3 Handy Facts to Keep in Mind When You Hire a Bookeeper
Tracking the finances of your business is not possible without a bookkeeper. Whether you do the bookkeeping yourself or hire a professional to do it for you, you need to ensure that someone keeps your financial records updated and organized. That way, your business can benefit from having accurate paperwork and early tax planning.
That said, it is highly recommended that you hire a bookkeeper to put your finances in order for you. Here are some key facts to consider when hiring one for the job.
3 Handy Facts To Keep In Mind When You Hire A Bookkeeper
Tasks And Responsibilities
A good bookkeeper should have many key skills that are needed for the job they will perform. Experienced bookkeepers will have experience in using accounting software, such as Zero or QuickBooks.
They should also be knowledgeable of accounts payable, receivable, debit and credit, payroll and super payments. The bookkeeper you hire will be in charge of filing all these particulars and preparing all the necessary accounting documents for the company.
Bookkeepers are expected to know how to file income tax documents, journalize all the expenses of the company, prepare the financial statements for the company, and more.
Mastery Of Balance Sheet Equations
Professionals who handle financial statements and documents for companies are required to have mastery over balance sheet equations. They will have to know how to explain all the final numbers they will arrive at after computation.
Their skills will be put to the test as they go through the financials of the company. If they do not have mastery over these equations, it will be very easy for them to commit errors in your financial statements and records. If even one part of the financial statement has a miscalculation, it will cause a domino effect on the rest of the financial statements in the future.
Choose A Bookkeeper Who Can Expound On Their Answers
A bookkeeper should have more than just mathematical skills. Great bookkeepers should have analytical minds and good explaining skills. They should be able to talk in detail about the meat of their reports to people who need further explanation.
You will most likely be able to tell which of the applicant bookkeepers will have this quality. During the interview, an applicant who has good explaining skills will not need very many probing questions, and they will usually be able to say everything they need to say without you asking. The same will remain true when they are on the job.
Consider Outsourcing A Bookkeeper
If you do not think you need to hire a bookkeeper internally, you may consider outsourcing one for your company instead. You will save a significant amount of money should you decide to outsource your bookkeeping needs.
However, you have to make sure that the bookkeeper is from a reputable company that offers consistent quality in their services. Make sure to choose a company that has positive reviews and happy clients. This will help you ensure that you will also be satisfied with the services their bookkeeper will provide.
Hiring a bookkeeper is necessary for your business to keep going. Accurate bookkeeping will help you determine whether your business is doing well or not, and you can benefit from this information in the long run.
Unlike many small business accountants on the Gold Coast, New Wave Accounting provides end-to-end accounting and bookkeeping services that help businesses scale and grow. Looking to outsource a bookkeeper? Give us a call today!