Running a small business is a whirlwind. As a female entrepreneur, you’re probably juggling a million things: product development, client calls, marketing, and maybe even managing a household on top of it all. Amid this chaos, your business finances can easily fall by the wayside.
That’s where the importance of a strong financial person comes in. But here’s the thing: while both accountants and bookkeepers are business financial wizards, your small, female-led business might benefit more from a bookkeeper.
Here’s why:
Bookkeepers: The Day-to-Day Heroes
Think of a bookkeeper as your financial right-hand person. They handle the nitty-gritty of your business finances including:
- Recording income and expenses
- Reconciling bank statements
- Managing accounts payable and receivable
- Generating financial reports (like profit and loss statements)
By taking care of these tasks, a bookkeeper frees you up to focus on what you do best – running and growing your business. I often find that clients coming to me from medium and large accounting firms are under the misconception that an accountant handles their bookkeeping. In reality, these firms often hire bookkeepers to manage bookkeeping tasks, but clients typically only interact with the accountant, not the actual bookkeeper doing the work. This means the person who truly understands your account isn’t the one you’re communicating with.
Beyond Bookkeeping: A Bookkeeper’s Wondrous Toolkit
Many bookkeepers offer a wider range of services than just bookkeeping. They can also be your:
- Payroll Pro: Managing payroll can be a complex and time-consuming task. A bookkeeper can ensure your employees are paid accurately and on time, and handle all the associated tax filings.
- Self-Assessment Savior: Self-assessments can be daunting for any business owner. A bookkeeper can streamline the process, ensuring your self-assessment is filed correctly and on time, saving you from unnecessary stress and potential penalties.
- Other services: A growing number of bookkeepers can now also do Financial Statements and Corporation Tax for micro and small businesses. This means the needs of sole traders, partnerships, micro corporations and small corporations can all be handled by a bookkeeper without the need for an accountant.
Benefits for Busy Female Entrepreneurs
For female founders who are often strapped for time, a bookkeeper offers several key advantages:
- Peace of Mind: Knowing your finances are in order allows you to focus on strategic decisions without the nagging worry of missed bills or inaccurate records.
- Empowerment: Clean books give you a clear picture of your business’s financial health. This empowers you to make informed decisions about pricing, staffing, and future investments.
- Time Freedom: Bookkeepers free up valuable time you can spend on client acquisition, product development, or simply taking a well-deserved break.
- Scalability: As your business grows, a strong foundation of accurate financial data becomes even more crucial. A bookkeeper lays this groundwork, making it easier to scale your business in the future.
Bookkeepers: Your Financial Partner in Growth
The beauty of a good bookkeeper is that they can grow with your business. As your needs evolve, they can adapt their services to include more complex tasks, potentially including bookkeeping for multiple entities or integrating with new financial systems. This allows you to maintain a trusted financial advisor by your side throughout your entrepreneurial journey.
Accountants: The Strategic Partners
Don’t get me wrong, accountants are incredibly valuable! But their expertise shines brighter for complicated business needs such as complex tax situations and elaborate financial advice.
The Takeaway for Female Entrepreneurs
Building a strong financial foundation is crucial for any small business, a bookkeeper is the perfect partner to help you achieve that. They’ll free up your time, empower you with financial clarity, and will grow with your business as your needs expand. So, don’t wait until later to bring in a financial expert. Invest in a bookkeeper now and watch your female-led business soar!
Is your female-led small business ready for a bookkeeper?
I would love to be the bookkeeper, payroll agent and/or self-assessment saviour you invest in; you can find out more about me here.
Ready to schedule a consultation to discuss your business finance needs? You can do that here.
