Many entrepreneurs do not understand the difference between Edmonton bookkeeping services and accounting services and think that they can either get away with not having a bookkeeper in their business or hiring the least expensive bookkeeper they can find in order to save money. However, this is not a great way to hire someone who is responsible for the business is finances, as well, a great bookkeeper can help businesses significantly make great business decisions. As 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 the one thing above all others: the ability to get and keep enough of the right people.” A great bookkeeper should be considered one of the right people that can help entrepreneurs achieve success.
Business owners should understand what Edmonton bookkeeping services do for businesses so that they can be prepared to ask the right questions when hiring the right bookkeeper for their business. Bookkeepers help organize businesses’ financial statements so that an entrepreneur can get up-to-date balance sheets and income statements in their business. Having up-to-date financial statements can help entrepreneurs make better business decisions. Business owners may wish to purchase assets in their business, hire staff, or pay themselves. By reviewing their financial statements, they can see if they have the money available to do that. Also, business owners can use balance sheets and income statements to review their expenses, to see if those expenses are going up and if they need to work on minimizing them. They can see if their marketing activities are working, or what marketing they need to continue or stop. Any financial decisions that a business owner makes, can be made better by utilizing great information from their Edmonton bookkeeping service.
Because of this, it is extremely important that a business owner finds the best bookkeeper that they can find, who will help the business owner get these reports so an entrepreneur can focus on running their business and making good decisions. If an entrepreneur hires the least expensive bookkeeper they can find, they may end up with interim financial statements that are not done properly, when business owners use those statements to make financial decisions, can end up with the business owner making decisions that could negatively impact their business, and not even know it.
When entrepreneurs are hiring Edmonton bookkeeping services for their business, they should ask them how much experience they have done bookkeeping, if they have any public accounting office experience, or if any of them are working towards getting their CPA designation. These can all help entrepreneurs determine how much experience their bookkeeper has, and if a business owner would like to continue working with them. Business owners need to find the right bookkeeper for their business because they should be expecting to work closely with this business professional on a regular basis to help them grow their business.
One of the biggest mistakes that an entrepreneur can do when hiring Edmonton bookkeeping services for their business, is to hire the least expensive bookkeeper they can find in order to save money in bookkeeping fees. Business owners who hire bookkeepers based on price may discover that they end up with incorrect financial statements, end up with a bookkeeper who does not communicate well, and work that will end up needing to be redone by their accountant for an additional price. Great bookkeepers can significantly help entrepreneurs make better financial decisions in their business, which can help business owners grow their business. Because of that, great care needs to go into hiring the right bookkeeper for their business.
Some of the things that entrepreneurs should take into consideration when they are hiring Edmonton bookkeeping services for their company, is asking them how much bookkeeping experience they have. Since the bookkeeping industry is not regulated and has no governing body, anyone can call themselves a bookkeeper, so business owners need to be smart when asking questions to find out who the best bookkeeper for them is. Business owners should be looking for Edmonton bookkeeping services that have experience working in a public accounting office. The reason why this is so important is that that can deepen the knowledge that a bookkeeper has about what information a business owner needs to get from a bookkeeper, as well as what information an accountant needs from a bookkeeper so that they can provide the best financial statements possible.
Also, bookkeepers who have experience working in an accounting office also understand how often a business owner should be hearing from their bookkeeper. While there is no right answer to this question, the more often a business owner receives interim financial statements such as balance sheets and income statements, the more information a business owner has when they need to make any sort of business decision. Great bookkeepers will send those interim financial statements twice a month to their entrepreneurs, and then have a quick phone call to discuss the reports, to verify the accuracy, and answer any questions an entrepreneur has. This is extremely vital to ensuring not only an entrepreneur has the information they need in order to make their business decisions, but they understand that information, and they have that professional advice that they can utilize in order to make those decisions.
By hiring the best Edmonton bookkeeping service they can for their business, entrepreneurs are ensuring that they have a business professional that has their best interests in mind, and are providing them the right information at the right frequency so that business owners can make the best financial decisions that they possibly can in their business. By knowing what questions to ask when interviewing potential bookkeepers, business owners can increase their chances of hiring the best professional they can, so that they can grow their business.