Going into business for yourself is an exciting time, well done for taking the leap - you had an idea, you decided to back yourself and just go for it! No doubt you had a vision of how owning your own business would be - you could probably see clearly your work day, being your own boss, busy doing what you do best…but you may not have factored in the hours that need to be dedicated to your bookwork or where you were actually going to fit that in…you may have purchased software that promised you it would be a breeze…but suddenly you find all of your spare time is being taken up by the administration required for your business. Bookkeeping probably did not feature too highly in your initial thoughts and now it feels like it is ruling your life! You are great at what you do, but this bookkeeping thing is just getting too much!
If this sounds familiar, maybe it is time to consider engaging the services of a self-employed bookkeeper? Does any of the following resonate with you?
1. Do you feel, due to the administration side of your business, that you are missing out on other areas of your life? Family time? Exercise? A social life? Sleep!? Maybe, as a result of this extra workload, stress is creeping in and your health and perhaps your relationships are starting to suffer?
2. Do you have money owed to you but do not have the time to recover it? Are you consistently behind in invoicing your customers? Perhaps you are so behind in your bookwork you find you have lost track of who owes you money and who has paid. Is this lack of money flowing into your business impacting your ability to pay your bills and other expenses?
3. Do you lack the time to check if your suppliers are invoicing you as agreed? Do you often forget to pay your suppliers or pay them incorrect amounts? Maybe they are charging you interest/fees due to the time they are waiting to be paid.
4. Do you leave your bookwork until it is well overdue and urgent? Does the thought of doing the bookwork fill you with dread and cause you stress?
5. Would you like to streamline your business practices (implement software) but do not have the time or know-how to get started?
6. Are you making mistakes in your bookwork that is costing you time – or money - to rectify? Perhaps you are comfortable with using the accounting software but you are finding you do not understand the principals required to accurately code your transactions and this is causing issues.
7. Would you like to see your financial reports in real time – rather than at the end of the financial year once your accounts have been completed….when the horse has possibly bolted in regard to any issues you should have been aware of. If you are regularly reviewing your reports, you can take action when you need to rather than wishing you had realised months ago.
8. Are you managing to accurately complete and file your GST Returns on time or are you behind, stressed and paying penalties?
9. While you are toiling away in your office, scrambling to keep on top of the never-ending mountain of bookwork, are other areas of your business suffering? Are you neglecting vital areas of your business that need your attention such as your key role, employee management, securing new work?
10. Would you simply like to achieve a better work-life balance…??