You have successfully lauched your business by yourself. Maybe with a little help of your friends, but really, you know it was mostly your own efforts. Now, the business is flourishing, you know you have made some earnings and now have to file taxes. Also, there are invoices that needs to be sent, collections to be made, bills to pay, customers data to record.
You feel that customers data record keeping as well as bookkeeping are essential part of the business, and you justifiably feel reluctant to delegate these tasks to anyone else. You just have to do these work yourself to ensure the continued progress of your business. But for how long can you keep these tasks to yourself? It is entirely up to you to decide when is the time to assign these work to someone else.
What are the signs that it is better for your business to assign bookkeeping to someone else, rather than do it yourself?
What about record keeping of customers data?
Well, usually, bookkeeping includes keeping the data of your customers, such as their addresses, telephone numbers, contact persons, contracts and agreements, and any importamt notes. If you are using an accounting application, these basic information are usually part of the data gathered for each customer account in the system so you may never lose them.
Signs you need a bookkeeper:
1. You fail to send invoices to customers in time.
2. You lack the time to check how much your customers still owe you.
3. You fail to pay your bills on time.
4. Some expenses are not recorded in your books.
5. You cannot reconcile your checkbook.
6. You have not reconciled your checkbook in three months.
7. Some invoices to customers are not paid or skipped in payment.
8. You are not sure if the statement sent to customers upon their request is accurate. You have a nagging feeling o ignore the doubt that there are missed invoices and payments not stated in the statement.
9. If a customer will claim that he has made a payment some time in the past that you fail to record, you are most likely to agree because you have no time nor know how to verify or dispute his claim.
10. You may suspect there are missing cash in the register but you have no means to verify it.
11. You cannot track your inventory.
12. You are certain you made some money, you have more cash in the bank, but you cannot say how much.
Some of these signs are also signs that your business can go down without your knowing why. Or you may feel that business is going bad but you do not know what needed to be corrected and how.
If you at least two of the signs above is true in your case, you already need a bookkeeper to help you out.
Do not wait for your business to suffer before you find yourself a bookkeeper. It is better to get a bookkeeper as early as possible for you to see how you may improve your business and avoid wasting hard earned money. Also, you avoid losing the reward of all the time and effort you invested into your business.
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We do online bookkeeping, offering free assessment and up to 50 bank reconciliation transactions. For Quickbooks Online USA version, please send invite to uaizu.rs@gmail.com.
