Sitting in the back and sifting through bookkeeping data isn’t exactly the highlight of any small business owner’s day. You have plenty of other tasks and planning to get done, but if there’s no one else to handle your books, it may seem like you have no other option than to go it alone.
When you reach this point, it may be time to hire a bookkeeper to keep your records in order and ultimately put more time on your plate. Bookkeepers are also called upon when a business is growing rapidly, is approaching tax season, or has a bookkeeping backlog that needs to be organized.
However, hiring an in-house bookkeeper isn’t very practical for many small business owners, which is why some firms offer an outsourced option. At NorthStar Bookkeeping, our remote team of bookkeepers has been maintaining accurate records and informing smarter business decisions for the past decade, allowing small business owners to leave DIY accounting behind and focus on revenue-generating tasks.
Discover when and why you should hire a bookkeeper, and how NorthStar’s outsourced approach allows for financial peace of mind.
Best Times to Hire a Bookkeeper
The best time to hire a bookkeeper is when you’re no longer able to handle it yourself. At a certain point of growth, small businesses may not be able to efficiently handle financial tasks without some support. For many companies, this inflection point comes once they’re generating around $100,000 in annual revenue.
You should also consider hiring a bookkeeper when tax season rolls around. A bookkeeper can ensure your records are fully prepared, minimizing the time your CPA spends on compliance work. This, in turn, can save you money on accounting fees. It can also prevent potential tax fines due to erroneous entries.
Ultimately, if you find yourself constantly putting bookkeeping duties on the back burner, a bookkeeper can help you ensure accurate entries and catch up on backlogs so that you have up-to-date financials at your fingertips.
The Best Times to Hire a Bookkeeper Are…
- During tax season
- If you’re spending too much time DIY bookkeeping
- If you need help catching up on bookkeeping backlogs
- When your business reaches a certain size or revenue
Why You Should Hire a Bookkeeper
Small business owners are notorious for wearing a range of hats. You’re the head of sales, marketing, and operations – and oftentimes the de facto accountant and bookkeeper as well.
Bookkeeping is a specialized skill, one that requires training and expertise to avoid potential fines and keep your numbers in order. Knowing this, hiring a bookkeeper can save you loads of time and stress, and ensures that your business decisions are informed by accurate data.
Bookkeepers handle tasks like reconciling bank and credit card statements, invoicing clients, tracking accounts payable and receivable, and producing financial statements. For most business owners, these are puzzling documents to put together. For a bookkeeper, it’s just another Tuesday. Rather than pulling your hair out over spreadsheets and back-office tasks late into the night, a dedicated bookkeeper allows you to focus on high-level planning and business growth.
Onboarding an in-house or outsourced bookkeeper also reduces any margin for error. Thanks to a keen attention to detail, bookkeepers can spot discrepancies that you may have missed yourself, keeping you in the clear of fines for deadlines and errors. Most importantly, accurate record keeping ensures that your financial visibility is accurate, making for more informed strategic decision-making.
However, an in-house bookkeeper may run too high of costs for your operation – highlighting the advantages of an outsourced bookkeeping option that acts as an extension of your business.
Hiring a Bookkeeper Can…
- Free up your time to focus on core business activities
- Reduce errors and provide accurate financial records
- Provide valuable financial insights and advice
- Help you avoid costly mistakes during tax season
NorthStar Bookkeeping: Hire a Bookkeeper Without the In-House Costs
At NorthStar Bookkeeping, we provide outsourced bookkeeping services that deliver as-needed support without the need to hire a full-time employee. Our team can handle your books on an ongoing basis, or supplement your existing staff during busy seasons. Along with daily bookkeeping duties, we can handle your financial reporting and analysis, and lend a hand with your strategic decision-making.
Over the past decade, we’ve helped countless business owners escape the stress of DIY bookkeeping while charging a fraction of an in-house bookkeeper. You’ll also avoid expenses such as employment taxes, benefits, 401(k) matching, and paid time off, and can terminate your services at any time without the pain of firing an employee.
Submit a form on our Contact page to partner with NorthStar Bookkeeping and ensure your numbers are accurate and up-to-date.