Industry Canada statistic says that 50% of all entrepreneurs fail in business, and only 11% seek professional help, what hiring Edmonton bookkeeping for your business, business owners need to know what they are looking for in order to hire the best professional possible. When entrepreneurs have the best bookkeeping and accounting team possible, they will be able to get the professional help they need in order to succeed in business.
One of the first things that entrepreneurs need to understand when they are hiring Edmonton bookkeeping is not to base their decision on price. When entrepreneurs hire the least expensive bookkeeper they can find, they may discover that the bookkeepers take more time than expected, which ultimately leads to overcharging the business owner. Also, for bookkeepers may do less than excellent work, requiring business owners accountants having to redo most of the work. In addition to having to pay their bookkeeper, they have to pay their accountant to fix the bookkeeping work, and business owners end up paying more.
Instead of hiring a bookkeeper on price, entrepreneurs should be asking the following questions when they are hiring the right bookkeeper to work on their business. Business owners should be asking if they have any experience working in a public accounting office, or if they are in the process of obtaining their CPA designation. While this is not required by bookkeepers, it is a great way of ensuring that the professional that business owners do hire is not only competition is a bookkeeper, but also have a better chance of knowing the information that business owners need in order to operate their business.
One important thing that an entrepreneur should keep in mind when hiring Edmonton bookkeeping is that the bookkeeping industry is not regulated at all. There is no governing body and anyone can call themselves a bookkeeper. That means that asking the right questions is extremely important. There are no qualifications that bookkeepers need in order to do their job, so business owners need to be very aware when they are hiring the right person, not only to get one with experience but one who is familiar with working with businesses.
Another thing that business owners should take into consideration when there hiring the right bookkeeper for their business, is asking them how often they will be expecting to communicate with the business owner. Although there is no set time that is correct, business owners should be receiving regular interim financial statements such as a balance sheet and income statement. These are documents that business owners put down in order to make financial decisions in their business on a regular basis, and if the bookkeeper they are interviewing has no idea how often they are going to communicate with the bookkeeper, that is not a great sign.
Entrepreneurs should be hiring a bookkeeper with their eyes wide open, knowing that since the industry is not regulated, it is up to them to be asking the right questions to ensure that the professional that they hire will be able to suit their needs and help them run their business.
When entrepreneurs are looking for Edmonton bookkeeping to work in their business, there are several things that they should take into consideration, because working with great people can mean all the difference to the success of entrepreneurs. Jim Collins, the author of 6 business books has said, “those who build great companies understand that the ultimate throttle on growth for any great company is not markets, or technology, or competition, or products. It is one thing above all others: the ability to get up and keep enough of the right people.” Ensuring a business has the right people around them can make a huge difference to the success of that business, and bookkeepers are no different.
Business owners should understand that when they are hiring Edmonton bookkeeping to work in their business, a great bookkeeper can help entrepreneurs save money as well as make great financial decisions. One of the ways that bookkeepers can do this for business owners, is a great bookkeeper will be able to get regular interim financial statements to that business owner. At always bookkeeping, business owners know that they are going to be getting a balance sheet and income statement every 2 weeks, as well as a quick phone call from their bookkeeper to ensure that the business owner is on track. This is extremely vital for businesses that pay their employees every 2 weeks, being able to see those balance sheets and income statements before they disperse that payment to help business owners do so confidently, knowing that they have enough money in their bank account.
What else receiving interim balance sheet and income statements from Edmonton bookkeeping on a regular basis does for entrepreneurs, is to help them make great interim financial decisions. Whether business owner needs to purchase assets, hire new staff, or see if there marketing is working, or if they need to cut expenses, business owners can easily see that from regular balance sheets and income statements. Before any entrepreneur makes any financial decisions in their business, looking at those interim financial statements can help significantly in ensuring that they are making the right financial decision that is going to have the most positive impact on their business.
Another way that having a great bookkeeper can help entrepreneurs save money in their business, is by allowing them to save on accounting fees. Great bookkeepers work in conjunction with accountants so that business owners can have great financial statements to give to their accountant in order for them to better prepare year-end financial statements, business plans, and tax plans. When entrepreneurs are hiring their bookkeeper, they should keep this in mind that it is one half of a great financial team that is going to allow business owners to make great decisions in their business, to allow their business to grow and prosper.