When To Outsource Bookkeeping
As a business owner, there is a good chance you wear many hats. Customer service, front of house, inventory fulfillment, payroll, human resources, manager, and marketer are likely just some of the many roles you play.
As your business grows, the more involved each of these job titles becomes. The more employees you have, the longer payroll takes, the more orders you receive, the more labor inventory fulfillment requires. The truth is, while you may be a superhero, one person can not be a million things at all times. There may be times where one task needs your attention, and it can be hard to keep all the balls in the air. It would be a shame if your marketing efforts were to suffer because you needed to spend too much time invoicing. This imbalance is when to outsource your bookkeeping. Below are some signs that might show you ready to hire specific tasks out:
You want your business to grow but can’t keep up with the workload.
Chances are, you would like your business to continue growing. To grow your business, you will need more hands-on deck. Trying to be a Jack or Jill of all trades will be unsustainable as demand for your product or service is rising. As a business, your reputation and word of mouth are everything. Suppose the quality of your management skills or customer service were to suffer as a result. That could cost you and be hard to recover from.
Additionally, burnout is real. By working around the clock and putting too much pressure on yourself and your existing employees, you could do real damage and even push away good people. It’s also important to remember to take care of yourself for your health, family, and the long-term success of your company. If you have plans to grow or are starting to feel a strain keeping up with your tasks, it may be a sign that it’s time to outsource your bookkeeping. Don’t wait until things start slipping through the cracks to get help. Build your infrastructure before things get out of hand when possible to make sure your growth is sustainable and prosperous.
You want to spend more time focusing on your product or service.
Do you feel like you are spending so much time chasing after invoices and filing paperwork that you don’t have time to spend on the actual business side of things? Getting tied up with the minutiae is a clear sign that it might be time to outsource your bookkeeping. Let the professionals take over your payroll, tax prep, and accounts payable so that you can focus on the reason you started your own business in the first place.
You would like to be more financially efficient but don’t know-how.
One of the best things about outsourcing your bookkeeping to professionals is that they are financial experts. Bookkeepers take a tremendous amount of work off your plate and find ways to help your company save money by identifying efficiencies and ensuring you receive all of the tax credits you are eligible for. Additionally, bookkeepers can take charge of your accounts receivable to make sure you never miss another invoice payment again. They can also help you strategize about the best way to increase profit and grow your business from the book’s side.
These are just a few signs that let you know when to outsource bookkeeping may be suitable for your and your company. Consider booking an appointment with PL Bookkeeping Plus to learn about ways in which we might be able to help you and your business by calling 410.764.3731, emailing us at info@plcfo.com, or filling out a form on our website.