Would I Save Money By Hiring a Bookkeeper?

Would I Save Money By Hiring a Bookkeeper?

Would I Save Money By Hiring a Bookkeeper?

I believe that you would. A bookkeeper is going to be able to get things done a lot faster and more accurately than you would be able to do it yourself. Just in the same way that you wouldn’t go pull out your own tooth, you would go to a dentist – generally, you want to use a professional when it comes to your money and your business.

A professional will get it done accurately and quickly – faster than you probably will. 

In QuickBooks, everything can be fixed if entered incorrectly, but it takes about three times as long to fix something as it does to do it right in the first place. So if you start doing your books and you mess them all up and you know they’re all messed up, and you hire a bookkeeper to fix them, instead of hiring one earlier, it will take them at least three times as long, and cost you at least three times as much, as if you hired them to begin with.

Another thing about hiring remote bookkeepers … if you have a bookkeeper that comes to your office, is an employee, even a part-time employee, you pay them for staff meetings, water-cooler chatter, time waiting for computers to turn on and off, walking over to your office, and asking you questions.  On the other hand, if you hire a remote bookkeeper, you’re not paying for any of that. You’re going to have your communication and maybe a meeting, but, in general, they log into your file and do your bookkeeping, and that is all you pay for.

Bookkeepers are busy and often have many clients. Clients sometimes ask me after I quote them an estimate, “Well, what if it takes you less time? Are you going to charge me less?” My answer is, “Absolutely. I’m not trying to make money by charging people more time. I have lots of clients to work for, and I’m always getting more clients. I want to get the work done, and I want to get my bookkeepers to get the work done as fast as possible so they can get on to the next client.” 

You save money that way. The bookkeeper isn’t sitting in your office for eight hours, and you’re also not paying payroll taxes, you’re not paying benefits – just paying a bookkeeper to log into QuickBooks, do the bookkeeping, do the payroll, pay your bills, and do whatever it is you need them to do.

Sometimes bookkeepers will charge flat rates, sometimes hourly, but, for the most part, you’re going to save money.

You are also going to save money on taxes because a bookkeeper will know what is tax-deductible and what isn’t. I can’t guarantee this, but you’re less likely to get audited because the books will be clean and make sense, and therefore the taxes will be clean and make sense.  If the bookkeeper sees that something doesn’t make sense … for instance, you deposited a check – this has happened to me, you deposited a check for $8,000, and the bank entered it as $8. You’ve now lost $7,992 that you might not have noticed.  Depending on how much money you have running through your company, you might not notice for a while. But your bookkeeper would notice right away because it wouldn’t reconcile. (You entered it in as a certain amount and the bank shows it as a different amount.) The bookkeeper will let you know, you’ll call the bank and get it sorted out right away. 

So as you can see there are so many ways that you can save money by hiring a bookkeeper.

Let me know if you have any questions or if you would like a free consultation.

Maya Weinreb | Founder & CEO