Are you frustrated by the amount of time you spend on bookkeeping? Do you put off sales and networking efforts to take care of daily bookkeeping tasks? Many small-business owners are surprised by the extent to which bookkeeping demands can distract them from building their companies.
Few business owners actually want to do the bookkeeping. But many feel they have to, at least in the early stages when money is tight and business is light. This is particularly true in companies that started out as a sideline, where the owner learned to do the books along the way. Some owners might even become competent bookkeepers and enjoy it.
But then comes that inevitable moment of reckoning. As the business picks up, the owner (or business leader) wants to take advantage of new opportunities to grow the company — and they no longer have time for the bookkeeping tasks that had fit easily into their schedule before.
Don't Panic — Get Help
Once the owner realizes that bookkeeping is occupying a disproportionate amount of their time, they can reset their priorities.
The first step is to get help. In most cases, this means turning to an outsourced bookkeeping service. An outsourced bookkeeping service provider will not only make sure your books are done properly and on time, but can also grow with your company — adjusting the level of service for each stage of growth. Look for a bookkeeping services provider who will act as part of your team, anticipating your company's needs and providing guidance along the way.
Get More Business
Once the bookkeeping handoff is complete, the business owner experiences an immediate change in outlook. Suddenly they have both the time and energy to devote to the kind of high-revenue-generating tasks that inspired them to launch the business in the first place: brainstorming ideas for innovative new products, spending more time on the road meeting with clients or courting investors.
A bookkeeping services provider can also help provide financial insight into your company. You can, for example, use financial data to look for under- and over-performers in sales and use that information to change your strategy. And a bookkeeping services provider can help you analyze your cash flow so you can plan for your company's future, from adding another business location to cutting back on fixed costs.
Set Priorities for Your Time
As your business grows, it helps to step back, check for "mission creep" and either outsource or delegate any responsibility you've taken on that's not directly connected to growing your business.