Outsourced bookkeeping is perhaps one of the most popularly outsourced services for small businesses. And that is not surprising. After all, bookkeeping and accounting are two of the most arduous, time-consuming tasks, not to mention two of the most crucial. It takes actual professionals to get them right; spending a little extra on outsourcing the service is more cost-efficient than the costs that come with bookkeeping and accounting mistakes.
However, like in any form of outsourcing, it would be best to practice some caution. For one, it would be helpful to learn from the mistakes of others. Read on to learn about the most common mistakes made when hiring third-party bookkeepers, and to get tips on how to avoid them.
Outsourced Bookkeeping Mistakes
- Hiring a company that does not have a Certified Public Accountant on its team. Small business accounting and bookkeeping need the help of a certified public accountant as much as the next Forbes 500 company. There is the same need for accuracy and credibility, and it is not a job for just anybody. Having a CPA at the helm assures you that the person handling your job is qualified, certified, and licensed to get into the details of your company’s numbers.
- Not ‘shopping around’ for companies. No, the first company you find online or that is referred to you by your friend or colleague may not be the best one for you, no matter how great their promises sound. Even if they seem to be the best, you still need to take some time to research others to find out what you are getting and what you are not getting with the first company. Take time to research; the time you lose in the process will definitely pay off when you end up with a company that is well worth your money.
- Not researching the background of your chosen company. Outsourced bookkeeping services deals with one of the most crucial elements of your small business. It is necessary that you take the time to review everything about the outsourced company before signing the final contracts, otherwise you run the risk of putting your small business in the hands of a bogus bookkeeper.
- Not disclosing all the necessary details to your bookkeeper. Your bookkeeper can only work on the materials that you provide for them. They cannot read your mind. They cannot access anything other than the stuff you provide them. Always give them everything they need, from old files to old receipts.
- Not keeping open communication lines with your bookkeeper. Bookkeeping is one of those services that require a sort of intimacy with your business. Such intimacy can only come with keeping open communication lines. Whether it involves faults in the books, problems that need fixing, or new actions that need to be taken, these things require open and honest communication to succeed.
For a safe, secure, and satisfying outsourced bookkeeping experience, hire a reliable company that has both the expertise and the experience to deliver great results, such as Class-Advisors! Contact us today about our bookkeeping, accounting, and financial consulting services. Call (619) 282-7126 for a FREE consultation!