When we start a business, we try to do as many things as possible on our own in order to save money and have a complete insight into the our business. It certainly makes sense, but as the company grows and has more and more work to do, it will happen that you feel like you are losing control of things.
You will have so many obligations that even a whole day will not be enough to do everything. Then it is time to start delegating certain tasks, because only in that way will you be able to do everything you have to and have free time in addition.
The first thing you need to delegate is bookkeeping. This is very important because if you make mistakes there, it will have very bad wide-ranging consequences. And we will tell you how to know that the time has come to seek help from a professional accountant.
1. Your financial reports have been outdated
Do you have the impression that your books are constantly outdated and that you are constantly trying to do everything on time but you are failing? This happens very often and is a clear sign that you need a bookkeeping service. It will happen to you that the volume of work is so great that you do not arrive regularly to update books and then you will never know the real financial situation.
You will think you have more or less money than is actually true and this will lead to many wrong business decisions. You will spend more than you can or you’ll think you don’t have enough money to invest, and in fact you just don’t have the firm grip over your finances. As Accounting by the Books LLC suggests, accountants will not only take care of your books, but can also help you make a financial plan.
2. Bookkeeping takes you too much time
Even if you manage to keep your books constantly updated, but it takes too much time, you need help. Multitasking is an integral part of any business, but because of that, your concentration is weaker. And when it comes to finances, the focus must be at a maximum.
Bookkeeping is not your primary job, so it is better to delegate it to professionals than to spend all your time on it, and you do not manage to do some important things for your company. Or make mistakes by not having time to focus, but you always have to multitask.
3. You only pay attention to bookkeeping when it’s time for taxes
This is not in your focus all year long, only when it comes time to pay taxes, then you remember that you have to do everything about it. Then the work that awaits you is absolutely overwhelming and it is very likely that you will not do it the right way and that you will not make mistakes.
Even if you do everything right, it will take you days to get the books in order. You will often then seek the help of an accountant, who will then charge you incomparably more for his services than if you were a customer all year round. Plus, for the rest of the year, you won’t have a real insight into your finances.
4. You fail to do everything on time for tax deduction
Because you do not monitor your finances regularly, you lose money because you miss various tax deductions. Because you do everything at the last minute to get to file a tax return, miss details and lose money. When you have an accountant, he will take care of everything and you will always have a tax deduction, which is not a small amount of money at all.
5. Employees steal from you
Although you hope that your workers are honest and do not steal from you, there are always at least a few of them who will take such advantage because of your negligence. They will notice that you do not have complete control over your finances and they will use it to steal money, which you will miss later when you prepare books for tax. According to the data, employees steal billions of dollars every year. Don’t let that happen to you either. When you have an accountant, he will constantly monitor the developments in your company and will notice if there are any unexplained deficits and alert you.
6. You are tired
You feel like every day, all day, you just work and don’t have time for family and friends. It is something that will surely happen to you at some point when you have your own business, but it must not become your everyday. If that happens, your health will suffer, but your commitment to work will decline after a while. So delegate all the tasks you can, to keep the zeal for what your job is.
7. You don’t have enough skills
If math and economics have never been subjects you took in school, then you should find an accountant right at the beginning. Even for initial bookkeeping, you need a certain skill and good handling of numbers. If you know that this is not your field of knowledge, leave it to the professionals, and you stick to what you are talented for.
8.You are late with salary payments
If, because you can’t manage to do everything, you are late with the payment of salaries to workers, seek the help of a professional immediately. Wage arrears are one of the primary reasons why employees will leave you, and you don’t want that to happen. If the payroll is late, this is a cause for alarm.
9. You have great growth
If you are lucky and see that your business is growing at a high rate, do not wait, but hire an accountant immediately. If you notice that volume of work grows at a high rate, in just a few weeks you will lose the grip on finances.
Your business finances are something you should not skimp on. By hiring accounting services, even though it seems to increase your costs, you are actually saving in the long run and providing yourself with peace of mind.