As a small business owner, are you handling your production, marketing, administration, and bookkeeping on your own? Doing it all yourself is one of the biggest mistakes that many entrepreneurs make when running a business.
At The Payroll Department, we understand that you want to oversee everything that’s going on in your business. That way you can ensure all the necessary tasks are being completed. But, that doesn’t mean you have to do it all yourself. You can hire employees, or outsource services, like bookkeeping, to get these jobs done
If you’re unsure whether you need to hire a bookkeeper, here are some signs to watch for:
You’re Not Keeping Up with Your Billing
Keeping up with your finances is an essential part of your business. If you’ve fallen behind in invoicing clients for the products and services you’ve delivered, you could run out of money to keep your business in operation. A professional bookkeeper, like Grace Walker, with The Payroll Department, can ensure your customers are invoiced quickly.
You’re Not Following Up with Payment Collection
One reason you went into business was to make money. However, if you’re not collecting the money your clients owe you, you’re not making any money. Unfortunately, when you don’t follow up with your customers, they may try to put off paying you. And that could lead to a cash crunch for your business. However, a bookkeeper can make sure your clients are paying on time, so you don’t jeopardize your business financially.
You’re Commingling Your Business and Personal Money
Some business owners may pay for expenses out of pocket or with a personal credit card. Then, they forget to track these expenses. Or, they may use their personal bank account to pay for business needs or vice versa. If you’re having issues tracking how your business expenses are being paid, a bookkeeper can help you keep your accounts separated.
You’re Not Tracking Your Expenses
Are your constantly losing receipts for business expenses? Or, do you have a big box of receipts to track before you can complete your taxes each year? A bookkeeper can help you keep track of receipts and expenses, so you know exactly where your money is being spent monthly. That way, you can cut down on certain expenditures that may not be needed. And, when tax time comes, you won’t be scrambling and stressed to get your receipts in order.
Your Business Isn’t Growing
Most business owners want their businesses to grow, so they can make more money to have the lifestyle they want. But, if you’re buried in completing administrative tasks for your business, you’re not doing what you need to to grow your business. When you outsource your bookkeeping, you can focus on what’s important to you and your business to make sure your business keeps growing.
Outsource Your Bookkeeping to The Payroll Department
Running a business is a lot of work. But that doesn’t mean you have to do it all yourself. If you find your business isn’t growing, and you’re spending a lot of your time completing bookkeeping tasks, it may be time to think about hiring a bookkeeper.
The Payroll Department provides professional bookkeeping services for many small businesses from startups to established companies. We can customize our services to meet your needs at cost-effective rates. To learn more, contact Teresa Ray at 317-852-2568 today.
Stop doing tasks you don’t like to do, so you can get back to doing what you love most about your business.
– Ariane of The Payroll Department Blog Team