03 Oct Should You Fire Your Bookkeeper?
We think EVERY small business should have a bookkeeper. BUT we also think that every small business should have a GOOD bookkeeper. We live a tech-abundant age that has drastically changed the roles and expectations of bookkeepers.
For comparison, I could harken back to days of old when bookkeeping was actually done in BOOKS and was primarily data entry…but we don’t want to bore you.
What I do want to highlight is the growing transition of the ROLE of a bookkeeper. With the boom in technology, a good bookkeeper is able to easily coordinate your financial information, coming from many different avenues. While they can’t predict the future, they can paint a clear picture of where you have been. Using this history, they should then help you to see the most common trends both for your industry and for your company so that you can clearly steer your future.
When you partner with a good bookkeeper now a days, what it should look like for you is a financial compass. You should have clear monthly data telling you where you have been, that serves to help illuminate where you are heading. You should be able to see where all your financial pieces fit into the puzzle of your business. And you should have a sounding board for steps you are thinking about taking in the future.
Your needs as a business will obviously vary from business owner to business owner. But here is the deal. There are some things that you should not settle for when it comes to your bookkeeping firm in 2018.
No-Go’s For a Modern Bookkeeping Firm:
- Outdated Technology – If your bookkeeping firm isn’t using modern technology to help you automate data entry and the like, that means YOU are paying for the extra time it takes them to perform those functions for you.
- Limited Time – Tied into the technology, if your bookkeeping firm is inefficient in their methods, they will have limited time to dedicate to your business. This means slow response to emails, late delivery of financials and again, money that YOU lose out on saving or making because you are lacking current information in your hands.
- Limited Talents – In this category, I would caution against a one-man-show with the caveat that there can be exceptions. What I mean is that you should really utilize a firm that has a team of people with talents across the board to infuse into your business. When you hire your bookkeeping team you don’t just want someone who is smart with numbers. You want someone who is smart with numbers, constantly up-to-date with technology and able to infuse operational maturity into your business through quality control and operating procedures. In my experience it is rare that you will find ONE person who can do all of that.
With technology assisting in making task faster, having a bookkeeper who has time to consistently respond to you quickly with accurate information should just be the baseline today.
So what SHOULD you expect? Well this is where it will really differ from company to company, based on your needs. But here is a list of things that fall well within the broad scope of expectations that we as a bookkeeping firm have made an expectation of our team.
To-Do’s of a Modern Bookkeeper:
- Same day response to phone calls and emails.
- Accurate and timely monthly financials.
- Timely tax filing.
- Clear pictures of your budgets, projections and KPI’s
- IT Management for your financial and invoicing softwares.
A bookkeeper should be here to here to bring clarity, simplicity and direction to an otherwise monotonous and confusing area of your business. Give yourself the power you need to grow and maintain your business by choosing a bookkeeper that is in step with your needs.