One of the most important decisions you will make as a Business Owner is choosing the right bookkeeper. A bookkeeper will generally have access to both your personal and business accounts information therefore the qualities you are looking for in a bookkeeper are trustworthiness, honesty and integrity. In addition, you need to have confidence that they are qualified to look after your books professionally and with the utmost accuracy. Their commitment and attention to detail will ensure the service is above average.
Step 1 – Scope of Work
In preparation of looking for the right bookkeeper, it is important to determine the scope of work you require a bookkeeper to perform for your business.
Some things to consider are:
- The frequency of data entry required eg: daily, weekly or monthly
- Bank reconciliation
- Management of Accounts Payable and/or Receivables
- BAS lodgements
- Preparation of payroll
- Inventory control
Step 2 – Finding the Right Bookkeeper or a Bookkeeping Service
Ask family, friends or business associates for any recommendations. Thoroughly check out the bookkeeper’s credentials and testimonials. If they have an online presence visit their website which will provide more information on their qualifications, services and skills.
If you require your bookkeeper to perform BAS lodgements for your business, the bookkeeper should be an ATO Registered BAS Agent to legally and effectively lodge your BAS. Note: Not all bookkeepers are BAS Agents but most bookkeeping services will employ at least one ATO Registered BAS Agent.
Step 3 – Interviewing the Right Bookkeeper
It is imperative you interview the bookkeeper and ask them specific questions. You want to find the right bookkeeper that will best meet your financial needs. The interview will also assist you to establish whether you will have a good relationship with the bookkeeper and be confident that they are the right one for your business.
Step 4 – Selecting the Right Bookkeeper
After the interview, you should be able to make an informed decision as to whether the bookkeeper is the right one for you and your business. Remember, the cheapest option may not be the best as you are paying for the services of a bookkeeper who can empower your finances, give you quality services that add value to your business, and, importantly, best meets your requirements.
When working out the total cost of bookkeeping consider:
Number of Hours Worked x Hourly Rate x Quality of Work Delivered
With these factors and good communication on all levels, you can determine a more accurate calculation of the total bookkeeping service.
The right bookkeeper is worth their weight in gold and will definitely save you stress, valuable time and money, so that you can concentrate on running your business.
On a final note, choose the right bookkeeper for their qualifications, commitment and experience to ensure they are a perfect fit for your business.