Why You Should Hire a Bookkeeper and Fast!
Most small business owners began their business because they wanted to run their own show and do what they love while being paid to do so. Therefore, it becomes painstakingly difficult to perform tasks that take you away from doing what you love. One of those tasks is bookkeeping.
Owning a small business, especially as a photographer, you have more than likely pondered why you should hire a bookkeeper. With the invention of accounting softwares, such as QuickBooks Online, it makes it easier now more than ever to do your own books. Right?
Wrong.
There are several reasons why you should hire a bookkeeper to take on this task for you.
What Do Bookkeepers Do?
Perhaps it is best to first determine what a bookkeeper does. A bookkeeper collects all of your receipts, invoices, and any other pertinent information and records them in accounting softwares. They can also advise you on any important tax deadlines, payroll services to use, accounting methods to implement, and essentially work with you to make sense of all the numbers.
Now let’s delve deeper into the reasons why you should hire a bookkeeper.
They Save You Time
There is a saying that “time is money”. Any individual who owns a small business, especially photographers, understands this more than anyone. Time is one of your most valuable assets, therefore, anything or anyone that can provide you with more time is profitable to your business.
A bookkeeper will take away the time that you are currently putting into managing your finances. While Quickbooks Online is a helpful tool, it is way more beneficial in the hands of a professional.
Consider the fact that if it normally takes you 5 hours per week to handle your daily financial work, it will more than likely take a bookkeeper 2 hours to do the exact same tasks. This means that you are able to “win” back 5 hours in a week and focus more on everything else that is involved in running your business. Definitely a win, right?
They Make You Money
It is crucial that a small business does not simply maintain operations, but it should be profitable as well. Most small business owners manage their finances one day at a time. One of the reasons why you should hire a bookkeeper is that they can give you a weekly, monthly, and annual snapshot of the financial health of the business.
This simple step can provide a clear indication of how you can make more money - something that is a bit harder to accomplish if you are managing your business’s books on your own. In providing you with concise financial statements each month and deciphering what these numbers mean, bookkeepers can assist in noticing avenues for you to make money.
They Save You Money
Keeping you abreast of deadlines and assisting during tax time is just one of the ways that a bookkeeper can ultimately boost your business. By keeping your books up-to-date on a monthly basis, a bookkeeper will be able to spot trends in spending, especially where it does not match industry trends, as well as recognize incorrect or duplicate charges.
Ensuring that your bills are paid on time and maximizing your tax benefits are other practices that a bookkeeper can essentially save you money. Furthermore, a small business, particularly a photographer, with clean books may be able to pay their CPA less in fees since the CPA will have less work to do - thus saving the business even more money!
They Reduce Errors
If you are a photographer, your passions are probably light, composition, editing, and delivering beautiful works of art to your clients. It is highly unlikely that one of your passions is logging receipts and invoices into QuickBooks Online. Because of this, you may not be as meticulous with your records as a professional bookkeeper, who is trained to recognize errors and discrepancies in financial accounts.
Hiring a bookkeeper for your small business can reduce the number of simple mistakes that an untrained eye may not observe and create more streamlined systems for your business. A bookkeeper can also enhance the efficiency of your finances by maintaining them accurately.
Let’s Wrap It Up
In conclusion, if you have contemplated why you should hire a bookkeeper, it is important to note that the benefits of having a bookkeeper in your employ extends to all areas of your business. As a small business owner, especially a photographer, time is an asset that you always need more of. Hiring a bookkeeper can give you just that.
It should also be mentioned that it could cost you more in simple errors that you might make, which over time add up, than it would cost you to hire a bookkeeper. The real-time information that a bookkeeper will provide you with can offer valuable insight into the direction and growth of your business.
