Accounting in a small business can be a challenge. Most of the time, small business owners wear many hats in the company, and when it comes to keeping the books, mistakes can be made, and data can fall through the cracks. Though there is lots of great bookkeeping software out there, at some point, most small business owners will realize they need to hire a bookkeeper. Before you hire a bookkeeper, there are a few things you need to consider.
Do I Need a Full-Time Bookkeeper?
Most small businesses will not need to employ a full-time bookkeeper, but some will be the exception if the daily inputs are extensive. If you do need a full-time bookkeeper, you will need to go through the recruiting and hiring process. You will want to find a certified bookkeeper with experience in small business and preferably with experience specific to your type of business.
If you don’t need a full-time bookkeeper, you may want to consider hiring a freelancer or a firm that will send a bookkeeper however often you and they agree you need one. It is important that you determine your needs to understand what you need when it comes to a bookkeeper.
What is My Budget for a Bookkeeper?
Because most small businesses are low on capital, especially in the first few years, it is important to determine how much you can afford for a bookkeeper. This determination will help you figure out if you can afford a full-time bookkeeper or other bookkeeping options.
If you are on a lower budget, most freelancers tend to be a little less expensive, but you are on their schedule more or less. The flexibility can make it easier for you both when it comes to availability. If you can afford a full-time bookkeeper, while it will be the most expensive option, having the books handled daily will ensure no errors or discrepancies and make a difference when filing taxes or getting financing.
If you can afford something a little more middle of the road, hiring a firm that would do your books regularly might be right for you. They are more on the expensive side from hiring a freelance bookkeeper, but they have a staff of bookkeepers, so you would have them when you needed them without having to hire a full-time employee.
Have I Fully Considered Bookkeeping Software?
Accounting and bookkeeping software has come a long way, and there are multiple great and affordable choices that have all the features you need and have been made user friendly. You don’t have to be a certified bookkeeper to learn how to use the software, and as long as you are good about inputting data, it will be accurate and reliable.
When choosing software, however, you need to consider what your needs are. If you need basic bookkeeping, there is free software that can do the job. However, if you need to cover inventory and payroll in your software, you will need to choose more robust features.
The other thing to consider is whether you want to use cloud-based bookkeeping software, which gives you the flexibility to access your company’s books from anywhere. It also will give you the ability to share it more easily should you do a combination of using software and hiring a professional.
Conclusion
Every business needs a bookkeeping system. As the business owner, it is up to you to determine how to fulfill the needs when it comes to bookkeeping. You have to determine the budget, time, convenience, and other bookkeeping needs before you proceed with hiring a bookkeeper or implementing bookkeeping software.
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