Is your business profitable? Do you know your business inside and out? If I asked you when was the last time you reviewed your expenses, would you say it yesterday, yesteryear or possibly even never? Are you a business owner that only looks at your expenses during tax time? If you’ve answered “no” and “not today” on these questions, then this blog post is just for you.
I’m Kanika Redd of Primary Focus Bookkeeping and my primary focus is bookkeeping for my clients. Now I know, bookkeeping is not as exciting as marketing for your business, but it is just as necessary, if not more important. When I talk to business owners, they tell me how much they spend on marketing and their eyes light up about new ads, and ways to get more business. When I bring up bookkeeping, it’s almost as if I just used a pin to punch the air out of their balloon. I get it. That’s why I created my business so that you don’t have to focus on your books. But one of the main things I hear from business owners is the belief that they can’t afford a bookkeeper. GASP! When I hear this, I know this client needs me more than ever because they probably have no idea what’s going on in their business.
If you’re not making money in your business, it’s technically a hobby. Most people are running a full-time hobby and don’t even know it. That’s why I want to share why it is important to have a bookkeeper on your team and help you to see why you can’t afford NOT to have a bookkeeper if you’re serious about your business.
DO-IT-YOURSELFERS
Some business owners feel they can do it all themselves. I call them the DIYers. They wear 28 different hats and often bookkeeper is hat number 29 and they barely put it on, other than during tax time. One of the most important things to remember as a business owner is that no business can truly grow to its full potential with only one person. A photographer needs makeup artists, hair stylists and clothing stylists to have a successful photo shoot. A chef needs food providers, servers and perhaps a sous chef to make a catered gig a spectacular event. This is also true on the business side. Allowing a bookkeeper to handle the books frees up time from recording and classifying transactions so you can focus on the actual business itself.
CONTROL FREAKS
Many business owners worry about not having control or not being able to see how the business is doing at any given time. These are my favorite because I love to WOW them with software right at their fingertips that shows them at any given time what’s really going on. So if you’re worried that you won’t know what’s going on or feel like you’re the only one who can do your books, then just know...your business is suffering because unless you’re a bookkeeper, your business is missing out.
BOOKKEEPER BENEFITS
You may not be a DIYer or Control Freak, but you may be thinking that you can’t afford a bookkeeper. Not having a bookkeeper can cost you so much unnecessary time spent on activities that should be delegated and it can cost you MONEY!! One of the biggest benefits of having a bookkeeper is having someone keep up with your books, and analyze your expenses to determine what shifts you need to make. You may be spending more money and not even be aware. Bookkeepers can help you reduce costs and ensure the proper classification of transactions so you can get the maximum tax deductions possible, which can possibly reduce your tax liability.
Once you consider these things, can you really afford NOT to have a bookkeeper?
No matter what level you are in your business, hiring a bookkeeper is one of the first people you want to add to your team. For the month of February, I’m spreading a bit of love by gifting you a business assessment (session value $147) to determine if you’re leaving any money on the table in your business. There are only 9 available slots for this session and they are on a first-come, first-serve basis.
