A bookkeeper can take care of a number of core business tasks and these are easy to outsource. Many smaller businesses try to squeeze in these tasks when they have time, but if the work is not done well or in a timely manner, it can prove costly.
You can hire a bookkeeper to:
Process your payroll promptly and ensure that your payroll remittances are made on time to avoid costly penalties. I recommend considering using cost-effective payroll solutions that save you money by allowing your bookkeeper to be more efficient. These online solutions will also ensure compliance with CRA and removing risk of penalties due to late remittances.
Invoice your customers as promptly as possible so that you are paid more quickly. When work gets busy, this is often delayed, causing cash flow challenges that can easily be avoided. Everyone knows this is important but at the same time it is a task that falls to the lower end of the ‘to do’ list despite everyone’s best intentions.
Make sure customers pay when the bills are due, which allows you to focus on bringing in more business. Knowing someone else is focused on this frees you to do what you do best. It also lets your relationship with your customers focus on your product or service delivery.
Administer your benefits to ensure employees are fully covered and your benefits plans are not compromised by sloppy administration. This also ensures that your billing is accurate.
Reconcile your bank and credit card accounts monthly so you stay on top of your accounting and know it is balanced. Identifying issues quickly allows for a quick fix – and you know your accounting is accurate.
Create regular financial reports to inform your ongoing business decisions. Knowing your business results through a financial lens is an invaluable tool to optimize your management decisions.
Bookkeepers love what they do and that means that they can do it well.
For smaller businesses, these tasks typically do not require a fulltime bookkeeper and contracting this work to an expert is an excellent solution that allows the work to be done efficiently.
Find a good bookkeeper by asking for recommendations or search online for reputable firms providing services using a model that aligns with your business needs.
Knowing that these core business elements are under the care of an experienced resource can let you sleep better at night. Better yet, businesses can then focus on building a stronger business.
We are happy to help organizations with their financial resourcing needs. We offer bookkeeping services, which can be combined with the support of a Virtual CFO to provide a flexible, scalable, and sustainable solution to meet the needs of small and medium-sized organizations for the long term. Learn more about our service offering.
About the Author
Jan O’Donnell is the Managing Director for the Finance & Administration practice and CFO for the Business Sherpa Group. Jan is a Chartered Professional Accountant (CPA) and has been providing Contract CFO support to high technology, small businesses and not-for-profit clients since 2004. Jan is passionate about combining her business and financial management expertise to provide a hands-on approach to building and enhancing the finance role within small and medium-sized organizations.