Why should I hire a bookkeeper?

Are you on your way to where your startup is on its way from idea to formal business?
There are many, many things to think about and consider.
And one of them may just include that all-important decision of when to bring in outside experts to assist you with some of the operational functions that go into running a business.
Those functions almost certainly include the financial aspect of your business. While you may not need or want an accountant, you could at least consider a bookkeeper to help with the various financial aspects.
So, returning to the bookkeeper option, here are 6 reasons why you should definitely consider hiring one:
1) Keep your focus on core business needs - A startup business needs its founders attention to be able to grow the business idea into a viable product or service. That means that the founder's time should be spent on key areas of the business such as strategy, marketing, funding and daily operational tasks.
2) Stay out of what you don't know or understand - A lot of business owners want to cut down costs which is great - BUT most business owners do not have backgrounds in finance so therefor could make a lot of costly mistakes. It is also better to have a professional who is qualified to do these tasks especially when it comes time to do taxes, GST, Payroll, etc.
3) Have a work-life balance - for a lot of people I know in business, one of their main reasons for starting their business is to spend more time with their family, and be able to do the things they love in life - unfortunately if you are stuck doing office tasks after working all day, you may be working longer hours then you were in your day job.
4) Get a different perspective on the business - Although you may believe you have a good idea about the state of your startup during the development phase, it helps to have another pair of eyes on this.
Your bookkeeper can put the financials in order and run reports showing how you are doing each month, where the funds are going and how your efforts are paying off (or might need improving upon). He or she will give you that "big picture" through the numbers being crunched.
5) Maintain cash flow - Because you are so busy, you may not realise that there are outstanding payments from your client base. Any late payments here could infringe upon the cash flow you need to keep your startup humming along.
With a bookkeeper working for you, they can stay on top of this and send out reminders to make sure your cash flow remains optimal. This will also look good when it’s time to seek another round of funding because you can show positive cash flow you might not have been able to show without that assistance.
6) Reduce the cost of financial obligations - Although you may think you save money by doing everything yourself, the fact is that a professional bookkeeper actually saves you more. That’s because there is a reduced level of risk for human error, lack of knowledge, missed payments and tax obligation due dates and delayed accounts receivable.
Plus, your time is money that you could be using toward getting your new business running and bringing in the revenue to move to the next level.
From the time and money savings, to the focus on expertise and greater cash flow, a bookkeeper makes good business sense for your startup. So, go start the hiring process today.