Bookkeeping Service: One of the biggest challenges for any business owner is handling the books. It’s an absolutely essential part of doing business, but it can be hard to find time to do it. Or, by taking the time to do it, you could be removing yourself from helping to grow your business. Rushing through the job or having someone unqualified are not ideal options, because any mistakes can cause you serious headaches if not immediately, then down the road.
More businesses than ever are choosing to hire online bookkeeping services to help with this. With this type of service, you can have someone manage your books remotely through cloud-based software. You both will have access to the software so you can check-in and get the information you need when you need it. This is a great option for businesses that don’t have the budget to hire someone full or part-time. By using a virtual bookkeeping service, you can pay for as much as you need and no more. Plus, there is less recruiting, interviewing, and training involved. However, you still want to have the best bookkeeper possible. Here are some tips for choosing an online bookkeeping service.
Figure Out Your Needs
Before you choose a bookkeeper, you need to decide what exactly you need them for. Whether it’s bookkeeping, investor relations, forensic accounting, etc., you need to find a service that fits your goals. For example, if you’re a small business looking for financial planning expertise, you’ll want to consider a service like CFOShare that offers a fractional, or part-time CFO.
Some business owners prefer that the bookkeeper does everything. However, there may be certain tasks you want to do, or that you do not have the budget to outsource.
Online PayStubCreator is a hassle-free way to get your employees their benefits and it allows you to spend less money on the payroll system. The tool will automatically update any changes in your employees’ information, including salary and pay period, every time another paycheck is processed. Now that you have a better understanding of what you need to be successful in your small business, it’s time to get started.
What Software Can They Use?
When you are outsourcing to a virtual bookkeeper, you don’t want to spend a lot of time on training. If you already have accounting software in place, then you should go with a bookkeeper that is comfortable with that software. It might seem trivial, but not all accounting software is the same. In fact, they can vary wildly from one to the next in terms of functionality and features. Learning a new one can take a lot of time that you might not have. Instead, choose a bookkeeper that knows how to work with what you have so that they can hit the ground running.
Do They Have Experience In Your Industry?
Every industry is different, and they all have different accounting needs. Some may even have government regulations with which they need to comply. You want someone who has experience with your industry, since they will be more likely to know what you need, and they will understand the regulatory regime in which you work. You can ask them for testimonials and references to check on their experience and see if it aligns with what you are looking for.
Are You Able to Upscale?
If you are like any other business owner, then you no doubt have plans to grow your business. While growth is exciting and profitable, it can come with challenges. You need your bookkeeper to be able to manage if your business and bookkeeping needs grow. If your bookkeeper is only able to give you a small number of hours per week, then you might not want to choose them, even if that suits your needs at the moment. Down the road, you may end up regretting not going with a service that is able to smoothly upscale your bookkeeping needs to coincide with a growing business.
Budget
Unfortunately, the budget has to play a role in everything you do. You can’t spend too much on a bookkeeper and leave yourself short every month. You also cut too much, or else you will find your needs aren’t getting met, or that you are spending too much time doing things yourself. THe key, as with most things with your business, is to find a service that provides a good balance of services to how much you will have to spend. In most cases, it’s a good idea to get a flat rate, that way you can have cost certainty on a monthly basis and not worry about unpleasant surprises.
As a business owner, there is only so much you can do yourself. Bookkeeping is one of the areas where you can find great value in outsourcing. While you aren’t hiring someone for your team, you still want to find the best service possible for the money. Never simply choose the first one that appears on a Google search. By taking just a little bit of extra time and assigning important questions, you can find the perfect bookkeeping service for you to grow with your business.
Review How To Choose An Online Bookkeeping Service.