Most small businesses benefit from the services of a bookkeeper, and its widely acknowledged that most company owners prefer not to spend valuable time keeping their own books, and for a variety of reasons. However, finding, hiring and keeping the right bookkeeper for you and your business is not always easy, even though it’s almost always worth it in the long run.
Hiring a bookkeeper:
Hiring a single employee naturally means that there can be only one point of failure, and with no system in place to mitigate risk of human error or occupational fraud, you’re at the mercy of your bookkeeper’s knowledge and skills. Should your bookkeeper be absent for a significant time, or leave your employ, then you may struggle to fill in their duties in the meantime. Crisis mode then kicks in, and valuable time may be lost filling in or recruiting a replacement.
Training a bookkeeper:
No matter how skilled or capable your new bookkeeper may be, it’s inevitable that you’ll have to spend time creating systems and going through procedural training with them. Without formal training, most bookkeepers are left to their own devices, or valuable time is taken away from the business owner or manager while they attempt to combat training issues. Training is essential though, as one small coding error can lead to a loss of revenue, and with just one bookkeeper, you are reliant solely upon them and their integrity.
Balancing the workload:
Small businesses often face issues surrounding limited resources, including employees, and they can’t always afford to take on a full-time bookkeeper, let alone hire an entire accounting department. Under these circumstances, the bookkeeping and accounting duties are delegated to other current employees, who may not be capable of doing them to a satisfactory standard. This is almost always a recipe for disaster and paves the way for human error and disorganization.
The cost of hiring a bookkeeper:
Most small businesses have funding available for only one bookkeeper, and then often only a part-time one. This can lead to vulnerabilities as again, there is only one point of failure, with no one to supervise, check or assist with any of the many duties a bookkeeper is responsible for.
Could outsourcing be the best solution?
Outsourcing is a simple and cost-effective way of ensuring that errors are minimized and that each bookkeeping function is being taken care of in an orderly, timely and professional manner. Rather than hiring a full-time bookkeeper and having to pay out for all the costs and risks associated with that role, many small businesses would benefit from the expertise and professionalism of an outsourced bookkeeping company, who can give you your own, trusted crack team. Most bookkeeping firms continuously hire and train bookkeeping staff and have access to all the latest technology to streamline the entire role. Not only that, but with many bookkeepers at their fingertips, sick days and vacations are no longer your concern.
To find out whether outsourcing your bookkeeping needs might work for you and your small business, arrange a consultation with a local firm who can talk over your options with you.