and not be driving in the dark.
  7. Info Needed For Success – Detailed financial records can tell you all sorts of thing you can use to tweak your business. How much did I spend at that supplier? Who were my worst customers in a given period?
  8. Good Records Make Good Partnerships – If you operate a partnership or a corporation, having accurate records will allow you to pay the partners the correct amount of profit your business has made.
  9. Paying Bills On Time – Bills payed on time and accurately saves late fees, and penalties.
  10. Government – Finally a good bookkeeper with help you comply with all the government rules and regulations, not to mention all those remittances.