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Did you know a recent study by a U.S. Bank found that 82% of the time, small businesses fail due to poor cash flow management or poor understanding of cash flow? Wow, that’s a really big number!
As a small business owner in a busy urban center like Toronto or the Greater Toronto Area, it’s no surprise that you are used to kicking butt all by yourself – handling anything and everything, from creating your sales funnel, to managing your social media. But as your business expands, you may find yourself overwhelmed by all the tasks piling up on your to-do list.
If that sounds like you, then maybe it’s time to think about delegating some of those tasks. And you know what the best place to start with is? That’s right, it’s best to start by delegating your bookkeeping!
Why? Because chances are you are a creative, passionate, hardworking solopreneur, but not exactly a stellar numbers person. As we saw from the above survey, having a professional manage your books can mean the difference between a successful business or going bust within five years.
Plus, now that accounting software has moved to the cloud, it’s easier than ever to outsource your bookkeeping without hiring a full-time employee to do so. That means you’ll get the advantage of hiring a professional without paying as much in employee benefits, sick days, etc. Can you say winning?
Entrusting your bookkeeping responsibilities to an external service provider will help ease business-related stress while freeing up time for you to focus on what is most important: growing your business.
Here are five examples of how and what to delegate to an outsourced bookkeeper so that your business can grow and succeed:
1. Weekly/Monthly Transaction Entry
Although this may seem like a simple task, it’s a crucial one! Making a mistake on your sales entries can cost your business, big time. Not to mention that, as the boss of your own business, tedious and recurring tasks are just keeping you bogged down. Free up your precious time by delegating this area to a professional bookkeeper and watch your business grow!
2. Customer Invoicing
Invoices are obviously essential to your business. Without invoicing, you wouldn’t get paid, so it’s extra important to ensure that all your invoices are clear, concise, and accurate. By letting a professional bookkeeper handle customer invoicing, you’ll be able to relax knowing that your invoices are being sent out on time and correctly, as well as being followed up on to ensure prompt payment on time.
3. Payroll
Payroll can get complicated and it’s not something you can afford to make a mistake on if you want to ensure a happy team! Why risk it when you can hire a professional bookkeeper with experience in this area? From timesheet entries, to government remittance forms, to CRA audit support, hiring a professional bookkeeper can really free up your precious time and reduce the logistical stress of having to pay a large team of employees.
4. Reporting
Although reports may seem boring, they’re incredibly important when it comes to painting the bigger financial picture for your business. If you don’t excel in this area, you’ll never be able to harness the true power of accurate reporting. Hire a professional bookkeeper to set up proper reports and handle your year-end reporting. This way, you’ll not only free up your time but you’ll get a second set of eyes to help catch things about your business you may have missed by trying to do it all alone.
5. Taxes
Like they say, there’s only two things that are guaranteed in life – death and taxes. Tax season is going to come, whether you like it or not, so why make it a bigger headache then it has to be? By having a professional bookkeeper keeping track of all your finances, tax time won’t actually be that stressful! Many bookkeepers will handle both federal and provincial filing, and help you with tax preparation. Even if you have an accountant going over the final return, they’re sure to thank you for having a bookkeeper who kept your finances neat and organized all year round!
So now that you know what to delegate to a good bookkeeper, how should you go about finding one?
First, you need to clearly define your bookkeeping needs, then interview on those terms. It’s important to make sure all applicants have experience with your accounting software of choice, or can recommend an accounting software that’s right for your business. Once you have some candidates in mind, check their professional qualifications and memberships, ask for references, and make sure their availability suits your business requirements.
Or instead of going to all of that time-consuming trouble, you can simplify the whole process by hiring Milky Way VAS! Not only do I handle basic bookkeeping tasks, but I got your business covered when it comes to payroll, customer invoicing, financial reports, tax preparation, and even tax filing! I am a QuickBooks ProAdvisor and a Xero Certified Advisor who offers professional cloud-based outsourced bookkeeping.
Not only am I results driven and responsible, but I truly care about each and every one of my clients. If you’re successful, it means I’m successful too!
So what are you waiting for? Contact Milky Way VAS today! I am more than happy to answer all your questions and truly get to know your business, in order to provide the best financial advice and support.
