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Many business owners are not sure where to start when hiring Edmonton bookkeeping for their business, thinking that if they save money by hiring an inexpensive bookkeeper, they can save money on their accounting overall. This, unfortunately, is not the right way to choose bookkeepers, because saving money on bookkeepers can lead business owners to hire an inexperienced bookkeeper who may overcharge them, underserve them, and require the business owner to end up having to redo most of their work.

Business owners should consider Edmonton bookkeeping as an important part of their accounting team, and as Jim Collins, the author of 6 business books was famous for saying, “those who build great companies understand 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 and keep enough of the right people.” By hiring a great accounting team that includes a great bookkeeper to work with, can help entrepreneurs have the right people that can allow them to grow their business. Since 50% of all Canadian businesses end up failing, 29% of those failed entrepreneurs say the reason why they failed was that they ran out of money in their business. By being able to hire the right bookkeeping service for their business, business owners can ensure that they are avoiding that reason and increasing their chances of succeeding in business.

In order to avoid hiring the wrong bookkeeper, business owners should understand how bad bookkeeping actually end up costing them far more money in the long run. While business owners can be tempted to save money on bookkeepers, and expensive bookkeepers often are inexpensive because they’re inexperienced, and can end up with poor workmanship. When that happens, business owners may discover that their accountant has to end up redoing the work that they have already paid their bookkeeper to do, charging them additional fees to fix files. Also, business owners who hire an inexperienced or inexpensive bookkeeper may discover that they do not get the files that they need from their bookkeeper on time, which means they cannot get them to their accountant on time, which means that they often end up filing their taxes late, and therefore triggering penalties from Canada revenue agency.

On the other side of this coin, business owners who understand that hiring a great Edmonton bookkeeping service can significantly help their business in the following ways. A great bookkeeper can help entrepreneurs have up-to-date balance sheets and income statements on a regular basis. The reason why this is so important is that the more up-to-date interim financial statements a business owner has, the better armed a business owner is to making business decisions. Whether they need to know what they can pay employees, pay themselves, or purchase assets, a business owner is in a better situation to review their interim financial statements before making that decision so that they know if it is the best for their business or not.

Business owners are often puzzled when it comes to hiring Edmonton bookkeeping for their business since there is no governing body and literally anyone can call themselves a bookkeeper. There are several things that entrepreneurs need to know when it comes to hiring bookkeepers that can help guide them to the right decision so that they can have the right people in their business to help them succeed. Jim Collins, the author of good to great in addition to 5 other business books has been quoted as saying and one of those books, “those who build great companies understand the ultimate throttle on growth for any company is not markets, technology, competition, or products. It is the company above all others, the ability to get and keep the right people.”

When entrepreneurs are hiring Edmonton bookkeeping, the first thing that they should understand is they should not base their decision solely on price. When entrepreneurs hire bookkeepers based on cheapest hourly rates, they may discover that those bookkeepers end up working for more hours than a business owner is expecting effectively overcharging them, and that lack of experience means that there under servicing the business owners who end up getting terrible work, and incomplete balance sheets and income statements that do not help business owners make informed business decisions.

Even though there is no governing body on the bookkeeping industry, business owners should keep in mind some questions that they should be asking their bookkeeper to gauge if they are the best fit for their business. I asked bookkeepers if they have any public accounting office experience. By working in an accounting office, bookkeepers are more likely to have the knowledge that can help business owners succeed in business. If their bookkeeper is also getting their chartered professional accountants designation. Business owners can generally accept that bookkeepers who are getting their designation will be more knowledgeable about what a business owner needs out of a bookkeeper, and be able to better deliver that. Finally, an entrepreneur should ask how much experience the bookkeeper has in the industry, and all of these questions are far more important than what the hourly rate is of a bookkeeper.

In fact, business owners may want to stay away from an hourly rate bookkeeper completely. The team at always bookkeeping charges their clients on a monthly basis, which means that business owners always know how much they can expect to be charged and therefore how much they should budget for every single month. This can make ensuring they always have money to pay for their bookkeeping services.

By hiring the right professional for their business, entrepreneurs can use the information they provide to help them significantly in making business decisions, that can positively impact their business. Since 50% of all entrepreneurs fail in business, and 29% of them say that the reason why they fail is that they run out of money, having the best bookkeeper that they possibly can can significantly help entrepreneurs avoid that fate.