What a year! We hear it all the time these days. But it’s true – no matter how you look at it, this year has been just plain hard. As a business owner, there have been so many things to manage on top of the already long list of to do’s, like new regulations, your health, your employee’s health, PPP loans, grant money, etc., all of which made some of the not so fun tasks slide to the wayside. Sound accurate? Let me guess… accounting and bookkeeping are on that list!
With so much going on in the world, it’s no surprise that keeping up on your books is difficult and the last thing you want to do after a long day. It can be time consuming, very involved and just plain hard. And really, it’s probably not a most favorite task either. Bookkeeping is hard. Construction bookkeeping is even harder… especially when it isn’t your area of expertise. But… it is so necessary and so very important to the success of your company.
Importance of Accurate and Current Financials
Having accurate and current financials is key to successfully running your business. It sounds obvious, but you need to pay your bills and make money. To pay your bills you need to know not just how much money you have, and not just what is in the bank. We are talking about how much money is available after all of your upcoming bills are paid. Having a good grip on your cash flow is also a huge benefit to updated and accurate financials. Also, you will be able to pivot your business and adjust when unforeseen events happen. You will be able to more easily see trends, opportunities for growth and confidently make decisions. Yep, you get it, it’s that important!
Outsourcing is a Great Option
Great, but that still doesn’t solve the problem of not having the time or resources or even energy to keep on those financials. So, let’s talk outsourcing. It is such a great option for many companies for many reasons. When you outsource a bookkeeper, you get all of the benefits of their experience and expertise, without having to train them. It can be a more cost-effective option than hiring an employee (think recruiting time, benefits, taxes, training, computers and other equipment). It has been said that the average cost of just hiring a full time employee is around $4,000! Plus, you will have a resource to discuss your financials with who actually knows and understands construction accounting and financials.
How do you know it’s time to outsource?
There are some good indicators that outsourcing your bookkeeping is right for you, like:
- There is not enough time in the day for you to do it.
- Bookkeeping is not your specialty.
- You have no idea where your company stands financially.
- There are errors in your finances.
- You aren’t sure where those errors are coming from or how to fix them.
- A full-time employee is not the right fit for you right now.
- Your business is growing and you need more reporting and advisory support.
- You can’t trust your numbers.
Find the Right Outsourced Bookkeeper
Outsourcing sounds scary, but it doesn’t have to be. Think of it as an extension of your team who is as committed to your business as you are. The 24hr Bookkeeper team is just that. We manage your financials like they are our own. You have a dedicated bookkeeper that knows the ins and outs of your financials, plus a team of bookkeepers behind them to jump in when necessary. That means you don’t have to worry about vacation time, sick time, etc. We have you covered.
Our bookkeepers obviously know accounting, but also have great experience in the construction industry as well. We know the softwares used, stay up on the forefront of any software updates and know the nuances you face in the construction industry. Our job is to make managing your financials easy on you and make it so that current financial information is available to you when you need it. You can finally trust your reports and know that it is done right.
And the best part of outsourcing your bookkeeping, you don’t have to do it!
Leave bookkeeping to us so you can focus on growing your business.
