Do I NEED a BOOKKEEPER? The REAL reason why I ABSOLUTELY SAY YES!
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SUMMARY:
Unfortuantely, many don't think about the value of having a bookkeeper until they actually need one.
What is often overlooked is the bookkeeper's role as an advisor, providing not only financial accuracy, but also planning and future goal-oriented advice.
According to Intuit, businesses that work with a bookkeeper are 70% more likely to be in business after the five year mark.
While categorizing expenses is a surface-level task, bookkeepers can offer much more. Clearly, they are vastly underrated and underappreciated.
TRANSCRIPT:
(KEVIN STAFFORD)
It's unfortunate because you don't really think about how much you need it until you really need it.
Obviously, like somebody who understands how to do it, how to do it well how to do it effectively is one thing, but also that advisor role I feel like is so slept on.
Because it's not only just about making sure your i's are dotted and your t's are crossed, and all your numbers are in the right place. It's also about planning. It's also about being able to judge present, near-term, and long-term future goals, and figure out like how things are shaping up, trends, and etc.
And I feel like that advice is just as valuable and it's even more slept on.
(ALICIA KATZ POLLOCK)
It really is. I mean, Intuit has done studies that business owners who work with a bookkeeper are 70% more likely to be in business after that magic five year mark.
And people think that bookkeeping is just categorizing the expenses into the right category for your taxes. And that's like, the surface level.
It's really about saying, "Okay, well, how much profit did I make? And why does that net profit, not match my bank account?" Because it never does. They're not the same thing?
And how do you manage your finances so that you can grow? You know, where are you leaking money? Where are you not investing? What's a better place to put your resources, and that's what bookkeepers and accountants bring to the table.
It's not just filing your taxes for an Uncle Sam, it's being able to say okay, well, if my goal for 2023 is to bring in 20% more customers, how do you do it? Or if your plan is to, you know, drop a certain expense by 10%? Where do you go to do it and analyzing all of that and that's what helps business owners succeed. It's... it's financial coaching.
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