Are You Ready to Outsource Your Bookkeeping?
Do you run your own small business and try to do it all by yourself?
Shouldn't you spend your time doing what you do best, running your business? Whether it is selling and marketing, customer service or making decisions on how to grow your business, the last thing any business owner needs to struggle with is bookkeeping.
An entrepreneur tries to juggle many balls each day, but sooner or later one of them is going to be dropped. A smart business owner will realize that he/she cannot do everything because there are only 24 hours in a day. Unless you are extremely organized and enjoy working with numbers, then maybe you need to outsource your bookkeeping to a professional. Too many business owners spend their time doing something they are not particularly good at simply because they do not know how to go about finding someone to do that job for them.
Where do you start?
Ask your accountant or other entrepreneurs for referrals. More than likely, you don't need a full-time person to do your books. There are bookkeepers with their own small business who are looking for clients. Whether or not you have other employees, this situation will work best for you because you can pay the bookkeeper as a subcontractor instead of an employee on payroll. However, you will need to give them a Form 1099 at year end for tax purposes. But, since they are accounting experts, they will do that task for you too.
What is next?
You should have a "get to know you" meeting with your prospective bookkeeper. (For example: I offer a free 30 minute phone consultation with a perspective client to discuss their accounting needs and see if we are a good fit to work together.) Since the bookkeeper will be handling your confidential records, you will want someone who is trustworthy.
How much will it cost?
Depending on your location, you should expect to pay between $25 and $65 an hour for a bookkeeper. It is best practice for your business to not necessarily hire the one who offers the lowest rate - remember you get what you pay for. A more experienced person will cost you a little more, but will provide you with valuable input and suggestions to streamline your business that will wind up saving you money in the long run. A full-charge bookkeeper like myself can do the full bookkeeping cycle all the way to your Financial Statements (Profit and Loss and Balance Sheet) so they are ready to hand to your CPA or Tax Professional.
Is hiring a professional bookkeeper really worth it?
While the selection process may take a while, it will be worth it later. Take your time to find the perfect bookkeeper, and in a few months, you'll wonder how you ever managed to run your business before you hired one.
Please contact me for a free 30 minute phone consultation to see if we are a good fit to work together. Accounting is the financial story of your business. I can help you tell that story!
Here's To Your Success!
RH Business Solutions