Do You Need a Bookkeeper? A Quiz
Updated: 2 days ago
We get it. You’re an entrepreneur. You have built a business from the ground up and you thrive on a do-it-yourself mentality. You absolutely hate spending money on things you think you should be able to do on your own.
When it comes to something as basic as financial record-keeping, it should be a piece of cake, right?
Well, here’s a little quiz to take to help you determine if your business needs a bookkeeper:
1. Are you tossing your receipts and bills into a shoebox to handle later?
2. Are you too busy doing paperwork instead of focusing on selling, creating, and growing?
3. Are you late sending out client invoices because you’re to busy solving problems?
4. Are you avoiding collection on your accounts receivable?
5. Do you really have a good grasp on knowing where your money goes?
6. Do you have too many accounts or even too few to give you any business insights?
7. Do you go crazy doing catch-up at year-end getting your books ready for tax season?
8. Are you spending more than 5 hours a month on bookkeeping tasks?
9. Do you find yourself paying late fees for missing deadlines?
10.Do you have to deal with collecting and reporting sales tax?
If you answered “yes” to any of those questions, it’s time for you to consider hiring a bookkeeper.
A bookkeeper will lift the burden of all those financial details to allow you to do the things you do the best. They will handle all the day-to-day tasks of financial record-keeping accurately to keep your business running smoothly while you direct your efforts to actually growing your business. Tasks such as invoicing customers or clients, posting receipts and expenses, paying the bills, handling payroll, making sure employment forms and documentation are complete, and the preparation of taxes are all functions your bookkeeper can take off your hands.
Once your bookkeeper has your record-keeping in order, you will begin to see a trend in how you are really doing. You’ll see how your expenses stack up against your budget and you’ll be able to begin to think strategically about how you spend your money.
But what’s the difference between a bookkeeper and an accountant, you ask? A bookkeeper handles your day-to-day, hands-on record-keeping. A certified accountant analyzes and interprets your financial records to advise you on more complex financial and credit decisions and can represent you in legal and tax situations with the IRS. Many businesses find that investing in a reliable bookkeeper and then utilizing an accountant only when required in special circumstances is the most cost-effective approach.
And the best part of investing in a bookkeeper? It is less expensive than you think. If you value your time enough to pay someone to mow your lawn, then you’ll find that hiring a bookkeeper is very similar. Thomas Edison said, “Time is really the only capital that any human being has, and the only thing he can’t afford to lose.” Why not look into outsourcing your record-keeping by utilizing a virtual bookkeeper?
You have an established business. Even if it is small, hiring a bookkeeper will allow you to feel secure that your business is in the hands of experts allowing you to be the builder and creator that you were born to be.
Numbers by Victoria is a West Palm Beach bookkeeper who offers virtual bookkeeping services and other financial options for individuals and small businesses. Since our services can be performed virtually, we’re able to work with people all over the United States. To contact Numbers By Victoria, or to learn more about our bookkeeping services, please visit: www.numbersbyvictoria.com.