One of the more important things for an entrepreneur to realize is how important a great Edmonton bookkeeping service can be to their business. Industry Canada says that half of all Canadian entrepreneurs fail in business, and out of those failed entrepreneurs, 29% say the reason why their business failed is that they ran out of money. One way for businesses to avoid running out of money in their business is to make informed financial decisions in their business. Whether it is avoiding spending money they do not have, or being proactive when they need to generate new revenue, to cutting expenses, a great bookkeeper can make all the difference in helping a business owner avoid financial problems.
Because great bookkeepers are so vital to entrepreneurs, they should ensure that they are taking the time to hire the right professional for their business instead of basing their decision on their hourly fee. One way that business owners can ensure their hiring the right Edmonton bookkeeping service for their business, is to interview them and find out more about their business and how they operate. For example, since there is no governing body on the bookkeeping industry, and bookkeepers do not need to have certain qualifications in order to be able to call themselves bookkeepers, business owners should be very prudent when talking to potential bookkeepers for their company.
One of the questions that entrepreneurs can ask to gauge how much knowledge their bookkeeper has, is how much experience they have, and where that experience was that. For example, if all of their experience has been part-time, or in their home, or if they have experience working for a bookkeeping company or even working in a public accounting office. Business owners can gauge how knowledgeable the bookkeeper is based on what experiences they have had and for how long. Another great question business owners can utilize is asking if they have gone to school to get their chartered professional designation, or if they are currently going to school for its. This can mean an extremely knowledgeable professional that has not only great knowledge of what a business owner needs, but how often they are going to need it in order to make decisions in their business.
Another great question for business owners to ask potential Edmonton bookkeeping services is how they charge. While most bookkeepers charge an hourly fee, that also means that the slower a bookkeeper works, the more they are going to be billing their client. Also, this hourly fee means that an entrepreneur has no idea from one month to the next how much to budget for their bookkeeping services. They may get worried that a more successful month means more transactions and a higher bill that eats away at the profit they just made. On the other hand, a great alternative to this is hiring a company such as always bookkeeping who charge a flat monthly fee. This helps entrepreneurs budget, manage the cash flow in their business, and be assured that they are getting all of the services that they require without ever getting a surprise bill.
By surrounding their business with great professionals, entrepreneurs can ensure that they have the right people to help their business succeed, and considering the right Edmonton bookkeeping service for their business should be no different. Business owners should understand that they can build a great company by surrounding themselves with the right people. Jim Collins, the author of six business books including bestseller good to great has said, “those who build great companies understand that the ultimate throttle on growth for any 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.”
One way to ensure that business owners have the right Edmonton bookkeeping service for their business, that can help them grow, is to interview potential bookkeepers, and understand what great bookkeeping companies do and what they do differently to the competition that makes them so great. One of the things that business owners should keep in mind when hiring a bookkeeping service, is how often they should be expecting to get interim financial statements. Anytime a business owner needs to make a financial decision in their business no matter how big or small it is, they should be reviewing up to date balance sheets and income statements. Even decisions on if they can pay themselves dividends, or if they can afford to run payroll require reviewing up-to-date financial information. A great bookkeeping service will be able to provide entrepreneurs with biweekly financial statements so that business owners can make those decisions confidently.
Another thing that entrepreneurs should keep in mind when hiring Edmonton bookkeeping service in their business is how often they should be expecting to hear from their bookkeeper. While there is no exact real answer to this question, the more communicative a bookkeeper is with an entrepreneur, the better the information they provide to the bookkeeper can be. For example, a company that calls their client after sending the balance sheet and income statement can help keep the business owner informed of what is in the reports, any changes, or asking any questions in case there may be errors. Business owners can then ask questions based on what is contained in the reports, especially if they do not understand. This information can help business owners continue to make great financial decisions in their business.
The hiring the right Edmonton bookkeeping service for their business, entrepreneurs can be certain that the financial decisions they make can help them grow their business and become successful. By not having this information, or having incorrect information can significantly and negatively impact the business and their finances. To avoid this situation, entrepreneurs should be hiring the best Edmonton bookkeeping service that they can.