Is It Time to Hire a Professional Bookkeeper for Your Small Business?
Running a small business comes with a lot of responsibilities, and managing your finances is one of the most important—and sometimes one of the most stressful. You might be wondering whether hiring a professional bookkeeper is worth it or if you can handle it all on your own. If this question has been swirling in your mind, you’re not alone! It’s a big decision, but one that could make all the difference for your business.
Here, we’ll explore why hiring a bookkeeper could be one of the best investments you make, answer some of the most common concerns, and help you decide if it’s the right move for you.
What Does a Professional Bookkeeper Actually Do?
First, let’s clear the air—what exactly do bookkeepers handle? While you may already be tracking your own income and expenses, a professional bookkeeper takes it several steps further. They handle tasks like:
Recording and categorizing transactions.
Reconciling your bank accounts to match your actual expenses.
Managing accounts payable and receivable.
Preparing financial statements like balance sheets and income statements.
Preparing CRA compliant Payroll
Ensuring your records are CRA-compliant.
Essentially, they take all the financial clutter off your plate so you can focus on the parts of your business that you love most.
Signs It’s Time to Hire a Bookkeeper
Not sure if now’s the right time? Here are some signs that it might be time to bring in a pro.
1. You’re Spending Too Much Time on Bookkeeping
Ask yourself, how much of your time is spent juggling spreadsheets, finding receipts, or reconciling transactions? If you find that bookkeeping is eating into hours you could be using to grow your business—or even just take a well-deserved break—this is a big indicator that it’s time to seek help.
2. Your Books Are Never Fully Up-to-Date
We get it, life gets busy, and bookkeeping often takes a back seat. But falling behind can cause serious stress come tax time or when you need accurate records to make business decisions. If your accounts are more of a “one day I’ll catch up” project, a bookkeeper can bring you some much-needed peace of mind.
3. You’re Unsure About CRA Compliance
Canadian tax regulations can be a maze for small business owners. Are you reporting everything correctly? Are you staying on top of GST/HST filings? A professional bookkeeper ensures your finances are compliant so you can avoid potential penalties or headaches.
4. Your Business Is Growing Quickly
Yay for growth! But with more clients, more sales, and more expenses, your books will inevitably grow more complex. A bookkeeper can help you stay on top of this growth and provide clarity on where your business is headed financially.
Top Benefits of Hiring a Professional Bookkeeper
Now that you’ve identified the signs, here’s how a professional bookkeeper can make running your business smoother and smarter.
1. Peace of Mind
Knowing that your finances are being handled by a pro means you can stop worrying about the nitty-gritty details. No more late-night reconciliations or stressing over missing receipts.
2. Time Savings
Bookkeeping takes time—and lots of it! Outsourcing this task gives you more hours in your week to focus on what matters most, whether that’s scaling your business, networking, or spending more time with your loved ones.
3. Better Financial Decisions
With up-to-date and accurate financial reports at your fingertips, you’ll have a clear picture of your cash flow, profitability, and overall business health. This clarity helps you make smarter decisions to keep your business thriving.
4. Tax-Time Stress Reduction
A bookkeeper ensures your records are organized and CRA-compliant, which makes tax time far less stressful. Everything you need will be ready to go, and you might even save money by identifying deductions you weren’t aware of.
5. Support During Growth
If your business is expanding, a professional bookkeeper not only keeps you organized during the growth phase but also helps you plan for the future. Whether it’s preparing for loans, investors, or hiring, having clean financials is invaluable.
Common Concerns About Hiring a Bookkeeper
"Isn’t It Too Expensive?"
While it’s true that hiring a bookkeeper is an investment, it often pays for itself. The time you save can be used to bring in more revenue, and the financial clarity they provide may even uncover areas where you’re overspending.
"I Don’t Think I Need One Yet."
Many small business owners hesitate to hire a bookkeeper because they feel their business isn’t “big enough.” But bookkeeping isn’t just for large companies—it’s about creating a solid foundation for your financial future, no matter your size.
"Won’t I Lose Control of My Finances?"
Not at all. A great bookkeeper works with you, not over you. You’ll still have full access to your records and decision-making power—they’re simply there to make your life easier.
How to Find the Right Bookkeeper
When you’re ready to make the leap, finding the right professional is key. Here are a few things to keep in mind during your search:
Experience: Look for someone familiar with small businesses and Canadian tax laws.
Technology: Ask about the tools they use—cloud-based software like QuickBooks or Xero is a plus.
Communication: Choose someone who’s easy to reach and willing to explain things in a way you understand.
The Bottom Line
Hiring a professional bookkeeper isn’t just about handing off tasks—it’s an investment in your business’s success and your own sanity. When your finances are in capable hands, you’re free to focus on what you do best.
If juggling your books has been feeling like an uphill battle lately, this might be the perfect time to bring in some help.
Take Action Today!
At Jenn Doan & Co., we specialize in making bookkeeping easy and stress-free for small business owners like you. Whether you have questions about your current finances or you’re ready to take the next step, we’re here to help.
We’re offering a free business books assessment to understand what your needs will be around the financial record-keeping of your business, your business goals, and create a plan to help you get started. It’s the perfect opportunity to chat with an expert, ask your pressing questions, and see how partnering with us can make a real difference for your business.
Reach out today and let us take care of your bookkeeping, so you can get back to doing what you love. Contact Jenn Doan & Co. now to schedule your free consultation!