You've finally hired a bookkeeping firm to take care of your company's books, and you're excited to free up some time to focus more on your business. Congratulations!
Here are some things to keep in mind as you sail off on this new adventure:
It's not usually "set it and forget it." Just because you've hired someone else to do your books, don't assume you will never have to look at them again. You are still in charge and need to make decisions based on the monthly reports your bookkeeper sends you.
Ask questions if you have them. Your bookkeeper is not just there to balance your books. They can help to interpret the reports they've sent you, give advice on how best to categorize a transaction, and more. Here at Balanced, we welcome questions as a way to build the relationship between business owner and bookkeeper.
Expect questions. Of course a newly hired bookkeeper is going to have questions about your business and how to categorize certain transactions, but even someone who has been with you for a while might need clarification from time to time.
Provide timely responses. Reports are only as good as the data that goes into them. If your bookkeeper has questions, please try to respond as quickly as you can. We can't get you the most accurate monthly financials if there are still questions pending.
Please, please, PLEASE do not co-mingle your personal and business finances! In general this is bad practice. If you have an LLC or S-Corp to protect your personal finances from business liability, using business funds to pay for personal expenses can "piece the corporate veil," opening you up to personal liability. In recent years, many bookkeepers have begun to include language in their contract stating that they will not work with business owners who co-mingle funds. It's just too risky.
Hiring others to do work for us can be daunting, but it is also essential when we as business owners do not have the expertise or no longer have the time to do it ourselves. Going in with the correct expectations can make for smooth sailing in the long run. Good luck with your new adventure, and if you need bookkeeping help, schedule a connection call with me to find out more!
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