Do you find yourself wondering if it might be time to find a bookkeeper? Here are five warning signs that it might be time to take this step – although many times you are in way over your head if they occur.
- Your banker or business advisor has requested financial statements. If this happens and you do not have your bookkeeping records in order, you need to act fast. The trick will be to find a bookkeeper who can get this information processed fast enough to meet your deadline.
- You are getting angry phone calls from suppliers looking for payment. Everyone can miss paying an invoice now and then. But if you are consistently late paying your suppliers, you risk losing your credit privileges and your business may be in peril if you can’t purchases your supplies or inventory.
- You don’t know how much money you have coming in. If you can’t keep track of your accounts receivables, you won’t know if people are late paying you. Unfortunately, some customers may take advantage of this if they know they can get away with paying you late.
- You’ve hired an employee and need to pay them. Once you’ve crossed the threshold of not being able to run your business on your own, you must find a bookkeeper who can take care of payroll for you. The employee and income tax laws are generally too complex for many small business owners to handle on their own.
- You are having problems keeping track of your business and personal expenses. This is a huge red flag. If you get audited and you have not kept careful records, the government may disallow certain expenses even if they were genuinely business related. Also, if you tend to lose receipts, you can easily miss out on business expenses that you could be writing off.
So if you have encountered any of the above warning signs, consider it time to find a bookkeeper. Imagine Solutions is here to help! Call us today for a Free Consultation!