Do I really need to hire a bookkeeper? 7 reasons why you shouldApr 02, 2019
If you’re an allied health professional, you – like many other small business owners – may be wondering whether hiring a bookkeeper is a wise investment. Couldn’t you just do it yourself? Or let your practice manager handle it? After all, that would save you money, right?
Not necessarily! Read on for some compelling reasons for using a professional bookkeeping service.
It saves time
Let’s be honest – for most business owners, bookkeeping is an afterthought. If a business owner is doing their own bookkeeping, it’s common for them to spend their nights or weekends catching up on the bookkeeping when they could be spending time with their family. If you’re running a busy practice, hiring a bookkeeper removes one substantial item from your busy schedule.
It saves money
We all know time is money. A bookkeeper may charge $300 per month for a task that takes you six hours. If you have an hourly rate of $100 per hour, those six hours could be better spent seeing patients or clients in your clinic or working on building your business and bringing in new patients, which could ultimately generate thousands of dollars in income.
Technological changes in the bookkeeping and accounting space have made access to experienced bookkeeping more affordable than ever before. Bookkeeping no longer requires hours of manual data entry and piles of receipts – this improved efficiency has made expert bookkeeping accessible to many business owners who would not have been able to afford it in the past.
Your bookkeeper can give you advice
Bookkeepers can help you to streamline your business processes and assist in the setup of add-on software, which can create efficiencies in your practice and allow you to offer a better service to your clients. These improvements promote profitability, which can then position you to scale up your business.
It keeps you accountable
Giving an expert regular access to your information keeps you accountable to your numbers. If your business numbers are kept up to date regularly, and are accurate and meaningful, it’s easier to stay on top of cash flow issues and spot any potential problems before they happen. If numbers aren’t accurate, it’s difficult to have a clear view of how your business is tracking.
You can focus on core business instead
Do what you do best and outsource the rest. Focusing on what you enjoy the most and what provides the best outcome for your practice should be the priority. You went into business to provide a great service to your clients, so focus on that and outsource tasks that support your business in other ways.
You’ll save money at tax time
Accurate data and recording of financial information by an expert bookkeeper will reduce the costs associated with keeping your financial obligations up to date with your tax accountant. This will allow you to either save money come year end or get more value out of this relationship.
Ready to outsource the bookkeeping and get back to your patients? Our bookkeeping experts are here to help! Get in touch to discuss your options
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