Congratulations! After years of planning you’ve decided to start your own business. A million questions and decisions may be running through your mind at the moment, from managing your employees, building your customer relationships and navigating through all the bureaucratic red tape that comes with running a business. One question that may eventually come across your mind is do I need a bookkeeper?
More than just a glorified expense tracker
A common misconception is that a bookkeeper is just someone who tracks all your expenses and sales for your business. After all, how hard is it to just copy and record numbers from your receipts yourself you might wonder? Most businesses, even small ones, have multiple sources of cash flow including chequing accounts, credit cards and cash. Your business may offer payment plans to customers that delays you from receiving immediate payment, bookkeeping helps you track who owes you money. On the expense side, your business will incur many different costs that need to be tracked and paid on time. In addition to recording transactions, you will also have to pay your employees, this means running regular payrolls and dealing with the required paper work that’s needed when employees come and go. As your business grows, you may become too busy to be able to accurately do all these tasks. A competent bookkeeper will be able to take the load off, allowing you the business owner, to focus on more important matters.