As a business owner, you are pulled in many directions at once: meet a prospective client, fill existing orders, respond to customer inquiries, pay bills, and the list goes on! Also, you need to cost conscious as every dollar counts.
Also, a whopping 94% of all businesses fail after 10 years. There many factors causing this sad statistics but you can fight back with a professional bookkeeping partner like BLMP. The success of your business is directly related to the quality of your team and business partners.
In this blog, we go over some of the main reasons why hiring a bookkeeper is a smart decision at any stage of your growth. Here are the top 3 reasons:
1. Focus on your expertise and clients
Why did you start your business? Was it because you earned your degree as a construction trade and want to help your clients get better value compared to the competition? Or is it because you have the best product or service and you want the world to know about it? At BLMP, we understand that your time is more valuable when it is used for your expertise and serving your clients. By having a professional bookkeeper, we will take care of all of your financial chores and keep you inform of your finances. We can also assist you in getting the optimal financing structure so you can act swiftly on opportunities. That is added-value!
2. Manage your costs
Every dollar counts. If you are still in the early phase, you might not have the need to hire full-time accounting professionals but you still need to pay vendors, track your cash flow, make sure that clients are getting invoiced quickly and that you are collecting those hard earned revenues. Your bookkeeper can help you get it all done quickly, professionally and at a fraction of the cost of having employees with the added complexities that comes with it. The same applies for any growing business that already has a team on hand. Some functions are better outsourced to your bookkeeper so that your employees can focus on those added-value activities like keeping your clients happy and buying from you!
3. Cash is king
We all heard this before, right? But what does it really mean? We met with a new client that was happy to report that his revenues was doubling every year for the last 3 years. That’s great!! It is only if you can actually collect these revenues though. This client had massive account receivables, no cash flow and no one to follow-up with the clients and collect those outstanding invoices. Your professional bookkeeper at BLMP is here to help and get those dollars in your business bank account! After a few months, the client’s receivables went down and actual deposits were being made in the account so suppliers could be paid on time. This actually improved the client’s credibility with both its customers and vendors. It also improved the credit rating with the bank so it can borrow at better rates, terms and conditions in the future.
Outsourcing your bookkeeping and accounting is a smart business decision for any business owner like yourself. At BLMP, we bring extensive experience in accounting and business financing to keep you and your business heading in the right direction. Contact us today to learn more how we can be a business partner in your success. Also, please tell us know what you think about this article and what subjects you would like us to talk about next.