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The Value of a Good Bookkeeper

It has been one of those weeks this week where it has been highlighted to me once again the value of a good bookkeeper.

At times when we are asked to quote a job and at times the opposing quote is so much less than you. Some will discount to get the job only to find out there is a lot more involved than you first thought, right?. After all it is only Bookkeeping and the role is nowhere as ‘important’ as the advisor or accountant, right?, WRONG. Talking to accountants and business owners who see the end result at the other end, I can tell you that a good bookkeeper is worth their weight in gold!

At times clients think they are saving money by getting a bookkeeper who is cheaper than one who is qualified, part of a reconised organisation and comes with testimonials, rather than looking around for one who has a proven history.

So why can a good bookkeeper be worth so much to you and your business?

  1. 1. If they are accurate and consistent they will save you a lot of money with your accountant. Your accountant can check your accounts, and when everything reconciles and is allocated correctly, then they don’t need to spend time trying to work out discrepancies in your data file.
  2. Your work can be completed quicker at year end with the accountant as they aren’t needing to send work back to be corrected or asking questions to explain issues.
  3. Consistent coding, accurate reporting and real time answers at your fingertips, with a pool of knowledge to tap into, this is invaluable and added to the value of your business, at no charge but a given that this training and information is passed onto you.
  4. When our time doesn’t need to be spent getting the compliance work correct your accountant can spend time looking at different aspects of your business and actually spending time assisting adding value to you and your business.
  5. If you hire the wrong bookkeeper, the opposite can happen and this will be a costly mistake for your business in time, money and possibly reputation,

What should you look for when you are picking a bookkeeper?

  1. Experience– it’s important that whoever you use has a background in bookkeeping, whether it be on their own or working for someone they need to have had experience working on business files.
  2. Qualifications– this is probably less of an indicator than experience but still a good aspect to check what these are and do they do continuous training. Make sure they are a registered bookkeeper.
  3. Software Experience– ensure the bookkeeper has experience in the software you are using or at the least is engaging in training to learn the software. While the technical knowledge is important each program has its own ways of doing things and it’s important these processes are done correctly
  4. Testimonials– ask the bookkeeper how long they have had some of their clients. If they have kept clients for a long period of time it’s likely they are good at what they do. Talk to the clients and ask for feedback.
  5. Communication– ensure the bookkeeper has good communication skills both with you and your accountant. It’s important the bookkeeper and accountant have a good relationship to understand how the accounts need to work and what information both need. Do they understand the same 'language'?
  6. Give you back time to get on with what you want to do and not worry about your books. How much time have you spent worrying and checking the work of someone that has not been as accurate? There is value in this alone hiring someone else.
  7. Cheaper isn’t always better– In fact, many times it’s not better at all. Remember the saying ‘You pay peanuts, you get monkeys’. While it’s not always true many times it turns out to be so sadly.

Moral of the story – value your bookkeeper and if you aren’t happy look elsewhere and don't be afraid to change for the value of your own business.

We are qualified, trained and certified Bookkeepers. If you are wanting help with your bookkeeping, call Leah for a confidential chat today on 027 337 6029