How to Choose the Right Bookkeeper

Posted by on Jun 22, 2016 in Blog

How to Choose the Right Bookkeeper

As a business owner, you have a lot to keep up with. In addition to creating your products and services, taking care of your customers, and building your reputation, you have to keep up with your revenues and expenses. Keeping your books up-to-date isn’t always easy. In fact, it’s quite time consuming.

You have to make certain that every bill that you pay, and every sale that you make, is properly recorded and tracked. There are filings and tax payments to make, as well as important deadlines that come with hefty penalties if you miss them.

One of the best ways to lighten your load and gain more time to run and grow your business is to hire a bookkeeper. While you could certainly settle for conducting a local online search and picking the bookkeeper from the list, this isn’t a wise strategy. This is because bookkeepers, like any other professional, each have different areas of expertise and levels of skill, talent and knowledge.

Tips to Help You Choose the Right Bookkeeper for Your Business

Get Better Advice by Hiring a Bookkeeper that Knows Your Line of Work

As a busy business owner, you don’t have a lot of time to invest in bringing your bookkeeper up to speed on the particular challenges and reporting requirements for your line of work. You are more likely to get better advice if you hire a bookkeeper that is interested in, and understands, the ins and outs of your industry and market segment.

This advice is especially true for creatives that might have unique issues related to their finances, such as cash flows that can fluctuate rapidly due to seasonal and one-off work. Or, you might face industry related expenses that could lead to deductions to minimise the tax bill that a bookkeeper unfamiliar with your industry and work would likely miss.

Is Your Bookkeeper Up-to-Date on Technology Training and Certified?

It is important that your accounts are accurate, that your books meet BAS and GST requirements, and are updated on a regular basis. So, it’s best to select a consultant or firm for your bookkeeper that is also a BAS registered agent.

In this way, you can rest assured you are in good hands because the Tax Practitioners Board requires a broad base of training and skills that span the full spectrum of bookkeeping. As part of their certification they are also required to have two years of experience, follow a code of conduct that helps to ensure their integrity and honesty, and must reapply for certification every three years.

It is also a good idea to select a bookkeeper that is current with the latest trends and technological advancements. For example, many businesses are transferring their accounts to the cloud. So it can save you time and money if you choose a bookkeeper that is well versed and experienced with online accounting software.  

Moving to the cloud will enable you and your bookkeeper to automate many common procedures and processes, such as the recording of transactions and the production of various reports and statements. Because you will have this data on hand much faster, it’s easier for you to rapidly gather the information that you need to make strategic financial decisions and adjust your course should you need to make changes to spending, or adjust your marketing strategy in order to improve sales.

The cloud also gives you greater flexibility as you conduct your search for the bookkeeper that is best for your business and budget. This is because it enables you to hire a bookkeeper from anywhere in the world since your accounts are online and you can grant remote access.

If you are looking for bookkeepers that are up-to-date on the latest accounting trends as well as experienced in helping creatives with small to medium sized businesses improve their cash flows so that they can grow, why not get in touch today?