A bookkeeper helps your small business expand and become more profitable. They are an integral team member, providing daily assistance with financial tasks that may take more time than you can give. If you are considering adding a bookkeeper to your team, there are a few things to consider.
They Are Focused
Bookkeepers focus on the day-to-day financial tasks that you may not have the interest in or time to perform. They take on the projects that you do not want to do. Small business owners believe that an entrepreneur’s ability to focus on other tasks more than makes up for their bookkeeper’s salary. A bookkeeper’s responsibilities include researching Small Business Association loan options, making payments on SBA loans, performing daily bank deposits, and providing you and your accountant with timely data for review.
They Give Time
A bookkeeper allows you to delegate responsibilities. Your bookkeeper handles daily data entry of financial transactions. They provide you with consistent financial statements, such as:
- Bank reconciliation
- Profit and loss statements
- Cash flow statements
- Accounts receivable aging
- Statement of earnings
They Help with Taxes
Have you heard of the entrepreneur that brought a shoebox of receipts to his accountant at the end of the year? Bookkeepers maintain their data entry throughout the year, and year-end numbers are a click away. Dynamic bookkeepers quickly provide your accountant with the information necessary to complete and file your tax returns.
They Meet Your Goals
Thorough financial records reveal indicators of a company’s success. Without accurate reporting of where your money is coming from and going to, you won’t understand the profitability of your organization. Bookkeepers strive to make sure data is entered on time. They provide quick access to sales reports and cash flow statements.
They Aren’t One Size
Finally, the position of a bookkeeper can be flexible, depending on your organization’s needs and budget.
- You can hire an individual as a company bookkeeper. This option is usually the most expensive, as you are responsible for recruiting, hiring, training, and compensating the staff member.
- Contract bookkeepers charge an hourly rate and work a set number of hours a month. Most contract bookkeepers will have a minimum number of hours per month they will charge, so give them easy access to your information.
- Bookkeeping agencies provide trained professionals that can meet your needs. While some business owners hesitate to give financial information to a non-employee, agency bookkeepers are often well-trained and follow confidentiality practices.
Adding a bookkeeper to your team is an important consideration. When implemented correctly, a bookkeeper can help your business move forward and become more profitable.
