As a small business, one of the biggest challenges you face is maintaining the essence of who you are, and how you serve your community, while also staying competitive as an employer and keeping up on the endless stream of bookkeeping, accounting and tax related needs.
Most small businesses on American land are in this middle squeeze spot where you have several employees and accounting and bookkeeping related needs, such as ensuring that those people get paid accurately and on time every week! But your needs don’t justify having a full-time in-house team member.
So, what is a small business to do?
This is where an outsourced or contracted accounting partner can be a great fit!
Outsourced bookkeeping, also called on-site bookkeeping, is one of the fastest growing trends in the bookkeeping and accounting world.
It gives you the flexibility to have someone on the inside of your operations and your bookwork, but without you having to take them on as a full-time team member when it’s not necessary!
Here are 4 signs that it’s time for you to get the help of an on-site bookkeeper:
- You’re falling behind or making mistakes: If you find yourself getting overwhelmed with a too-long-to-do list or making mistakes in areas like managing profit and loss statements, expenses, and payroll, this is a sign it’s time to consider getting an on-site bookkeeper.
- Your staff is growing. Have you recently expanded your team and the number of employees supporting your business? This is a good indicator to bring in someone from the outside to support your team and business so that you can keep up with the necessary paperwork and tax filings so that staff are paid properly and on time.
- You’re beginning to resent aspects of your job (that involve bookkeeping): If you find yourself getting frustrated or expending way too much time and energy on the bookkeeping and payroll functions, when your job title is actually related to sales, or marketing, or you know, being the CEO, it’s time to get outside help.
- Wasting time/energy: Often, business owners try to cut costs and get someone on the inside to take on a role they’re not fully prepared for, when what you’re doing is adding more to your plate when it’s not the best use of your time. And when it comes to your time, it’s valuable. When you’re expending energy towards projects and roles that take away from the work you’re meant to be doing, it sets you back and can lead to frustration, resentment, and burnout. It’s the adage, just because I can do something, doesn’t mean I should. Ask yourself, is this the best use of my time and gifts? The more fun work becomes and the more successful your business can be.
If you are finding yourself frustrated or feeling like you are using twice as much energy to keep up with everything related to payroll and financial operations, it’s time to bring in an on-site bookkeeper.
3 ways that an on-site bookkeeper can add value and save your organization money:
- Optimizing expenses: By knowing your type of industry, a professional bookkeeper would be able to identify when you might be overpaying to vendors or for merchant services and suggest some ways to receive discounts or suggest other companies that do a better and cheaper job.
- Avoiding penalties: Payroll taxes and sales tax can cost you a fortune if not filed correctly or on time and the penalties can be steep. A bookkeeper can help you with this tedious task. They can set up your categorization and tax filing correctly. This can save you money on tax deductions and avoid penalties or audits from the government.
- Tracking Inventory. An on-site bookkeeper can keep track of your inventory and avoid stock-outs or overstocking. This can prevent you from losing sales or wasting money on storage and rush delivery charges.
Having an on-site bookkeeper can help you with many areas, saving you time and money!
At DMA, we work with clients on site within 30 miles of our office. We will acclimate your systems/come to you. Contact us to explore your goals and needs and see how our bookkeeping services can make a difference for you!