Here are 10 reasons you should hire a bookkeeper for your start up or existing business!

1. Keep your focus on core business needs; as a start up you are turning an "idea" into a viable business so your attention needs to be focused on growing your business rather than the 'operational' tasks - this applies even if you've been in business for a few years, probably more so.

2. Stay out of what you don’t really know or understand; if finance isn't your strong point then hire a professional! Your focus should be on what you're good at so ensuring you have a qualified bookkeeper on your team will save you time and ultimately money in the long run.

3. Calibrate a work-life balance; you are already likely to be so busy focusing on the core aspects of your business, do you really want to be doing the books in your "spare time" and missing out on opportunities to spend time with loved ones & having some down time? Burnout doesn't look good on anyone!

4. Get a different perspective on the business; a second set of eyes never hurt anyone! Trust your bookkeeper to give you some insights into your business as they crunch the numbers for you each month.

5. Escape the tedious aspects of business; it's probably safe to say your passion is not in the "numbers" side of your business - you want to spend time doing what you're good at and passionate about! Lucky for you, bookkeeper's love that part so outsource it to us.

6. Make sure everything is paid on time; you have a lot on your plate & more often than not the bills you need to pay are the last thing on your to do list. Keep your credit in order by allowing your bookkeeper to help you handle payments on time.

7. Ensure you are up to date with the ATO; nobody wants the ATO breathing down their neck so let your bookkeeper manage your ATO obligations. You will get extended lodgement dates for your GST and your BAS Agent can liaise with the ATO on your behalf to set up payment plans to support your cash flow.

8. Maintain cash flow; if you don't get paid by your clients it makes it difficult for you to pay your suppliers - a very unhappy cycle! A good bookkeeper can help you keep your cash flowing and implement cash flow forecasts for you.

9. Resolve conflicts of interest with any business partners; in a business with partners, different ideas about how and when to spend/withdraw money can come about. A bookkeeper can help to put systems and procedures in place to ensure that the health of the business is at the forefront vs individual partners wants/needs.

10. Reduce the cost of financial obligations; it is definitely appealing to do your own books and save some money, but hiring a professional bookkeeper/BAS Agent will save you money as there is a reduced risk of error (though we're all human)! Plus, your time is money that you could be using toward getting your new business running and bringing in the revenue to move to the next level.

Reach out to FUEL today to see how a bookkeeper can become a valuable part of your team!