5 signs it’s time to hire a bookkeeper
Bookkeeping isn’t just admin, it’s the foundation of smart business decisions. If you’re still DIY-ing it, these five signs will tell you when it’s time to bring in some help
When any small business owner first starts out, they wear all the hats from IT to HR to bookkeeper. But as your business grows, so do the demands on your time and brainspace. Between managing your team, delivering excellent service to your clients, and staying on top of finances, it’s easy to feel stretched too thin and en route to burnout.
If you’re finding it harder to keep your financial records in order or simply want peace of mind knowing your books are in safe hands, here are five signs it might be time to enlist the support of a bookkeeper.
1. Your Time is Being Swallowed Up by Admin
You didn’t start your business to spend your evenings reconciling bank transactions or chasing up overdue invoices. If bookkeeping tasks are creeping into your client time (or worse, your family time) it’s a sign you need support. Handing over these time-consuming tasks to a bookkeeper means you can focus on what you do best: growing your business and taking care of your clients.
2. You’ve Got a Team
Managing finances becomes more complicated when you’ve got staff. Payroll, expense claims, and pension contributions all add up to a lot of extra admin. Payroll is also a really easy thing to get wrong. Want to upset your staff? Get their pay wrong, and that should do the trick! A good bookkeeper can take care of these processes, ensuring everything is accurate, on time, and compliant with HMRC regulations, leaving you free to lead your (happy) team.
3. Your Accounts Feel Disorganised
If you’ve ever had to search through piles of receipts at the end of the month (or year!) or found yourself panicking before a VAT deadline, you’re not alone. Disorganised finances can lead to missed opportunities, stress and even penalties. A bookkeeper will keep everything tidy and under control. From organising your records to ensuring your books are up to date, they’ll make sure you’re always prepared. At Positive Balance, we’re experts in bookkeeping software like Xero, Sage, and FreeAgent. In our opinion, bookkeeping software is the key to staying organised…and it’s about to become an HMRC requirement in the near future for many businesses.
4. You’re Turning Over £90k+ Per Year
When your business is growing, so is the volume of transactions to manage. This is when bookkeeping stops being a basic task and starts requiring a professional approach, especially for businesses exceeding the £90k VAT threshold. VAT, like payroll, is really easy to mess up if you don’t know what you’re doing. In fact, most aspects of tax are easy to get wrong without the right expertise. Hiring a bookkeeper ensures your finances are handled accurately and efficiently, giving you a clear picture of where your business stands so you can make informed decisions (and avoid getting into trouble with HMRC).
5. You Want More Than Just a Service Provider
You need someone you can trust, who understands your business and can offer flexible support tailored to your needs. A good bookkeeper isn’t just someone who ticks the HMRC compliance boxes; they’re a partner who works with you to keep your finances running smoothly. Get the right person and they can also become your most trusted business cheerleader and confidante. And let’s face it, what small business owner doesn’t need one of those?
Why Positive Balance?
At Positive Balance, we’re here to take the stress out of bookkeeping. We work with service-based businesses just like yours, offering flexible and reliable support that fits around your needs. We understand how important it is to have someone you can rely on to look after your finances, so we take the time to find out what makes your business tick and ensure we feel very much like part of your team. We’re proud to be a trusted partner for many businesses across Central Scotland and further afield!
Ready to take the stress out of bookkeeping? Let’s chat x
