As a business owner, we tend to think we can handle it all, I mean, we own a BUSINESS, what’s a little office work, right? That’s like saying being a stay at home mom is easy (it’s NOT). A successful business owner understands her (or his) limits, and knows to hand off the things they struggle with (and takes the most of their time). Bookkeeping is one of those tasks that are best left to the professionals.
But, what should you expect from a bookkeeper? What qualifies someone to keep your books?
First, they must be detail oriented. You need someone who is able to focus on the little things. Someone who can do this will allow the big things to take care of themselves.
Second, they must have a really good understanding of your big picture. If they don’t know what your overall goals are, they won’t know how to allocate expenses. assets, or liabilities. Your bookkeeper should have a basic understanding of terms at the very least. They should know the difference between asset, liability, equity, income and expense accounts.
Although it seems like a no brainer, it’s not easy to find someone who will follow through. Make sure you have someone who will ensure your projects and questions are followed through to completion. Monthly financial statements-balance sheets, P&L statements, cash flow statements, etc.
You know how important job costing is to your business, which makes it just as important for your bookkeeper to understand job costing as well. They need to understand all costs need an item and job detail to make certain the information you have is reliable. Does this mean they have to be authorities on your industry? No, but it’s certainly helpful if they have some understanding.
Of course there are so many hat come with on the job training , but helping your bookkeeper (for example, providing them with the information they need to properly keep your books) and answering their questions in a timely fashion will certainly help them, and YOU to set your business up for success!