When it comes to running a business, cash flow and money management are critical for growing and expanding your brand. Having a good handle on your cash flow helps to grow your business and prevent it from going under. Many business owners start out thinking that this is something they can keep under control on their own. But, pretty soon, as the business expands, it becomes clear that professional financial help is needed. This kind of financial assistance would include ensuring that your business account and inventory are up-to-date and balanced. This is where you will need to recruit not just any bookkeeper but the best bookkeeper for the job.
What To Look For In a Bookkeeper
Today, bookkeepers are a dime a dozen, but not all bookkeepers are equal. This is why it’s important to carefully review your potential bookkeeper. Here are a few things to look out for when trying to find the best bookkeeper for your businesses.
In the current global crisis, social distancing has become the new norm. Many establishments have had to scale down and limit face-to-face interactions at their location, which puts a strain on your business if you’re not able to quickly adapt to work from home strategies. Finding a bookkeeper that has had years of experience offering a full scope of bookkeeping services remotely can be one solution to your problem. Your remote bookkeeper should be familiar with online procedures and tools that facilitate regular communication and transparent and accurate bookkeeping services for your business. As protocols and procedures for tax filing and so on change, your bookkeeper should be able to notify you of any relevant adjustments that need to be made in due time. Your provider should be un=to-date and acute about any bookkeeping-related matter that’s relevant to your firm.
As a business owner, your cash management is very important for maintaining stability and consistent growth. It is therefore important to seek the services of a bookkeeper that truly understands business development. This individual would be put in charge of handling your accounts and therefore holds the responsibility of identifying and seeking to rectify any kind of potential discrepancy. Understanding your business leads to informed approaches to the management of your books.
While bookkeepers don’t necessarily need to possess professional qualifications like accountants, certification is still available for bookkeepers. Look for bookkeepers who are not just experienced but also certified. Having a membership with a bookkeeping governing body is also a plus. Check out their track record against previous clients – especially of clients in the same niche. You can always find reviews on their websites or social media networks.
Bookkeepers often work independently. This might mean they have several clients at once. You’ll also have the option of choosing a bookkeeping firm or a remote independent consultant or even a full-time employee. This all depends on the size of your company and your specific business needs. But, no matter which one you choose, there should be evidence that they can aptly manage the job and are available to meet with you when you need them to. Communication, as well as expertise, is highly important. There should be no room for errors or miscommunications. Ensure that the bookkeeper you choose for your business is trustworthy, keen, friendly, and has a system in place to keep you informed at all times.
As said before, there are many bookkeepers out there. But, not all possess the level of knowledge required to provide a solid bookkeeping service for your business. A good bookkeeper should be able to help you steer clear of trouble. They should be aware of laws and regulations related to your finances, including tax-related issues, as well as deadlines. A knowledgeable bookkeeper would be able to identify and flag any issues in due time, allowing you to rectify them before they cause damage. Their knowledge should also be able to provide deep insights that can help you project where your business is headed.
As soon as you’ve gathered all the information you need to know who’s the best bookkeeper for your business needs, it’s time to take the plunge. But, before you do, you might be wondering is now the right time to hire a bookkeeper?
How To Know When You Need A Bookkeeper
Every business, no matter how small, must keep a record of every single transaction. That includes sales, expenses, salary payments – in fact every movement of money into and out of your business.
If you are expecting to grow your business, keeping track of your money will be very important, especially when it comes to paying taxes. As a startup, it’s easy to think that doing everything yourself saves you money. This is in fact a myth. In fact, hiring a professional bookkeeper actually saves you more. Not only do they save you money but also time. So, whether you are a startup, medium or large-scale business, you’ll see that an experienced bookkeeper is essential to your business.
Can I Truly Afford A Bookkeeper For My Business?
Let’s talk numbers. From a numbers perspective, a bookkeeper’s presence in your business can help to prevent your business from crashing. In fact, according to the US Bank and the small business association, many business failures are due to issues with cash flow. A bookkeeper’s main focus and expertise lie in managing your business’ greater cash flow, which can help you save money, avoid unnecessary borrowing, and so on. Bad bookkeeping or no bookkeeping can cost you your business.
Many businesses don’t need a full-time bookkeeper, so you can explore a remote bookkeeper that will cost you less. If you already have an accountant, they can also manage your books for you but remember their fees can cost up to $150/hour.
Why Choose Us?
At Bookkeeping Confidential, we offer a fixed monthly fee for our services based on your business size. This means no surprise bills at the end of the month as you’ll know exactly what to expect upfront.
We strive to treat every client as though he or she were our only client, to eliminate the time and burden of bookkeeping tasks, and to provide the reporting and data you need so you can focus on growing your business. We ensure all your information is kept confidential, and our promise to you is to provide the highest standards of bookkeeping excellence.