How important it is to hire someone to handle your books?
As a business owner, you might think you can learn any skill that it takes to run your company efficiently but certain things are best if left to the experts, and bookkeeping is one of them.
However, before appointing a bookkeeper, you must make sure that they precisely know their job. And for that, you need to set few expectations for your bookkeeper because financial records play a vital role in the success of any business.
We bring to you 7 expectations that you should have from your bookkeeper to ensure that they provide the best service to your business.Your bookkeeper should know about different types of accounts- You might not know about five different types of accounts, but your bookkeeper should possess the basic knowledge of accounting including the difference in five basic types of accounts: assets, liabilities, equity, income, and expenses.Your bookkeeper should have an eye for detail- Your business needs someone who can take care of even minute details because any loophole in the financial detail can make your business suffer. Also, the person should be an independent worker so that you don't need to spoon-feed him on every step to save yourself from any loss.Your bookkeeper should possess the understanding of the bigger picture- If your organization makes a big purchase, your bookkeeper must know how to set up an asset and liability account. He should also know how to allocate the payment to interest expense and liability of principal reduction.Your bookkeeper should be punctual in the submission of financial statements- It is the duty of the bookkeeper to make monthly financial statements (balance sheet, profit & loss statement, and cash flow statement) available by the 10th day of the following month.Your bookkeeper should have knowledge of your industry- Learning is a never ending process; hence, your bookkeeper can learn about your industry after being hired. But, it would be beneficial if the person you hire already have a basic understanding of your industry because every industry has different terms and insider aspects which can be learned only while being on the job.Your bookkeeper should be able to use modern accounting softwares – Using Excel sheet for financial statements is old school. Nowadays, bookkeeping is done with the help of accounting softwares like Freshbooks, Quickbooks, Wave Accounting, Peachtree, Zoho books, other Sage Products and ERP Systems. Your ideal bookkeeper should be the one who is knowledgeable of these accounting softwares or possess the capability to learn them.Your bookkeeper should be committed to your business- Many small businesses hire part-time bookkeepers who don't devote sufficient time to their business. You must ensure that the person you choose for your bookkeeping is focused and place your business on the top of his/her priority list.
Before you make your final decision of onboarding the bookkeeper, it is essential that you set these expectations from him/her because a good bookkeeper is as crucial to the success of your business as the good financial records which he/she will maintain
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