Why You Shouldn't Hire a Bookkeeper For Your Business Right Away
As your business grows many people will tell you that outsourcing your financial management to a bookkeeper is a great choice to save yourself time and headache with managing your money. I would counter that this may not be the best choice for you, your business or your money.
Contrary to popular belief, hiring someone to manage your money may not serve your best interest when it comes to growing, learning or removing any of your money blocks. If you are already comfortable with managing your money, it helps to free your time to grow your business in ways that you might not have been able to before. It can provide you with information and clarity about business decisions.
But and this is a BIG but:
...Then hiring a bookkeeper could mask and disable the growth of your money management abilities and money mindset for your life and your business.
It’s important to note - I am a bookkeeper! It's what I do for my business. It's part of my love and passion for helping people set up their businesses and financial management systems and then help them learn how to handle their money. You might be wondering why am I saying that most people really don't need my services?
Why You Should Know Your Money and Your Business Thoroughly
Being educated about your finances and how you can track your accounts is key!
Most professionals are hard-working, ethical and have their client’s best interests at heart. That being said, it’s important to protect yourself and your business to know if and when this is not the case. Knowledge is power.
Canada doesn’t currently have statistics on bookkeeper fraud, but a study done in Australia in 2011 determined the most common ways that fraud occurred. In the majority of cases, the fraudulent bookkeeper simply took money from the business and transferred it electronically to their bank account.
Most common techniques used to steal money:
I will say it again, knowing your business and its cash flow is imperative. Once you do, then by all means, hire a bookkeeper to save you time so you can focus on other important tasks. Be sure to check the “books” on a regular basis so you can spot any sign of discrepancy early.
Build a relationship with a bookkeeper first! I can teach you how and we can grow together until you are ready to fully hand off this task. Check out “The Growth Package” for your online business.
I’m in the process of creating the “Guide for Choosing Your First Accountant or Bookkeeper” that describes the difference between the two, how to interview for this important role in your business, and which questions to ask. So stay tuned for this release as I know you will find it a valuable resource for your business. You can opt in to my email list here to be notified.