Do I Need a Bookkeeper?

That is the question – Do I need a Bookkeeper? It is a question we all ask ourselves when in business, especially for ourselves. This post covers a few tips to help you answer this question.

As a small business owner, can you do it all yourself?

When my daughter was a toddler, her famous words were, “I can do it myself”; for the most part, she did. However, there were limits: it could not harm her or others, and it would not cause irreparable damage. Now she is working in a ski resort in Canada.

For most people, including myself, I started my own business because I believed I was good at what I did. I had the necessary qualifications and experience to be able to charge a fee for my work. So, for approximately 40 hours a week as a business owner, 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, 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 compliance.

So when does this get done, and do we have the skills to do this?

Our business needs our attention and input; some 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 chill time or our kid’s weekly sports events or spend some time each weekend? Can we “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 dollars by doing it ourselves, how many opportunities in sales have we missed out on? And what if it takes us twice as long as hiring a professional?

So when do you need a bookkeeper?

I recommend speaking to a bookkeeper at the start of your setup and investing in training to do the basics yourself. Taking time out of your business that you could be earning is an excellent time to start handing over the work.

A good Bookkeeper can be your best business friend. Your bookkeeper can relieve the worry and stress 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 bookkeeper’s proficiency will result in efficiencies for you and your business. They will produce meaningful, accurate and timely reports, 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 Experience make all the difference. They should be active members of a bookkeeping organisation and a Certified Partner of the Accounting software you will use. Ask to see their qualifications and certificates and talk to references, or have your accountant talk with your prospective bookkeeper. Just as important is to meet the bookkeeper for a coffee to 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.

In next week’s post, we will cover 6 Things to look for in a Bookkeeper. Till then, have a great Week!

KBAS Bookkeeping partners with you to take your business to the next level.

To find out how we can support you for success. Contact Us Today!
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