What is the value of a bookkeeper?

Many business owners see bookkeeping simply as a basic administrative function. Because of this, looking for a bookkeeper is something most small businesses leave as something they can do later. And while it's true that some of the bookkeeper's responsibilities are administrative, they also perform key functions that can add exponential value to your business. Wait too long to hire a bookkeeper and you miss out on this value. And opportunities for your business to grow.

Bookkeepers provide an instant, real-time view of where money is coming and going in the business. Cash flow is the lifeblood of any business and one of the biggest challenges businesses face is maintaining a healthy cash flow. Visibility of the cash flow can empower business owners to make changes where and if needed, and plan and budget for the future.

Bookkeepers also maintain accurate financial reports and data. This data is crucial for setting budgets, forecasting future performance, and identifying potential financial risks or opportunities. And because this data is provided regularly and instantly, business owners don’t have to wait until the end of the financial year when the annual accounts are produced to make necessary changes. Owners have the tools they need to perform strategic analysis and forecasting, and make quicker, smarter decisions that drive business success.

Bookkeepers provide the ability for owners to better control their costs and can make a substantial difference in keeping your business solvent. They can assist with sending reminders to customers who owe money. They can also monitor debt, one of the most significant challenges for small businesses. Late loan payments and delinquent invoice payments can choke a company’s cash flow and prevent it from meeting its obligations.

If you are working to increase your revenue you will need the clean financial records and data that a bookkeeper provides. The true value of a bookkeeper is providing you the peace of mind that your finances are accurate and that you know the exact financial health of your business. And that, in itself, is invaluable.