In this business I have heard a million times, (ok maybe that is an exaggeration, only half a million times) “My bookkeeping is not accurate.” “I am not ready for tax time.” “My CPA is asking for information I don’t know where/how to find.” “I’m paying late fees on my bills, loans and credit cards.” “My employees are upset that I am behind on paying bonuses because my books are not up-to-date.” etc.
My response to these comments is “Why?” The common answer is, “I don’t have time to do it and I can’t afford a Bookkeeper.” Well, what if I told you, you CAN hire a bookkeeper and it will SAVE you money compared to the cost now!
Let’s break this down, starting with YOUR costs to the Company. Yes, you the Owner, Partner, Sales Manager, Marketing Director… No matter what your title is, you cost the Company money because you were hired for the value you bring to the company.
Your job is to promote the business, guide your Team, develop the Company, provide customer service, etc. You have a monetary earning from your company, as well as a value. Your earnings are offset by the work that you do to bring in new customers, clients and sales but there is also your value.
Scenario: You are networking or having lunch with a current client. Your situation leads to an introduction to an ideal client-they need exactly what you offer. You understand the potential and you take the next steps to make the connection and seal the sale.
So, you are still wondering how you can get the books done for free. And here it is. You’re very busy due to the growth you created because of this one new relationship! While the revenue is coming in, you are now missing events to promote your business and lowering your chances to meet new potential clients. Why are you missing those events? Because you are sitting at the desk… wait for it…. yes, doing bookkeeping! Getting details to the CPA, the IRS, or the banker for loan requirements. If you don’t make the connection, you don’t make the sale, and worse, the potential client is meeting your competitor! OR the clients are feeling neglected and start looking for a new relationship or to make the move to your competitor. Your value is decreasing and the negative COST to your company is increasing.
You are your company’s most expensive bookkeeper. Never miss an opportunity to meet your next potential relationship because you were doing someone else’s job. Instead, spend your time doing what you do best! By outsourcing for jobs that requires taking your focus off growing your business, like bookkeeping, you will make up the cost through a better use of your time and talent.