You’re a busy business owner, you’re spinning loads of plates and doing everything in your business, including your bookkeeping and staying on top of your accounts and financial information.
Do you ever stop and evaluate the impact managing your own bookkeeping and finances is having on you though?
Do you ever experience any of the following?
Late night and/or evening bookkeeping
You’re so busy throughout the normal working day that you end up doing your bookkeeping in your own personal time.
This is time you sacrifice where you could be spending time with family, friends and/or loved ones. This is also the time you could be doing something for yourself as well, like hobbies and taking some well needed downtime – because you don’t really do enough of that do you.
Leaving it to the last minute and missing, or nearly missing a deadline
Again, because you’re so busy and don’t get the time to do the bookkeeping yourself, you leave it to the last minute before a deadline is due.
For example, your VAT return is due and you’re scrambling around to get your accounts up to date for that VAT return. This causes you stress and anxiety, and you rush getting the financial information into your system for the return, which you know increases the risk of inaccuracies, which causes you more concern.
You’re not 100% sure you’re doing everything right
Your great at what you do, which is why you went into business, but you’re not an accounting professional, so when it comes to your bookkeeping you’re not 100% sure you’re doing the right things.
You do your best, but you often worry that you’ve not done everything right, which in turn makes you worry about your VAT and tax returns.
You don’t know how to use the information when you do keep it up to date
When your bookkeeping is up to date, you’re fairly sure you know what the financial information means, but you’re not entirely sure. Because you’re not entirely sure you spend extra time compiling your own information or report so you can make business decisions.
If you have ever experienced any of those situations, or any similar connecting situations, then it’s likely doing your own bookkeeping is not the right thing for you.
Here are some benefits of outsourcing your bookkeeping to a professional:
1. Increase Downtime
Just because you own your own business, doesn’t mean you have to work all hours of the day and night – this isn’t good for your health, or mental health.
Your bookkeeping is often the easiest thing to delegate because professionals set up to support you with just that. So, if taking time for yourself is a problem, eliminate a job that takes up your time.
On a similar ilk, stress isn’t good for you, and the likelihood is that other areas of your business will also be causing you some stress. Add that all together and that creates some levels of stress for you.
So, help yourself manage your stress levels and get rid of a job you end up leaving to the last minute, then rushing, or that you don’t like doing anyway.
3. Reduce Anxiety
Alleviate the anxiety caused by uncertainty with your bookkeeping. Worrying that you’re doing things wrong, your accounts aren’t accurate, you’re paying more tax and/or VAT than you probably should be and the potential implications of all of that can cause a great deal of anxiety. So get it off your plate.
A qualified professional can do all of that for you, so you know it’s all being done right, and you don’t need to be anxious about it anymore.
4. Reduce Money Worries
If you’re concerned about your finances or cash flow and you’re unsure what all the information is telling you, and if it’s telling you the right thing, you’re just going to be feeding anxiety and stress.
If you’re using the right outsourcing partner you should have access to accurate reports, that work for you and that give you the information you need to manage your business’s finances.
5. Gives You Support
Health, mental health and wellbeing has always been important, however now more than ever it’s at the forefront of our minds. One of the biggest things with wellbeing and mental health is being kind to yourself, giving yourself a break and not beating yourself up about things you shouldn’t be beating yourself up over anyway.
By outsourcing your bookkeeping to a professional that you can work well with, ask any of those questions you’ve always felt might sound a bit daft (there are no stupid questions by the way!) or you should already know the answer to and that will support you and your business with its financial aspects gives you much needed support.
You’re in business because you’re good at what you do – not because you want to be an accounting professional (unless your business is an accounting practice!).
So, find yourself a trusted partner and advisor, so you get to reap the benefits of improved health, mental health and wellbeing.
Contact us today!