Most entrepreneurs try and think of themselves as “jack of all trades”, and some are in situations where they do have to learn a bit about everything. While your role as an entrepreneur may require you to know marketing, design, and production you shouldn’t try and take on the role of accountant and bookkeeper by yourself. In fact, a recent Forbes article even states that “Among successful entrepreneurs, 42% said they had an excellent relationship with their accountant, while just 27% of those with failed businesses reported the same thing.”
Zalmi Duchman, CEO of a meal delivery company in Miami known as the Fresh Diet, went five years without a bookkeeper and then finally ended up hiring one. They cleaned up records that mixed expenses and assets, found duplicate employee purchases, and took over the boring yet important job of paying the bills. He estimated his company is saving $500-$1000 every quarter now. That’s huge for startups and small businesses, as that much money every quarter adds up quickly.
The main reason though that you should hire a bookkeeper is simply that it frees you up to handle more important things. They can do your books faster, and more efficiently than you since it’s what they do everyday. Finding time to sit down and update my Quickbooks is a hassle, and when I do I normally later find out I mess a lot up. Getting someone who’s sole job is updating your books and keeping everything in order can be a lifesaver.
Hiring a bookkeeper is one of the best moves your business can make, and honestly should be one of the first. The money, time, and energy you’ll save will be well worth the small monthly cost to bring someone onboard. If you’re looking for someone to help you out with your bookkeeping, send us a message and let us match you up with the right services.