Why Do Small Businesses Need Bookkeepers?

It's not an easy task to run a business. There are plenty of projects and administrative jobs to do. Without proper organizational skills, your business can fail because you simply miss important information about the state of your small business bookkeeping.

Here’s an indisputable truth: In their first year, 20% of small businesses fail; 30% of small businesses are struggling to keep afloat during their second year, and 50% of small businesses fail after five years of business. Eventually, in their 10th year in operation, 70 percent of small business owners have given up. This is a hard fact provided by the Bureau of Labor Statistics for many American small businesses. This is a let-down for aspiring small businesses who are just starting up. Digging deeper, one of the major causes of failure is financial management.

Entrepreneurs disregard the services of a professional bookkeeper, thinking they’d save up some cash and risk just doing it themselves while others utilize software/or apps. These software/apps may be helpful in tracking your financial business records, but they are not intended to replace your actual bookkeeping. Think about this – if you’re not a computer technician, would you take a chance and fix your laptop? Would you operate on yourself even if you’re not a surgeon? Likely not. Some things you can wing, but as far as your small business bookkeeping is concerned, you reach out to an expert.