Business owners may be very challenged one hiring Edmonton bookkeeping for their business because they do not know the industry, therefore they do not know how to choose the best to work on their business finances. By choosing the wrong bookkeeper to work with, can and in financial disaster for business owners by being overcharged, underserved, and having to get their accountant to redo most of the work that they get done. When the statistics say that half of all Canadian businesses fail, and only 11% of those businesses ever seek professional help, is is owners should consider hiring the right bookkeeper as a way to ensure their getting the right professional help to allow their business to succeed.
The first thing that business owners need to understand when hiring a bookkeeper for their business is that bad bookkeeping cost business owners money. Business owners may believe that they are being budgeted conscious by hiring an inexpensive bookkeeper in order to keep their bookkeeping and accounting fees low. But by saving money on their hourly rate, might end up meaning that is this is getting an inexperienced bookkeeper instead of Edmonton bookkeeping. Business owners will eventually discover that the workmanship is poor, and end up needing to be done over by their accountant, who charges them in additional fee at their accounting rate to fix what the bookkeeper should have gotten correct in the first place. This ends up costing the business owner more money than they would have paid if they did not try to save money on an accountant in the first place.
Another way that business owners can end up paying more by hiring an inexpensive bookkeeper, is by having a bookkeeper who is less than communicative with the business owner and ends up missing important deadlines. If a bookkeeper is not able to get information to the business owner on a deadline, that may actually cause a business owner not be able to get their accountant the information they need in order to complete their year-end on time. When business owners file their taxes late, get penalized by the Canadian revenue agency.
Another way that entrepreneurs pay more by having poor bookkeeping, is if business owners who need to make financial business decisions utilize poorly made financial statements, they can end up making a business decision that while looks good on paper, and that being bad because the financial information on most statements was not up-to-date. Business owners need to be sure that when there hiring Edmonton bookkeeping, that they hire the best professional that they can, because the amount of money that they spend on bookkeeping when done well, can end up saving business owners far more money than it would save on an inexpensive bookkeeper in the first place. Instead of trying to hire an inexpensive bookkeeper, entrepreneurs should aim instead to hire the best bookkeeper that they can, knowing that great bookkeeping service will more than pay for itself in the long run.
When hiring Edmonton bookkeeping, entrepreneurs should understand that it is extremely important to hire the best bookkeeper they can find, because a great bookkeeper is going to help them build their business successfully. Jim Collins, the author of 6 business books including the bestseller good to great had this to say about hiring good people, “those who build great companies understand that the ultimate throttle on growth for any great company is not markets, or technology, competition, or products. It is one thing above all others: the ability to get and keep enough of the right people.” Since 50% of all Canadian businesses fail before they are in business for 5 years, 11% of them ever seek professional help. By hiring the greatest bookkeeper they can find, entrepreneurs are getting the great professional help that will communicate with them on a regular basis that can help them significantly grow their business.
The first thing that entrepreneurs need to understand when hiring Edmonton bookkeeping for their business, is that the bookkeeping industry is not regulated at all and there are no set qualifications that bookkeepers need to have in order to call themselves a bookkeeper. Since there is no governing body on bookkeepers, anyone in the world can call themselves a bookkeeper, even those who do not have any software experience or who have a poor grasp of math. How can business owners try to hire the best bookkeeper that they can, when the industry is not regulated? A great rule of thumb is that entrepreneurs should be asking great questions in order to discover the truth. Business owners should ask their potential bookkeeper if they have any experience working in a public accounting office. Even though they’re only working as a bookkeeper, that experience can be invaluable in helping them grow as a bookkeeper. They should also aim to hire a bookkeeper who is in school to get their CPA, is able to be able to understand at a deeper level the information that a business owner is going to require in order to operate their business. Business owners should also be asking there bookkeepers of they can explain what a balance sheet is, and income statement is and even if a business owner does not know what the proper answer is supposed to be, they will be able to get a good sense of the information that the bookkeeper has simply by their answer.
The hiring Edmonton bookkeeping, business owners need to understand that while there is no regulation on how often a bookkeeper should communicate with their business owner, but if the bookkeeper is unable to answer that question, they probably do not have enough for thought into how they are going to communicate with the business owner. And always bookkeeping, they are always communicating with their business owners on a biweekly basis. They are sending regular interim financial statements, so that business owners can be armed with enough knowledge to make financial decisions in their business, and then phoning those entrepreneurs for a quick 5-minute phone call to discuss those reports so that the business owner is armed with knowledge.