Contributed By Kristin Emmer | FDA Bookkeeping Specialist
Any successful small business owner will tell you that maintaining good books and having access to solid financial information is essential to the success of the business. Choosing a professional bookkeeping service is one of the easiest ways to make your small business successful.Proper bookkeeping is not only essential for complying with state and federal tax laws and regulations it is the only way to know if you have a successful business. Every company must accurately track the money flowing in and out but so many small business owners and entrepreneurs lack the knowledge and experience. Poor bookkeeping continues to be one of the most common reasons a business fails and it’s completely avoidable.So how do you choose a bookkeeping service? Below are 4 items to consider.
Good Communication Skills – Make sure your bookkeeper listens well. They must be able to explain things in a way that make sense to you. You will be relying on this person to handle a very important part of your business, the money. Because of this, it will entail clear and frequent interaction. The guidance a bookkeeper provides, along with your CPA, can be the difference between the good and bad financial decisions for your business.
Organization and timeliness – While being detail oriented and organized usually describes a bookkeeper don’t assume all are! Managing your books requires attention to detail, reliability, and timeliness. Experience will also play a big role in the timely interpretation, reporting and retrieval of finances. Ask about the bookkeeping services review policies and safety nets. This will all have a positive impact on your business’ bottom line.
Updates Knowledge – Look for a bookkeeping service who stay up to date on tax and business regulations. The bookkeeping service should also stay updated on technology. If you look for a service which is constantly upgrading their skills and services this can help you stay at the forefront of your industry and ahead of the competition.
Understands your industry and sees the big picture – A good bookkeeper should have a good understanding of the industry you are in. The more familiar they are with your industry’s trends and operations, they better they will know how it relates to your financial situation. This will also help in the long term success of your business.Your bookkeeper should be one of your most trusted business partners. Hiring a good bookkeeping service can be one of the most important decisions you could make for your business.