Keeping your own records is one of the most important aspects of running a successful business. For some businesses, this can be as simple as recording cash transactions in a notebook or on a spreadsheet, but for more complex businesses, it can require more sophisticated bookkeeping services. In this blog post, we’ll explore the benefits and drawbacks of hiring someone to do your Bookkeeping for small business hidden secrets medium matt oliver, and how to find the right person for you.
When to hire a bookkeeper
A lot of small business owners have a bookkeeping nightmare story about being unable to recover the data, or finding out that the person they hired to do it all was embezzling money. The truth is, there are many horror stories out there, and they’re not hard to come by. Unfortunately, while some people are trustworthy and diligent with their work, others may be looking for a way to take advantage of you.
To help you figure out when it’s appropriate to hire someone to do your bookkeeping, we put together this list of questions that you should ask yourself:
- Do I want my time back?
- Is my business making enough money to warrant hiring someone?
- Would I know what was going on in my business if someone else wasn’t doing it?
- Is my current system working for me?
What to look for in a bookkeeper
Finding the right bookkeeper for your business is essential to its success. When you’re hiring a bookkeeper, there are a few things you should keep in mind.
– Experience: This can range from someone who has 10 years of experience in the industry to someone with 2 years of experience. Ideally, you want someone with the most experience for your company.
– Specialty: A bookkeeper may specialize in certain industries or may offer more general services. Find someone who specializes in your industry so they can better serve your needs and save you time.
– Location: A local bookkeeper will be easier to work with and will be able to meet face-to-face when necessary. If your work location is too far away, make sure they have remote capabilities so they can still help you when needed.
How much does it cost?
The cost of hiring someone to do your bookkeeping varies greatly based on the needs of your business and the level of expertise you’re looking for. The average rate is approximately $50 to $150 per hour, but there are also packages for businesses with higher volume and more complicated requirements. A good place to start is by checking out sites like Up Work or Elance and getting a sense of what other businesses in your industry are paying.
Trade-offs of outsourcing your bookkeeping
Of course, there are some trade-offs to outsourcing your bookkeeping. If you outsource it, you’re not going to learn the ins and outs of your business as well as if you did it yourself. You will also have less control over how your records are kept. However, for many businesses, the benefits of outsourcing bookkeeping outweigh these drawbacks.
There are many different types of bookkeeping services available in the market today. Most offer a variety of rates and different levels of services, so finding the right person for your business shouldn’t be too difficult. Before hiring anyone though, make sure they have experience with your type of business or comparable financial background.
When looking for a bookkeeper, ask them about their experience with other businesses within the same industry or ones that share similar financial needs. This can help ensure that they will be able to work quickly and accurately with little supervision from you.
If you’re struggling to manage your bookkeeping, it’s worth it to outsource to a professional. They will save you time and headaches.
Outsourcing your bookkeeping is a great way to take the load off of your shoulders and give you more time to grow your business. Plus, you have the peace of mind knowing that a professional who’s trained in bookkeeping is taking care of your records and your finances.
Start by finding a qualified bookkeeper who’s a good fit for your business. The more you know about what you want, the easier it will be to find someone, so be sure to do your research and ask all the right questions!