Should I hire a bookkeeper for my business?

Is doing your own bookkeeping causing you stress? Hire a bookkeeper! They do this day-in, day-out and will most likely do your accounting work in half the time it takes you. They can also offer advice on implementing better and more efficient systems–saving you time and money in the long run. If you’re ready to hire a bookkeeper to take the pressure of your business, here’s what to look for.

Firstly, what does a bookkeeper actually do?

Bookkeepers take care of the finance and accounting duties of your business. They maintain financial records, manage payroll, keep track of accounts, pay bills, and so much more!

For example, our bookkeepers at Signature Financial provide full accounting and bookkeeping services such as:

  • Accounts Payable and Receivable
  • Bank Deposits
  • Payroll (Including T4 and ROE Preparation)
  • Cheque Writing
  • Bank Reconciliations
  • Month End/Year End Reports
  • Tax Return Preparation
  • Account Collections
  • Loan Proposals and Business Plans
  • Cash-Flow Statements
  • Government Remittances
  • Employee Training Services
  • Data Entry and Analysis
  • Accounting System Audits

Is it cost effective to hire a bookkeeper?

  • When working out whether or not to hire a bookkeeper, ask yourself:
  • What is my billable hourly rate?
  • How long do I spend doing my own bookkeeping?
  • Do I enjoy bookkeeping, or would outsourcing allow me to better concentrate on what I do best in my business?

If a professional bookkeeper could do the work for a fee equal to a fraction of the time it takes you, then yes, hire a bookkeeper right away.

Bookkeepers are a great option for growing businesses who do not yet have a full time financial expert on staff, or for small businesses who only need a bookkeeper once a year, or on a month-to-month basis.

What to look for when you hire a bookkeeper:

It’s important to meet with a bookkeeper to make sure they can meet your business’s needs, and that you both get along. This is your chance to also set expectations, for example: the bookkeeper’s exact duties, how often you expect to receive reports, establishing whether the bookkeeper will work remotely or come in to your office for a few hours each week etc.

A great bookkeeper will also have the following:

  • Education/training in bookkeeping and accounting
  • Excellent communication skills
  • Extensive experience with modern accounting software and banking technology*
  • Meticulous attention to detail
  • Initiative to solve problems and work independently (so you don’t have to micro manage)

If you’re ready to hire a bookkeeper (or you want to modernize your current accounting ‘file’ system, i.e. a shoebox) we’d love to take the pressure off. Call 1 807 623 1915 or email admin@signaturefinancial.ca. Whether you’re in Thunder Bay or elsewhere in Canada, we offer reliable and efficient remote accounting and bookkeeping services.

*Signature Financial bookkeepers are certified to sell, install and train you and your staff on popular software packages such as Simply Accounting and Quickbooks.

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