5 Reasons SME's give for not Hiring a Bookkeeper
By Wendy Tate, Nov 10 2016 11:23AM
If you currently don't have a bookkeeper working with you in your business, you probably have a good reason. Here are some of the reasons I have come across when discussing this with small business owners, do any of these resonate with you?
1. You think you should do the books yourself because you want to be close to your cashflow. While I appreciate that as a business owner you want to feel close to what is going on in your business this absolutely the wrong thing to do. As a Business owner you should be reading your Financial Statements and the Accounts Receivable report, not preparing them. Your time and skills are too valuable to be doing work that others can do and probably do more efficiently because it is their area of expertise.
2. You feel uncomfortable sharing confidential information like this with others. This is only natural and it's something you must overcome to be a successful business owner. You simply can't maximize the value in your business without a small team of trusted advisors. This team starts with a qualified bookkeeper and a good accountant both of whom abide by a Code of Professional Ethics ensuring complete confidentiality.
3. You think they're expensive. Actually, a qualified bookkeeper worth their salt will be able to offer you a package deal agreeing fees upfront so you don’t get any nasty surprises when you received the bill. In fact in many cases an experienced, qualified bookkeeper will be able to identify efficiency savings in other areas of your business, which, in some cases, could equate to more than their fees. A second pair of eyes looking out for your best interests.
4. You don't know how to find a good one. This can be problem especially because anybody can call themselves a bookkeeper. So how do you find a good one? There are several professional bodies offering accreditation to bookkeepers, these professional bodies also ensure that their members follow strict guidelines, have the appropriate insurances and complete ongoing training to ensure they are offering up to date advice, especially important where tax matters are concerned as these rules are changing all the time. Each professional body has a directory of members, their level of membership and their competencies.
Please see the links:
a. Association of Accounting Technicians www.aat.org.uk
b. International Association of Bookkeepers www.iab.org.uk
c. Institute of Certified Bookkeepers www.bookkeepers.org
5. Your current situation is embarrassingly out of control. Believe me I understand this one! Bookkeepers are used to walking into messes and have seen it all before, after all it is what we do. You'll probably be astounded at how fast we can clean up yours!
All told, a good bookkeeper is one of the best investments you can make in yourself and your business.