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The warning signs that you need to find a bookkeeper ....

 

Do you find yourself wondering if it might be time to find a bookkeeper?  Here are five warning signs that it might be time to take this step ...

Your banker or business adviser has requested financial statements. If this happens and you do not have your bookkeeping records in order you need to act fast. The trick will be to find a bookkeeper who can get this information processed fast enough to meet the timeline.
You are getting angry phone calls from suppliers looking for payment. Everyone can miss paying an invoice now and then. But if you are consistently late paying your suppliers, you risk losing your credit privileges and your business may be in peril if you can't purchase your materials.
You don't know how much money you should have coming in. If you can't keep track of your accounts receivables you won't know if people are late paying you. Unfortunately some customers may take advantage of this if they know they can get away with paying you late.
You've hired an employee and need to pay them. Once you've crossed the threshold of not being able to run your business on your own, you must find a bookkeeper who can take care of payroll for you.
You are having problems keeping track of your business and personal expenses. This is a huge red flag. If you get audited and you have not kept careful records, the Tax Office may disallow certain expenses even if they were genuinely business related. Also you can easily miss out on business expenses that you could be claiming if you tend to lose receipts.


So if you have encountered any of the above warning signs, consider it time to find a bookkeeper.

 

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