Late nights, early mornings, and still more to do – are you a small business owner staying up late at night to do your bookkeeping so you can focus on your core functions during the day? Or perhaps you dislike the work so much you procrastinate until it’s tax time? Confused by bookkeeping software and behind on your record keeping and reconciling? Or maybe you just don’t feel qualified to do the work because you don’t have a background in accounting. If this is you, it may be time to hire a bookkeeper.
Most bookkeeping companies offer the following services:
Historical Write-Up: This choice is for the business owner who still wants to pay their bills and handle their cash/check deposits. The bookkeeping information is usually sent to the bookkeeper on a monthly basis. Bank/credit card/loan statements with supporting documentation are used to track income, expenses, liability payments and other types of transactions. You can send the information to the bookkeeper through e-mail, mail, or file sharing services. You can also give them read only access to your accounts to download/view statements and transactions.
Live Accounting: The bookkeeping work is done as transactions occur (usually posted each week or on the schedule set by you and your bookkeeper). Transactions can include posting/paying bills for accounts payable, creating customer invoices, processing payments from customers, as well as reconciling all accounts. The bookkeeping information is more accurate as all transactions are posted as they occur rather than after the fact.
If you are ready for assistance, ask other business owners you know who they recommend. The person you hire should be familiar with your industry, and of course the personal connection is important as well. You want to develop a long term relationship, so work with someone you enjoy interacting with on a regular basis. You’ll be glad you have a professional assisting you with this task so you can do the parts of the business you love!