Are bookkeeping services for you? When is it time to delegate?


How do you know if it’s time to delegate something? Most people wait too long. I often hear something like this: “I wish I’d hired you ages ago!”

 

 

“Do it now, so that you never have to do it again.” –Anonymous

 

This is one of my favorite quotes. It’s such a powerful way of thinking about delegation. Take the time now to figure it out, and then it’s off your plate! I like to think of myself as a quitter; I’m always looking for the next thing that I can pass off to someone who’s better at it than me.

 

So, how do you know when it’s time to delegate your bookkeeping? Let’s play a little game. 

  • Do you dread entering transactions in your bookkeeping system?
  • Are your books more than a couple weeks (or months…) behind?
  • Do you ever wonder if you’re using your accounting program the right way and getting the most out of its features?
  • Are you frustrated by figuring out the right software and integrations, or ignoring those possibilities completely?
  • At tax time, is it a bunch of extra work to get the reports you need to your tax preparer?
  • Do you spend more time thinking about how you “should” do your books than actually doing them?
  • Do you have no idea what it means to reconcile your accounts?
  • If I asked what the giant math equation is behind your books, would you give me a blank stare?
  • Are you unsure about the correct way to handle credit card fees, 1099 contractors, and sales tax?
  • When you look at your Balance Sheet, are you confused by the balances there or are they totally wrong?
  • Do you “ballpark” how much revenue you’ve made this year or last month instead of knowing specifically?
  • Do you wish you knew how much PROFIT your business is making?

If you answered no to the majority of the above questions, you’re probably good. If you answered YES, perhaps you should consider your options.

For a lot of businesses, you’re bootstrapping when you first start out. And that’s okay! Most of us start out that way. If your business is a hobby business or still super small, maybe you should be doing it yourself. We have a checklist available in the resource section that could be of help.

But if you’re a growing business and have a vision for building it to its full potential, can you afford not to have a bookkeeper? There’s something about knowing your numbers and seeing them in black and white every month that helps you on your journey to achieve your goals. You know where you’re at and can make more informed decisions. Our goal is always to provide enough value that the fee is “worth” it.

How do you know unless you look into it?

 

Rachel LaMantia is the founder and owner of Masterpiece Bookkeeping, LLC. You can connect with her on LinkedIn or contact her here.