How many hats are you trying to wear?

The biggest concern I hear from business owners is the lack of time in their day. I immediately ask the question, “How many hats are you trying to wear?”. You started your business to sell a product or provide a service, not to do bookkeeping. As a business owner, you are very aware that bookkeeping is a major component to the foundation of successful businesses. So, what are your options? Have you considered handing off your bookkeeping? How will that impact your time management?

You need to know your Bookkeeper is competent and experienced in your specific industry and needs.

Determine the accounting functions that are important to your business. Here are a few of the more common tasks:

• Accounts Receivable—Maintaining accurate and timely invoicing and payment receipt.
• Accounts Payable—Maintaining accurate and timely payments within vendor terms.
• Sales Tax—Accurate and timely reporting and paying of all taxes correctly collected.
• Payroll—Timely and accurately processed paychecks and filing of taxes and reports.
• Proper, secure and transparent managing of all income and expense
• Check and Balance Systems—Ensure time efficient procedures are created and implemented to deter fraudulent activity within your company and to verify and confirm AR and AP data is handled and processed, timely and accurate.
• Data entry is NOT bookkeeping. Remember that.

How do you find a qualified Bookkeeper? Ask for referrals from within your circle of business owners. Most experienced owners will have procedures in place and they are more than happy to brag about it. Look to your circle in social media connections. LinkedIn has a large network of professionals you can connect with. Don’t limit yourself to your location. Bookkeeping is going virtual, which saves you money! No need for hardware, valuable office space or employee costs. Think outside the box.

You may find a common denominator in all the categories you can expect from a bookkeeper. Timely + Accurate = Cost Effective. We are too short on time and this usually equals inefficient, inaccurate and costly errors.

Most importantly, remember your own business philosophy when working with your clients—you get what you pay for. Don’t expect your bookkeeping to be any different. Know and respect the value of a good bookkeeper and be realistic on the costs you may need to work into your budget in order to take this step. Know that you will get a return on your investment, equal to not only more quality, accurately and timely financials, but also time back on your schedule to do what you started your business to do. Your time is priceless.