5 Tips to Start the New Financial Year Strong - Don’t hire a bookkeeper until you read this!

Don’t hire a bookkeeper until you read this!

Hiring a bookkeeper can be the most important decision you will make in your business. Ask yourself the following 2 questions and it will help you in making a more informed decision.

Can your small business afford an individual bookkeeper?

If you’re thinking about hiring an individual bookkeeper, there are a few things to keep in mind first. Unless your business is very small and you can easily handle all the bookkeeping yourself, it’s probably not a good idea. Here are four reasons why:

  1. If you are paying someone to attend your office, you are inherently paying them for their travel time and breaks as they spend time in your office.
  2. Unless you are proficient in various accounting and financial software programs, you’ll be placing a huge amount of trust in this individual’s abilities.
  3. An individual bookkeeper is unlikely to be familiar with your industry and the specific needs of your business.
  4. Hiring an individual bookkeeper means that when they get sick or their personal situation changes, you can be left on your own with no notice.

What are alternatives to hiring an in-house bookkeeper?

There are several alternatives to hiring an individual bookkeeper, including doing your own bookkeeping, using an online bookkeeping service, or working with a professional bookkeeper. Each option has its own advantages and disadvantages. Here are four options to consider:

1) Do Your Own Bookkeeping: This is the cheapest option and can be done on your own computer. However, it can be complicated and time-consuming, and you may not have enough expertise to manage your finances effectively. As a business owner, there are probably 100 more important things you could be doing than chasing down receipts or learning how to do a bank reconciliation.

2) Work With a Professional Bookkeeper: This is the most professional option, there are dedicated expert bookkeeping providers and it will provide you with more comprehensive financial management services than either do-it-yourself or online bookkeeping services. You may also find that a professional bookkeeper is more knowledgeable about compliance issues.

If you’re looking for reliable bookkeeping services that will save you money, then you should consider customized services. With customization, your accountant can take all the information you provide and create a realistic budget that considers your specific financial needs and goals. This way, you know exactly how much money you’re spending each month and where to adjust so that you can save even more.

If this sounds like something you would benefit from, call us today to schedule a chat!

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