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Hiring a Bookkeeper

As is the case in many other service industries, it is important to find the right type of accountant or bookkeeper. When you go to a doctor for a knee replacement, you want to find a surgeon that specializes in this field. When you are looking for an attorney, it is important to select an attorney that specializes in divorce, criminal, or other area of specialty that is needed.

Likewise, you want to choose an accountant or bookkeeper that fits the goals you are trying to achieve for your business.

Some tax firms will provide "after the fact" bookkeeping as a courtesy to their current tax customers. This helps both the tax firm and the customer by keeping the records up to date, thereby eliminating a lot of work pulling data together at year end. This type of bookkeeping would typically not provide a business with real time financial information. In most cases, the owner manages their own invoicing and bill pay and uses the current bank balance to manage cash flow.

An in-house bookkeeper can be beneficial for a company processing a large volume of invoices or bill payments. This service is usually provided on a part-time hourly basis at a reasonable cost because there are many bookkeepers who know how to navigate accounting software, but do not have an accounting education. To prevent inaccuracies, the level of accounting education should be an important consideration when allowing a part-time bookkeeper to maintain all aspects of the accounting records. In addition, consideration should be given to the urgency of getting an invoice out or paying a bill on a specific day that may not coincide with the bookkeeper's schedule.

With the growth of accounting technology and integrated applications, virtual accounting/bookkeeping companies can provide real time financial support. Electronic bill pay and invoicing streamlines the bookkeeping process and improves cash flow. Integrated applications allow for improved workflow and increase the efficiency of business operations. Virtual accountants who capitalize on advanced technology can be available to support business needs during all business hours. A fixed fee model with a Virtual Accountant promotes a relationship that is the equivalent to having an "Accounting Department". Some virtual accounting companies also offer Payroll Processing, Budgeting and Cash Flow Management.

Consider your business goals when identifying a bookkeeping solution that is right for your company. For growing businesses, valuable real time financial information can be critical for decision making. Streamlined accounting processes will help improve cash flow.

Virtual accounting services such as those provided by Walsh Accounting can offer a strong foundation for business operations.

Contact our offices to get more information on how we can help.


 

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