Hiring a bookkeeper can seem like an expense up front, but the payoff is worth it. I’d be remiss if I didn’t mention on my blog how hiring a bookkeeper can not only save you money in the long run, but actually allow you to increase your revenue. I encourage business owners to think of consulting with a bookkeeper as an investment in your business.
When you hire or consult with a bookkeeper, their job is to clean up and create financial systems. They can help you set up your record keeping so that you’re tracking what’s needed for taxes. They can also help you do 1099’s correctly, particularly because they’re responsible for knowing and following 1099 regulations. Similarly, they can help point out and correct errors, discrepancies, and duplications in your records.
Right now, I’m cleaning up a lot of messy QuickBooks files. QuickBooks markets this idea that everyone can do their books on their own. This is true, with a small caveat. While it’s totally possible to do your books on your own, there is a vast amount of technical knowledge involved in bookkeeping that you may not have the time nor interest to learn. You records are going to benefit you far more if someone knowledgeable is looking after them.
So, what do you gain when your records are well-kept? Errors are corrected, which can potentially save you money right out the gate. You incur no late fees on taxes because everything is organized and filed on time. You can use your reliable records to glean insights into when and how money is made in your business. You have less stress about finances because you know everything is being tracked correctly. And finally, you have more time to do the things in your business that you actually enjoy. Should you be spending your time doing bookkeeping when you’re actually really fabulous at making art, building cabinets, providing live entertainment, etc?
A bookkeeper is an important part of your money team. I hope this article inspires you to look into hiring or consulting with a bookkeeper to improve your record keeping. You can check out more of my thoughts on the subject at “Why DIY Businesses Still Need a Bookkeeper” and “How to Get the Most Value From Your Bookkeeper.”