In the beginning, you may be inclined to perform all business operations yourself. Everything seems to be manageable, from planning to bidding on projects with clients. Yet, as the firm grows, you may begin to notice that all the work you have managed is suddenly slipping out of your hands. The first and most obvious issue is your finances.
Finances and records are the most important parts of a business, yet not everyone can do them solo. Financial record-keeping alone takes up a lot of time, leaving you little time for your business.
Bookkeeping services free up your time and ensure your financial picture is correct. Although it may seem like you'll lose money when you outsource bookkeeping, the benefits far outweigh the costs. Here are some signs that your business needs bookkeeping services.
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You have a lot of projects but no money
Late payment? Overspending? Because you haven't invoiced? Cash flow worries many growing companies. Since payment is usually received after a project is completed, a steady cash flow is needed to run and grow the business.
As a result, good cash flow management is required to fund the next project while keeping the business running. Many types of bookkeeping services will help you stay on top of your cash flow by recording all the payments in and out of your bank account.
You discover receipts in odd places
From your office desk to the construction site, and from your pocket to the backseat of your car. Sometimes you find these receipts all over the place, and you don't know if you recorded that receipt or not. If you don't write down and keep track of all your receipts, you don't know where you stand financially. And don't get me wrong if sometimes the receipts come in the form of paper, and instead of dealing with them, you put off doing them by giving more "important" tasks a higher priority.
Bookkeeping services will take the place of what you put off, and they can pay regular attention to asking you for receipts to make sure you have the most accurate and well-organized financial document.
You're too busy
You start getting more clients, projects, and, of course, paperwork. As your business expands, financial records become increasingly important. Then you feel lost, disorganized, and unsure of what to do first. Bookkeeping services give you a big hand to keep track of your transactions, free up your time, and give you peace of mind.
You don't care about the books until tax time
When tax season rolls around, you suddenly recall that you need to take care of this matter. The amount of work you have ahead of you is enormous, and it's likely that you won't complete it well. It will take days to organize the books, even if you do everything correctly.
If this is the case, you should get in touch with bookkeeping services and have them help you from the beginning so that you may save money in the long run by taking advantage of tax deductions.
You are overpaying an accountant for bookkeeping services
Bookkeeping is different from accounting. Bookkeepers write down financial transactions, and accountants look at this data and figure out what it means. Accountants make plans. Basically, they make predictions. They provide financial and tax counsel.
They charge more than a bookkeeper because of their higher level of expertise, even if all they do is manage your books. If you're in this situation, you're paying too much for a service that a bookkeeper might provide for less money.
Final thoughts
Hiring bookkeeping services may cost you money, but it will benefit you in the long run. If any of the above situations sound familiar, it may be time to start outsourcing your bookkeeping to a professional so you can devote more time to growing your business.
CCA is a bookkeeping service that has narrowed its focus to the construction industry. We are conscious of the various projects you have on the go, we understand your business needs, and how challenging it can be to keep track of each expense in the context of the job you are doing. That's why we're here: to reassure you that your bookkeeping is in good hands and provide you peace of mind so you can focus on your own construction business.
