Many business owners when first setting up their business decide to hire a bookkeeper to take care of the time-consuming tasks involved in processing financial transactions. Some bookkeepers even become involved in processing the payroll, despite this being a specific area of expertise in its own right.
As your business grows, your accounting and financial reporting needs will also grow. You will need access to more sophisticated data and reports that can be read as part of the bigger picture. You will need to know exactly how your company is performing in accordance with your long-term financial goals.
Here are five warning signs that your business may be outgrowing your bookkeeper:
- You are not receiving regular management reports that outline your profit and loss, current cashflow position and job profitability
- You don’t have a clear idea of how your business is performing and whether or not you are meeting your targets
- Your employees are complaining they are being paid incorrectly and you are frequently rectifying payroll mistakes
- You have fallen behind in your collections management and are not receiving payments as quickly as you should be
- You are getting a huge bill from your tax accountant at the end of every financial year due to the amount of work required to complete your tax return
Payables, Receivables, Collections, Payroll….each of these areas requires a specific skill set, and it is difficult for a single person such as a bookkeeper, to wear so many different hats. Furthermore, as your business grows so too will your need for up to the minute data. You will need real-time access to accurate financials so that you can provide quotes and complete tenders quickly, in order to remain competitive.
If you feel like you are not getting access to the data you need and that you don’t have a clear understanding of how your business is really performing, it may be time to consider hiring a dedicated Financial Controller, or outsourcing your accounting requirements to someone who can provide you with the value-added services that will help your business grow and prosper. Someone who knows how to take care of business owners, not just the businesses themselves.
For more information on the benefits of outsourcing your accounting requirements please refer to the solutions section of our website.
Give us a call today to find out how we can provide the framework for your success.