Do You Need To Hire A Bookkeeper?

You might be at the point in your business where you know you need a bookkeeper. So what’s stopping you from hiring someone to help with the bookkeeping & accounting (if anything)?

I started my business by helping people clean up their books for tax time at the end of the year. I quickly learned that the stress individual entrepreneurs carry the entire year about taxes became unbearable by the end of the year, mainly because they just didn’t know how to keep up with the bookkeeping themselves.

Running a business can be stressful enough as it is. The additional stress around the books and taxes is not a way to move forward. That’s why you need a bookkeeper.

Still, so many entrepreneurs don’t hire bookkeepers, and there are many reasons why not.

One is that their business isn’t turning a profit yet, and it doesn’t seem like a priority. Another is not knowing how to hire the right person, what to look for in a candidate, or even what kind of financial support you need (a bookkeeper, accountant, CPA, etc.).

So you try to be the “everything entrepreneur,” manage your books yourself, and hope for the best.

However, there are several risks in NOT hiring the right financial support. That’s what we’re going to talk about now.

Risk #1: Unknowingly making mistakes on your tax return

If you try to do your bookkeeping and accounting all on your own, you might miss several opportunities with your taxes. For example, you might not capture all the deductions available to you. You also might unknowingly take deductions that aren’t valid, which could put you at risk for an audit. Without the right financial support, this takes tax filing to a new level of stress.

Risk #2: If you have a CPA but no day-to-day bookkeeper, you run the risk of losing that CPA

It might sound strange, but not having a bookkeeper might actually lead to your CPA firing you. That’s because there are tasks that a CPA doesn’t do for you, tasks that they assume are taken care of before you hire them.

For one thing, it is not your CPA’s responsibility to keep up with your day-to-day books.

Now, what happens when you’ve tried to keep up with your bookkeeping all year but didn’t have the skill set to do it correctly? You end up with messy books, which lead to messy results. What happens next? This puts your CPA at risk for filing inaccurate taxes. Your CPA might not want to take that risk upon themselves, and they just might be the one to dismiss you as a client.

(AND there’s a bonus here: CPAs often decide to fire their clients for this reason during tax season, the worst possible time for them to leave!)

Now, I get that you’re an entrepreneur and you’ve got a lot of responsibilities, most notably continuing to bring in the money. But remember that the money you make needs to be managed with a trained eye.

So how do you get past the resistance and hire financial help? It all begins with a mindset shift.

Instead of thinking that you don’t know how to hire a bookkeeper, or you can’t afford one just yet, ask yourself these questions:

How would hiring a bookkeeper support my business?

What value do I want from hiring a bookkeeper?

How can I lead my bookkeeper through my business model so they can support me with the numbers that I need?

How can I work with a bookkeeper so that I can start leading the money conversations in my business?

So you might know the 3 signs that you’re ready for an accountant. But making this kind of mindset shift is just as important as recognizing that you need a bookkeeper in the first place. You are shifting your mindset so you can look for ways to go from where you are to where you want to be.

Whether you hire a family member, cross-train a team member as a bookkeeper, or hire a professional, you need a trained eye on your books. Hiring a bookkeeper not only reduces your stress level, but it also helps support you to be the best entrepreneur you can be.

Building a financial team is a journey. It’s creating a relationship to your bookkeeper, your money, and the financial system that will support you as you grow.

So if your company is scaling and growing, you’re ready to move from loss to profit, or you simply want to take charge of your finances from the jump, a hiring bookkeeper is the solution.

Now, if you know you need a bookkeeper, where do you start?

I’ve helped numerous entrepreneurs clean up their books over the years, and set themselves up for financial success. Over the last 15 plus years I’ve learned a lot, and I’ve combined it all into a course designed to help you, the entrepreneur, delegate your finances with confidnece.

It’s called Finance 101, and it’s your first step from being the “everything entrepreneur” to the CEO of your business. If you’re ready to take that next step, this course is for you! Get all the details and grab your spot HERE: ⬇️⬇️⬇️