Hey, Creatives!

As a creative business owner, you wear a variety of hats and most days it probably feels like you’re being pulled in too many directions. How do you prioritize the things you love to do, that bring you joy–while also accomplishing all those pesky tasks that take up too much of your time and energy? For many entrepreneurs, bookkeeping is one of those items that never gets crossed off your to do list, because you can never quite give your books the time and attention that they deserve. Have you considered outsourcing your bookkeeping? Today I’m going to share 5 benefits of how hiring a boutique bookkeeper can benefit your business.

What is a Boutique Bookkeeper?

A boutique bookkeeper is virtual bookkeeper who specializes in providing bookkeeping services to creative entrepreneurs. Many people think that a bookkeeper needs to work with you in person in order to be able to keep track of your business’s expenditures, but that is far from the truth. Back in the early 2000s, when business was conducted mostly in-person with tons of paper, checkbooks, and banker boxes, that might have been true, but thanks to modern technology & modern bookkeeping, that is no longer the case!

By nature, most creative entrepreneurs are already set up to work with a virtual modern bookkeeper since most of your business is conducted online: from your online presence, to the products and services you offer, to the payments you accept — you already have everything you need to get started with a virtual bookkeeper! And most importantly, all of your banking information is available online, which makes virtual bookkeeping possible! Plus, there are cloud-based accounting systems–like QuickBooks and Xero (my preferred accounting software)–that enables a virtual modern bookkeeper to easily assist you with your bookkeeping.

Here are 5 benefits of hiring a virtual bookkeeper for your creative business:

1. You’ll Make Business Decisions with Confidence!

A HUGE benefit you will see right away when you hire a monthly bookkeeper is the confidence you will gain from understanding your business’s financial data . . . understanding this data is one of the most important aspects of growing your business! A boutique bookkeeper will track your profits, show you which products and services generate you the most money, and will categorize your expenses so that you can see where you’re earning money and how you’re spending that earned income. These insights allow you to make business decisions confidently and without hesitation. This will help you–as the CEO of your business–to better market your products and services. Once you understand exactly how you’re making money, you’ll be better able to decide where to focus your finances, and whether that focus needs to be on marketing, hiring new employees, or creating new products. You’ll have the insights you need to make decisions that will help you to confidently grow your business in the right direction.

2. Know Your Numbers In Real-Time

Does this sound like you? You put off doing your bookkeeping until tax time, but then you’re extremely stressed, and in that moment, you make a resolution to keep up with your bookkeeping monthly. Yet the next thing you know, it’s already halfway through the year and you haven’t done any bookkeeping yet?! Or, are you someone who waits until the tax deadline to review your numbers for the prior year? This is way too much stress for any one person (who wears as many hats as you do) to handle! Well, you can stop stressing because a virtual bookkeeper can help you out of this mess! Your boutique bookkeeper will send you monthly reports that utilize up-to-date data based on your income and expenses. This means that you can stop gazing at your bank account — trying to discern from the current balance — whether your business is profitable. Hiring someone to navigate your monthly expenditures will not only save you time and money, but you’ll also feel less stressed. Imagine how liberating it will feel when you relinquish control of your books to an expert! You’ll have more time to devote to the creative side of your business, AND you’ll feel prepared at tax time! Knowing that your finances are organized and itemized means that you won’t miss out on any deductions, and you’ll be able to confidently make informed decisions for your business.

3. More Time to Spend IN Your Business

How much time do you spend working ON your business instead of IN your business!? Do you feel like you’re a creative and passionate person who has a multitude of gifts and talents, yet you rarely get to utilize your gifts because you’re too busy working on the back end of your business? Bookkeeping is a huge task that can drain your energy, and that results in you having less time and head space to be creative. If you’ve never taken an accounting course (and even if you have) it can be overwhelming to manage your business AND your books. Relinquishing this task–by hiring a bookkeeper–will allow you to reclaim your creative energy, which will have a positive impact on your personal life as well as your business. You started your business with a passion — don’t let the financial aspects of your business steal your joy–reclaim your passion by outsourcing your bookkeeping!

4. Set Realistic Goals

It’s impossible to set financial goals when you don’t know how much you’re actually earning. Setting financial goals without first understanding your profit margins is like running a race where the finish line gets further and further away with each mile of the race. Your virtual bookkeeper will send monthly reports for your review. These reports will help you to understand your income vs your expenses, and this will allow you to set achievable financial milestones, and you’ll be empowered to track your success from month to month.

5. Be Prepared for Tax Time

Do you find yourself scrambling when it comes time to file your taxes because you haven’t kept up with your bank statements and credit card receipts? Raise your hand if you’ve ever found yourself with a whole year of bookkeeping catch-up on, with only a few days left to do it. (This is one of the most soul-crushing aspects of being an entrepreneur!) Procrastination leads to filing for a tax extension, which leads to more procrastination, and this eventually results in payment penalties and additional interest payments to the IRS. All of this can be avoided if you were to hire a bookkeeper. A boutique bookkeeper will take this task off your plate, will keep your books organized each and every month, and will ensure that all of your income and expenses are accounted for. No more missed tax deductions, no more income being omitted–or worse–poor accounting often leads to your income being double counted, which results in you paying more taxes than necessary! At the end of the year, your boutique bookkeeper will send you all the reports that your accountant will need to quickly and easily prepare your taxes. Who wouldn’t want to breathe a huge sigh of relief after experiencing her first stress-free tax season…woohoo!

If you see yourself in any of the above examples, then you need to hire me as your boutique bookkeeper! I can’t wait to meet you, learn about your creative talents, and help you grow your business by taking your bookkeeping off your to-do list. You can also contact me via email at hello@frolicbookkeeping.com or fill out the contact form on my website!

xoxo,

Olivia