WHILE small business owners (SBOs) are often considered entrepreneurial, financially independent and successful, there are many challenges they face in their daily routines that are anything but.<\/p>\n
According to the Department of Industry, Innovation and Science’s study of Small Business and Mental Health in 2020, “While most SBOs felt that what they do is worthwhile (average rating 7.2\/10) and are more likely than not to rate themselves as happy (6.8\/10) nearly one in three (28 per cent) reported a diagnosis in the last 12 months of either stress, depression or anxiety”.<\/p>\n
The study claims that the main factor contributing to this stress, depression or anxiety for SBOs are financial concerns and concerns about the impact on family and personal life.<\/p>\n
At STS Accounting Group, we focus on helping alleviate the stresses of running a small business. It seems simple, but a bookkeeper offers great benefits for SBOs.<\/p>\n
Five ways a bookkeeper reduces a SBO’s stress:<\/p>\n
More time to focus on business and personal life<\/strong> Increases accuracy<\/strong> Helps manage cashflow<\/strong>
\nDespite all good intentions, an SBO typically gets bogged down with paperwork; reconciling records, sending and paying invoices.
\nHanding over these tasks to a professional frees up time to grow the business through sales, marketing and product\/service development, as well as freeing up time for personal enjoyment.<\/p>\n
\nNo doubt every SBO has good intentions, but mistakes are costly. The incorrect recording of any income or expenses may result in a fine from the ATO. A bookkeeper will ensure your books are up-to-date, organised and accurate, taking the pressure off the SBO.<\/p>\n
\nA key factor in running a successful business is cash flow. A bookkeeper gives you hands on assistance in understanding your cashflow. Knowing where money is coming from and going to, enables a SBO to have the data they need to feel confident in managing and growing their business.<\/p>\n