It is not uncommon for a business owner to handle their own books. But is that really the best use of your time?
As a business owner you are likely more valuable on the tools than doing books. It may seem like another expense, but a contract bookkeeper may be one of the best investments you make in your company.
So, what should you look for in a bookkeeper? We talk with Sabina Herdman of Manage My Books to find out.
“At a minimum a bookkeeper should capture the transactions for the money coming in and out of your accounts monthly. Those transactions should be recorded in your books and be reconciled at the end of the month.” explains Herdman.
Okay, what separates an okay bookkeeper from a great bookkeeper?
“Someone that adds value to your business. You need someone who will look after your business as if its their own and not just plug numbers into a spreadsheet,” says Herdman. “Your bookkeeper should be helping you be proactive and alerting you to issues before they get out of hand.”
“Cash flow is what makes a business a success or a failure. Two things can cause a failure quickly, slow paying customers and low margins. Having a bookkeeper who has knowledge and tools to catch these issues is what separates great from ok.” says Herdman.
“Invoicing, accounts payable, accounts receivable are extras a bookkeeper can take care of for your business.” Herdman adds, “Your business relies on getting paid reliably. By watching your accounts receivable and monitoring trends with tools like PayScore.ca, a bookkeeper can help a business owner optimize their customer list.”
“Helping a business owner focus their resources on customers that pay reliably is a quick way to add to the bottom line. It’s a way to improve revenue without needing more staff or equipment.” says Herdman.
“That’s where the value add comes in. Finding places where money is left on the table.” concludes Herdman.
Does a bookkeeper make sense for your business?
Please contact Sabina Herdman with Manage My Books for more information.
Sabina Herdman – www.managemybooks.ca
403-542-5120
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