Wanna know what I consider to one of my biggest business mistakes? Bookkeeping – or my lack there of.

I remember thinking that because I didn’t have a lot of money coming in, investing in a bookkeeper wasn’t necessary. But the problem was I didn’t have any idea how to set up my own books. I was lost. I was confused. And I never asked for help.

If you’re feeling that way, please know that you’re not alone!! I have been right where you are.

Before you continue reading about my experience hiring a bookkeeper (and understanding if you need one, too), it’s important for you to understand exactly what bookkeeping is! (It’s another one of those buzzwords we tend to nod our head at in conversation & act like we know what it means!) I can’t say it any better than THIS blog post written by my own bookkeeper!:)

While I know some of you reading this are not at a place in your business to hire a bookkeeper, you ARE at a place where you can ask for help. We’re always at a place where help is needed – whether you’re making 10k or 50k!! I want to urge you to reach out to a bookkeeper for a consultation. See if you can hire them for a consultation so they can teach you the basics of bookkeeping, help you create a system & guide the way for you. The hardest part is starting, and with something like our books we just have to buckle down & do it!!

This year I said “see ya” to confusion & brought on Stephanie of Steadfast Bookkeeping. We met last year at Creative at Heart and she was so sweet & sincere! Since then I have followed her blog, read all of her wonderful newsletter content & poured over the freebies she so generously offers her audience!

One of my big goals for 2017 included getting a better handle on my business finances. I was tired of feeling confused. I was overwhelmed with the mess I had let build up & needed a professional to come in & pave the way. She has done that & more!

She handles bookkeeping for DSE and C@H (as well as payroll for C@H since C@H is an S Corp). She is quick to respond to emails, happy to address my questions or concerns & I’ve never felt more confident in the organization of my finances! She also sent me the sweetest “Welcome” gift & a confetti-filled birthday card – seriously, how adorable is that?! She’s been a lifesaver this year & we’re only in April!:)

Wondering if outsourcing to a bookkeeper is the best fit for your business right now? Here are 5 questions to ask yourself before jumping in:

1. Do you know the monthly profit or loss for your business? I’m ashamed to say that before Stephanie I couldn’t have told you a monthly analysis of my profit/loss. Now I can. I was bogged down with so many to-dos & didn’t have any desire to categorize my books. Yet as a BUSINESS this should be the FIRST thing I think! You MUST be able to see your profit/loss to understand what products & services are working, what aren’t & what additional revenue streams you can pursue (along with what additional expenses you have room for!).
2. Do you currently reconcile your accounts on a monthly or even quarterly basis? Or do you wait until April & get it done right before taxes are due? If you answered “no” to the first & “yes” to the second – girl, I feel you! This was my life ever since I launched my business & I knew things needed to change.
3. Do you have peace of mind when it comes to investing in your business? Are you flying by the seat of your pants when it comes to investing in your biz? Not really sure when you can attend that conference, buy that piece of equipment or upgrade your laptop? By having a clear vision of your books each month you’ll be able to clearly see when & what you can invest in.
4. How much time are you spending on your books each month? Time is money. While investing in a bookkeeper is just that – an investment – it’s an investment that is worth it if it gives you back the gift of time. Think of the endless possibilities: the additional clients you can book, the additional products you can create, the big projects you keep putting on hold… by outsourcing your weaknesses you can focus on your strengths. (Side-note: If you’re not spending ANY time on your books then girl, please give it over to someone who will!!)
5. Do you enjoy bookkeeping? I think it’s pretty clear that I don’t!:) However some of you may not find it as awful as I do! It could be that you just need a nudge in the right direction. Like I said before, if you feel like you are capable of doing it & would enjoy doing it, I would highly suggest you reach out to a bookkeeper for a consultation or coaching call. Ask them to take a look at your systems (or help you set up a system & teach you how to do it!). Having an experts eye can never, ever hurt & will make you feel more secure moving forward.

 

How do you feel about bookkeeping? Are you thinking about outsourcing this business task? 

 

xo! kat