When you are in need of regular accounts reporting and maintenance, it is always in your best interest to hire a professional who is well versed in how to keep your books in order. While most small businesses can't afford to hire a dedicated staff member to handle these operations, outsourcing bookkeeping can be the easiest and cheapest way to get everything you need.
First of all, you need to consider your needs. If you have been handling your books easily so far, think about whether your time might be better spent in other areas of your business. If one of your employees has been handling this for you, consider whether their skills are best utilized in this area, or whether you are better off having them focus on what is in their job description.
If you've been keeping your bookkeeping in-house, consider how outsourcing these tasks will make your business more productive. If so - and this is likely the case - you'll be able to focus your efforts on expanding your business. When this happens, if you don't already have someone handling your books other than you, you'll end up scrambling to find someone and translating your processes. On the other hand, if you already work with a company that handles your contracted bookkeeping, you'll easily be able to increase their workload and keep systems streamlined.
You'll want to be sure the company you work with is reputable, and is licensed or accredited as needed. Check to see if they mention what software and processed they use, as the best companies will have bookkeepers well versed in many different types of accounting software.
It is always a good idea to look around for reviews and recommendations of a company. Be weary of glowing reviews on the company's website without mention anywhere else on the web; it is far too easy to post fake reviews to mislead potential customers.
You'll definitely want to consider the terms of the contract you have, and how easy it is to cancel or change services as needed. You don't want to end up locked in a long-term contract with a company that doesn't provide satisfactory services. Look at things like mandatory minimum billing hours, as some companies may promote low hourly rates that are quickly compounded by limits and fees.
Remember that this company will be handling sensitive financial information, so make sure you are working with a legitimate business before handing over any payment or information.
The author does not allow comments to this entry