We can guarantee two things about your business: you make money and you spend it, whether you sell handmade alpaca socks, enterprise software, or legal advice. Bookkeepers assist you in keeping track of all of this stuff.
For a small business, there are numerous reasons to appoint a bookkeeper. Unfortunately, many small business owners try to save money by doing everything themselves, unknowingly compromising their own company’s financial viability. It’s time to recruit a bookkeeper if numbers aren’t your strong suit and you’d rather concentrate on growing your company.
Bookkeeping quotes can vary greatly depending on many factors such as the availability, experience, certifications etc. of the bookkeeper. That’s why small businesses need to make the right decision at the right time.
Why should you hire a bookkeeper?
Bookkeeping is a task that requires a great deal of attention to detail. If you run a small scale company, you’ll need someone who can multitask well.
The following are some additional advantages of hiring one for your company:
- Daily financial transactions must be entered and posted to the appropriate ledger accounts.
- Invoicing clients and processing payments.
- Completing financial reporting standards, such as financial statements, on a monthly, quarterly, and annual basis.
Here are four tips to help you find the perfect fit for your business needs.
A good accountant can be the keystone that binds a company together. He or she must work in bookkeeping for a company that’s similar in size and complexity to yours. You can also seek someone who has worked in a company at a similar stage of its development. An expert bookkeeper should be able to plan ahead of time, identify needs and work ahead accordingly.
Planning and preparing taxes –
Your bookkeeper should be able to assist you with getting your business ready for tax season. For issues like quarterly tax projections, they should be aware of the applicable tax rates. For tax seasons as well as audits, they should know how to keep books and receipts organised. While an accountant is recommended for preparing corporate taxes, a bookkeeper is essential for getting a company ready.
Communication abilities should be prioritised.
Small business owners must communicate with their bookkeepers openly and productively. Every month, you’ll need to meet to go through critical financial reports like the profit and loss statement, balance sheet, and cash flow statement. A good bookkeeper should be able to explain and break down complicated accounting principles in simple terms so you always know where you stand financially.
Ask your candidate to clarify a few critical topics, including gross and net profit, job costing, and deferred transactions, throughout the interview process. Strong communicators can make the abstract understandable, which is exactly what you want in a bookkeeper.
Evaluate the quality of trustworthiness.
When you employ someone to manage your finances, you put a lot of faith in their honesty and integrity. But, during an interview, how can one assess these personality traits?
Ask open-ended questions like these to get your applicant talking about ethical problems they’ve faced in the workplace.
- Give me an example of a moment when you made a mistake. What did you learn and how did you manage the situation?
- What if someone else claimed credit for your work?
What are the best places to look for bookkeepers?
Consider a few alternative hiring tactics to discover the appropriate one for your company.
Keep in touch with the colleges and universities in your area. Your company may be able to hire new graduates looking for accounting jobs if you establish contacts with local schools.
Internal candidates can be preferred. Employees that want to get into accounting and are willing to make a lateral transfer to an entry-level role may already exist at your organisation. Interview these people to see whether they’re interested in the position.
Make a job posting on the internet. To find and attract qualified bookkeeper applicants, try advertising your position online.
The mainline is that employing a bookkeeper entails much more than simply selecting someone who can crunch numbers. Your choice of the applicant will be critical to your company’s success. To find your ideal match, consider both technical skills and personality traits. You’ll get a long-term professional ally.