7 Signs You’ve Outgrown DIY Bookkeeping

Handling the money side of your small business can get pretty overwhelming, especially when your company starts growing. You, like many other hustlers out there, might still be trying to handle your bookkeeping in-house to save some money. Or, maybe it’s because the thought of finding the right help is daunting. But there comes a time for everyone when you need to hire a money pro. Here are 7 telltale signs that scream, "Get yourself a bookkeeper!" Plus, we'll outline why having a financial partner on your side may actually save you some cash down the road:

1. Transaction overload

As your business expands, the number of financial transactions tend to increase. If you find yourself drowning in a sea of receipts, invoices, and statements, it’s probably time to bring in a bookkeeper. They can help organize, record, and classify transactions efficiently, ensuring accuracy and compliance.

2. Financial reports making you cross-eyed

If decoding financial reports feels like cracking a secret code, your business has outgrown the basics. A bookkeeper can whip up clear, straightforward reports that provide valuable insights into your business's financial health. These reports aren't just fancy – they're your ticket to making smart decisions and catching the eye of potential backers.

3. Tax season stress

If the mere thought of tax season makes you break out in a cold sweat, it's time to consider a bookkeeper. While we don't do taxes here at Breakaway, a savvy advisor can team up with your tax preparer to keep your business on the straight and narrow. They'll make sure your books are squeaky clean when tax time rolls around – a stress-buster for you and your CPA.

4. Stick to your strengths

As the boss, your main focus should be steering your business to success. If bookkeeping is taking way too much of your time – time better spent on game-changing plans or sweet-talking customers – it's bookkeeper time. Let them handle the nitty-gritty so you can shine where you excel.

5. Financial slip-ups and hiccups

Spotting mistakes or weird glitches in your financial records? Not cool. Errors or inconsistencies that are hard to trace are a big red flag. A bookkeeper's expertise will keep your records accurate and up-to-date, dodging those financial potholes that could trip up your business.

6. Cash flow headaches

Struggling with cash flow is a common challenge for small businesses. A bookkeeper can help keep tabs on what's owed and what's coming in, so you can focus on making smart decisions and reaching your goals.

7. Your “bookkeeper” is wearing two hats

Last but definitely not least: Have you assigned bookkeeping duties…to someone who’s not a bookkeeper? If Cindy from sales is also doing your books simply because she has the most free time, consider this the largest red flag of them all. Your books have to be accurate to make accurate business decisions, and delegating this task to someone unqualified sets them up for failure and you up for a huge (and probably expensive) headache.

It’s commendable to want to hustle and grind and do it all yourself—at first. But there will inevitably come a time when you have to hire some outside help if you want to keep growing. By handing this job over to a pro, you and your people can focus on what you each do best – growing your business and locking in that long-term success.

Curious about our custom bookkeeping services? Shoot us an email at info@breakawayba.com. We’d love to chat!