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Why a Bookkeeper is the First Person you Should Hire

May 21, 2023

As your business grows, the inevitable truth is that you will need people to help you run it.

There are only so many hours in the day, and you might be able to do everything yourself now, but that might not last much longer if you reach capacity.

So, who should you choose to help you first?

Someone to help with service delivery? Someone to write your social media content? Even someone to help you develop growth strategies?

While all these people could help your business long-term, it is vital first to set the right business foundations.

This is why the first person you need to hire is a bookkeeper. We’ll tell you more about that now.

Why a Bookkeeper is the First Person you Should Hire

Finance Foundations

Your finances hold critical details about your business. And if your financial records aren’t correct, you won’t be able to access the information you need to help your business thrive.

Accurate records should be your number one priority, and a bookkeeper can help you achieve that. They can ensure everything is recorded correctly by managing your day-to-day financial happenings. 

This gives you a clear picture of how your business operates. When you have this info, you can make informed decisions about all sorts of things – from whether you should continue to offer certain products or services right through to what you can afford to invest in marketing.

What a Bookkeeper does

Right, we mentioned that a bookkeeper helps keep your day-to-day finances accurate and provides vital financial information about a business. But what does that involve?

Here are just a few of the jobs that a bookkeeper can help you with:

  • Entering all your financial transactions into an accounting system like Xero or MYOB
  • Ensuring those transaction records match the figures on your bank statements
  • Running monthly reports to summarise the financial position of your business
  • Creating and sending invoices
  • Organising the payment of supplier invoices
  • Preparing payroll – including timesheets, deductions, holiday and sick leave calculations

All of this helps you to develop practical strategies for your business, and lets you make well-informed decisions about spending, investment, growth and other various opportunities.

The Benefits of Bookkeeping Expertise

So, we know accurate financial records are a must. But, keeping those records yourself is not necessary. In fact, outsourcing this job to a bookkeeper could be one of the best business decisions you ever make. Here’s why:

  • Save time and money: Yep, that old chestnut! Data entry and reconciliations can be time-consuming, especially if you don’t really know what you are doing. Outsourcing the job helps you gain time back. And, you won’t have to deal with overpaying GST, or incurring penalties and late fees as your bookkeeper will be on top of all that.
  • Know it’s done right: Ever been kept up at night by the thought of your finances? That won’t happen any more with a bookkeeper on your team. When you know an expert has your finances in hand, you can focus your thoughts on other aspects of the business.
  • Make better decisions: As we mentioned above, having all the financial information in front of you allows you to make good decisions. Knowing where your business makes and spends money allows you to reign things in or capitalise on opportunities when they arise.
  • Comply with IRD regulations: It is your responsibility to have accurate business records to present to the IRD. A bookkeeper understands what records need to be kept and has great knowledge of IRD compliance. They can make sure your records meet the required standards.
  • Streamlines tax time: End of financial year does not have to be a chore any more. With accurate, up to date records, your bookkeeper can produce any of the reports your accountant needs to lodge your tax return on time.

Why Choose a Bookkeeper First

As you can see, a bookkeeper is an invaluable asset to your business. With a bookkeeper on board, you will know exactly what your business can afford to do. That could open the door to further outsourcing or hiring.

You wouldn’t build a house without a solid foundation to hold it up. Your bookkeeper will be that solid foundation for your business.

So, how do you choose the right bookkeeper? Well, it’s all about finding someone with the right knowledge, expertise and fit for your business. Here at Admin Army, we literally have an army of skilled bookkeepers ready to help your business succeed.

The first step is to jump on a call with one of our team so that we can find out exactly what your business needs. Then, we’ll be able to match you with the right bookkeeper to get the job done!

All you need to do is pick a time that suits you best. Here’s the link to book a call now.

FREE BOOKKEEPING CHECKLIST

Taking care of your own bookkeeping? Download our FREE checklist.

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