How Much is YOUR Time Worth?
Updated: Mar 1, 2019
Financial Question: How do you know when it's time to start thinking about getting some help with your bookkeeping? The real question is: How much is your time worth?
"The primary purpose of bookkeeping is to reconcile financial information so you can make informed business decisions."
How much time do you spend on your books each month? For small business owners, there are usually only two answers to this question. Too much or not enough.
For some, they spend countless hours trying to keep up with it all, spending so much effort on it that valuable time growing and advancing the business is lost. They pour time and effort into their books, and they don't even really know if they are doing them correctly. Fear keeps them going. Fear that they will make a huge mistake and send the IRS after them or that they will owe a huge chunk at tax time. Fear that someone in their organization will steal from them or that their bank accounts will be compromised. Fear that they will miss an important payment to someone and cause catastrophic results. Fear of losing what they have worked so hard to build.
Then there are those who toss all of their receipts into a drawer all year. They hand a pile of bank statements and those old receipts to their tax accountant at tax time and hope their accountant can make sense of it all. They, too, are led by fear. They figure that if they ignore it, it can't hurt them.
The one thing these business owners have in common is that they think hiring someone to take care of their books will cost too much. More fear! I am here to tell you, not having a trusted and well educated bookkeeper on your team will cost you much more than having one.
When you choose to outsource your bookkeeper, you are gaining the benefit of a trusted advisor who is able to focus on what is best for you and your business without the need to pay someone full time. You also gain knowledge, as the best bookkeepers must maintain certifications by completing continuing education. They know about the best software and all of their applications so they are able to make sure you always have the most effective program for your business. They will also be able to help you learn to use it. The most important gain for you is knowing that your business is running efficiently.
Your outsourced bookkeeper should also understand your common tax deductible expenses, therefore potentially saving you come tax time. You also won't have to hand your tax accountant a mess at tax time. Tax accountants cost more per hour than even the best bookkeepers, so when you make their job easy it saves you money! By the way, hiring and working with a bookkeeper is tax deductible!
Finally, having a great bookkeeper will save you tons of time. Time is precious. Time is money! How much is your time worth? Picture it; you no longer spend precious time trying to figure out your bookkeeping, making sure the people you owe are being paid on time, keeping up with those who owe you. You have time to work on your business and you have the relief of knowing that the bookkeeping is being handled efficiently and correctly. You have someone who will answer your questions. You have someone who wants you to succeed. YOU HAVE SOMEONE TO COUNT ON.
See? Your fear should be slowly dissolving away. You can be in control, knowledgeable, and confident.
Would you like to talk to someone about your needs? I look forward to joining your team! My goal is to make you feel like you have someone who you can believe in. Someone who you can talk to. Someone who is there for you when you need them. I will make you feel important, because to me you are! I offer a FREE consultation, so what are you waiting for? Contact me today.
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