Do you find yourself spending your weekends and vacations catching up on your books, instead of spending time with your family and friends and recharging to have the energy to grow your business?
Maybe you have already been thinking about hiring a bookkeeper, but you are not ready to pay a full-time bookkeeper and not even quite sure if there is enough work for a full-time bookkeeper in your small business. Your solution might be hiring a part-time bookkeeper.
Why hire a bookkeeper?
There are many advantages to hiring a bookkeeper who specializes in running your books. Many entrepreneurs sacrifice their time for administrative tasks, such as bookkeeping. In addition, the stress of keeping up with bookkeeping duties takes time away from your true expertise. Hiring a part-time bookkeeper will give you that time back that you can spend more enjoyably or, if you choose, to attract more clients instead of doing tasks that can be easily done by others.
Another good reason to hire a bookkeeper is to save money. Being behind on your invoices and other payments and making mistakes negatively impacts your company’s cash flow, customer service, and time. Having a bookkeeper who keeps track of Accounts Payable and Accounts Receivable will ensure that you get cash from customers to run your business and do not incur late payment fees and penalties.
A good bookkeeper will also help you identify cost savings areas and help you improve your financial performance with readily available financial information and reports. Financial clarity is key to your business growth. You will be able to better manage your business and get loans and investments more easily.
Finally, remember that not enjoying doing your books and avoiding them is completely fine. You do not have to force yourself to do something you do not like and do not have the necessary knowledge and experience to do. Let the professionals handle these tasks for you while you focus on the actual reason you started your business.
How does part-time bookkeeping work?
A part-time bookkeeper can perform all the duties of a bookkeeper. The primary responsibilities for someone in this position may include the following:
- Handle day-to-day financials of a small business
- Create Purchase Orders and Invoices, post and apply for payments
- Create Sales Orders and Invoices, post and apply cash receipts
- Pay bills and payroll
- Post financial information to accounting journals or accounting software Balance bank statements
- Prepare reports
These tasks can be completed with bookkeeper being present in the office or remotely. To further reduce the costs, most small businesses turn to remote bookkeepers, who may occasionally visit the office to ensure that everything is going great.