Hello to my fellow Entrepreneurs and welcome to another fantastic read to help bring your financial goals to reality. It’s your favorite Money Motivator – Growth Instigator, Erica Fields bringing you the keys to your financial house!! I hope you are enjoying this day and are receiving all the fruits of your labor.
When first starting out, new business owners will attempt to cuts costs to ensure most of the investment capital can go towards building the business. What we fail to realize is that employing a bookkeeping system is a very important part of business growth and it encourages planning and better spending habits. It is understandable to want to cut costs and avoid hiring a bookkeeper full time or even outsourcing the tasks to a professional service. However, we should all seek guidance from a professional, even if we plan to wear the hat of bookkeeper.
A professional bookkeeping service provider that specializes in small businesses should offer consultations or routine services that partner with your efforts to maintain the books yourself. These sessions will provide you with a daily, weekly and monthly checklist of tasks to perform to maximize collaboration between the owners and the expert. This will help reduce costs, grow your knowledge as owner and eventually set the precedence for expectation when you do have enough revenue to outsource the process.
Once you have your checklist, a periodic meeting with your professional bookkeeper will help with correcting any errors and identifying opportunities to customize the system for your own business needs. Using a system like QuickBooks Online provides a live connection between you and your service provider and creates a seamless process to connect and review your bookkeeping file in a matter of minutes. You can perform day-to-day tasks and leave the checks and balances to them. As your business grows, so will your need to employ them on a fulltime basis and having your bookkeeper there from the start is a great investment for an effortless transition.