As a small business owner can you do it all yourself?
When my daughter was a toddler her famous words where “I can do it myself” and for the most part she did.
However there were limits, it could not harm her or others and it was not going to cause irreparable damage.
For most people including myself I started my own business because I believed I was good at what I do. I had the necessary qualifications and experience to be able to charge a fee for my work.
So for approximately 40 hours a week we work selling our service or product. But unlike the days of an employee there is no coming home and that’s the working day done.
Now we, as business owners have all the business “stuff” to do.
There is networking, marketing, the online presence; bills to pay; invoices; employee wages and superannuation.
Then there is working on our business, the plan, the budget, the to do list and then of course the Government’s compliance. So when does this get done and do we have the skills to be able to do this?
It all needs our attention and input and some of it can only be done by us as the business owner. Do we get up earlier and devote our morning walk to the business or do we give up our or our kids weekly sport fixture or devote some time each weekend.
Can we just “do it ourselves” and learn as we go or are the consequences of getting it wrong too severe? Who do we pay from our limited resources to achieve the most?
If we save $80 an hour by doing it ourselves how much opportunity in sales have we missed out on? And what if it takes us twice as long as hiring the professional?
So when do you need a bookkeeper? I recommend speaking to a bookkeeper at the start to you’re your setup right and invest in some training to do the basics yourself.
When you are taking time out of your business that you could be earning is a good time to start handing over the work. A good bookkeeper can be your best business friend. Your bookkeeper can take away the worry and stresses in preparing your bookwork and meeting compliance.
They can give you back your free time or allow you to earn more income doing what you do best. A quality Bookkeepers proficiency will result in efficiencies for you and your business. They will produce reports that are meaningful, accurate and timely which will provide insight into your business’s performance enabling you to make informed business decisions and plan for the future. So how do you choose a good bookkeeper?
Qualifications are a must – Certificate IV in Bookkeeping at a minimum; a Registered BAS Agent and of course experience makes all the difference.
They should be active members of a bookkeeping organisation and a Certified Partner of the Accounting software you are going to use. Ask to see their qualifications and certificates and talk to references or have your accountant talk with your prospective bookkeeper. Just as important meet the bookkeeper for a coffee make sure you have a good rapport, is it someone you want to confide in.
Do not choose your bookkeeper based on an hourly rate what one can do in an hour is not the same as another. It can be hard to choose what to outsource and who to trust. Choose people to work in your business circle that you are comfortable with. Take your time, your choices could make all the difference in your business success.