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How hiring a bookkeeper can save you money

Updated: Sep 19, 2023

Many small business owners are familiar with the tedious task of managing their books.

Whether it’s keeping track of invoices, paying bills, and reconciling accounts, keeping your business books in order is no small task and it can take a great deal of time and energy. For this reason, many business owners consider hiring a bookkeeper, and it might surprise you to learn that doing so can actually save you money in the long run.

Your Accountant will Love You

When it comes to bookkeeping, having a professional manage your financials can be a great asset. A bookkeeper can ensure that your books are kept up to date and accurate and can help you stay informed on important taxes and regulations. This is important for a few reasons; it can help prevent costly errors that can eat into your profits, minimise your tax burden in the long run, and make it easier to prepare for audits. And your accountant will love you, as a bookkeeper understands how to present your financials to make their work much less ‘taxing’ (couldn’t resist that one!). It might even save you more money if they need to spend less time getting everything in order at tax time.

Bookkeeper - In-house or Outsource

In addition to saving time, having an experienced professional on staff can also save money. Most bookkeepers are experts in their field and have the know-how to spot and correct discrepancies that may otherwise go unnoticed. This can help save on unnecessary expenses, maximise available deductions and tax credits, and reduce audit-related costs. There are also many independent bookkeepers for smaller businesses, or those who prefer to outsource. We always say – focus on your best, outsource the rest!

A bookkeeper allows for better cash flow management. Having an expert on hand can improve the ability to maintain records, track payments and expenses, and manage accounts receivable in order to maintain a healthier cash flow. Additionally, a bookkeeper can assist with budgeting and forecasting to help reduce expenses and improve the bottom line.

A Balanced Cost

Hiring a bookkeeper is an investment that comes with its own cost. But when it comes to saving money in the long-term, the rewards definitely make the cost worth it. By improving accuracy, minimising errors, and optimising cash flow, the help of an experienced and qualified bookkeeper can make a world of difference for any small business.

Talk to us if your bookkeeping is keeping you awake at night - we'd love to help you find ways to save time and money in your business.

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