When the books feel too much…
Running a small business is a whirlwind of activity and you, the small business owner, are everything to everyone. You’re the visionary, the leader, the sales team, the customer service representative, and sometimes, even the janitor and coffee-maker, all rolled into one.
In the midst of all this, the daily grind of bookkeeping often feels like a dull chore that gets pushed to the back burner. Or into a dusty drawer to be looked at when you. have time. But what happens when that time never comes, when that simmering discomfort, those nagging thoughts in the back of your mind, turn into full-blown overwhelm?
Every entrepreneur has been there. It truly is fine to admit it to yourself if it all feels a bit too much. You find yourself staring at a mountain of receipts, invoices, and spreadsheets. The numbers and columns are blurring one into the other and no amount of coffee or motivational self-talk can pull you out of that sense of paralysis.
You’re probably asking yourself, "Where do I even start?" or "Am I doing this right?" or worse “I wish I’d never started this.” The stress of potential errors, tax returns looming, and the general sense of being lost can be crippling. It pushes you into even more procrastination and the spiral of bookkeeping doom gets darker.
But there are things you can do to deal with it…
First things first: acknowledge the overwhelm. Don’t beat yourself up for not having everything perfectly organised. Running a business is complex, and, especially in the early days, you are so focused on pulling in new business that you can let the more mundane items slip, and financial management isn’t everyone’s cup of tea. The most important thing is to recognise and accept when you need help. Then you can take proactive steps to sort it all out.
How do you know when it’s time to call in reinforcements? Here are a few telltale signs:
Look out for these:
Feelings of dread when you think about the bookkeeping: If the thought of touching your finances fills you with anxiety, it’s a red flag.
You’re consistently behind: Are you weeks, or even months, behind on reconciling accounts? Red flag right there.
You’re missing deadlines: Late payments, tax filing errors, or missed invoice payments, being chased by creditors even though the money to pay them is in your bank account, sending out your sales invoices late and you have a whole bevy of red flags flapping at you.
You’re unsure about financial reports: You’re suffering so much from avoidance that you struggle to understand your income statement, balance sheet, or cash flow? The red bunting is now all over the place.
You're neglecting other crucial business tasks: You have to choose between spending days and days catching up with the books and missing business meetings or other urgent business tasks; you can’t let it go on much longer and NOW is the time to delegate.
It’s Okay to ask for Help!
Outsourcing your bookkeeping can be a game-changer. Here’s how:
Reduced stress: Relieve yourself of the burden and focus on what you do best—growing your business. The relief is instant. And if you’re worried about the cost of outsourced bookkeeping, rest assured that it’s a lot less than penalties from the tax office!
Increased accuracy: Professionals are less likely to make errors, ensuring your records are accurate and compliant. A good bookkeeper will pick up those piles of unfinished books, those half completed spreadsheets and make complete sense of them. It’s invaluable.
Time savings: Your time as a business owner is so precious. Claim it back and dedicate it to what you really are good at and that brings in all that profit to your business: client engagement, strategic planning, product launches, marketing…
Better insights: Once your books are sorted out, you will have clear financial reports that inform your decisions and will steer you towards greater profitability.
Tax compliance: If this is the only reason you outsource your bookkeeping, it’s the best reason…keep your business compliant and functioning smoothly.
Taking the First Step
Finding a trustworthy bookkeeper might seem daunting, but it doesn’t have to be. There’s Athena Services for a start!
But you could also ask around for referrals from other business owners; word of mouth counts for a lot when it comes to trust. You can also check out online platforms and local business directories, and local small business networking groups are also great resources.
It’s helpful if you can find someone with experience in your industry, although this is not essential as most good bookkeepers will quickly be able to assimilate industry practices. It also works best if you settle on someone with a communication style that suits you.
Remember, seeking help is not a sign of weakness; it’s a sign of strength. It demonstrates your commitment to your business’s success and your willingness to prioritise your personal well-being and the well-being of your business. Free yourself up to focus on your passion and drive your business forward.
Big Suggestion: reach out to Athena for a chat. No obligation, one hour free online consultation. Talk to us about your small business, your books, your plans and aspirations, and we’ll help you find your own way forward. The only commitment you make is to open up and chat, and our commitment to you is to offer you help and guidance culled from our years of helping out small businesses. Head for our Contact page and leave us a message, or email direct: athenaservicesuk@gmail.com
