You’re more valuable running your business than managing the books
It is not uncommon for a business owner to handle their own books. But is that the best use of your time?
As a business owner, you are likely more valuable on the tools than doing the books. It may seem like another expense, but a contract bookkeeper may be one of the best investments you can make for your company.
So, what should you look for in a bookkeeper? We chatted with Sabina Herdman, CPA and CMA, of Manage My Books Inc. to find out.
“At a minimum, a bookkeeper should capture the transactions for the money coming in and out of your accounts monthly,” said Herdman. “Those transactions should be recorded in your books and reconciled at the end of the month.”
What separates an “okay” bookkeeper from a “great” bookkeeper?
“Someone that adds value to your business,” explained Herdman. “You need someone who will look after your business as if it’s their own and not just plug numbers into a spreadsheet. Your bookkeeper should be helping you be proactive and alerting you to issues before they get out of hand.”
“Cash flow is what makes a business a success or a failure,” stated Herdman. “Two things can cause a failure quickly: slow-paying customers and low margins. Having a bookkeeper who has the knowledge and tools to catch these issues is what separates great from okay.”
“Invoicing, accounts payable, and accounts receivable are extras a bookkeeper can take care of for your business,” added Herdman. “Your business relies on getting paid reliably. By watching your accounts receivable and monitoring trends with tools like PayScore.ca, a bookkeeper can help a business owner optimize their customer list.”
“Helping a business owner focus their resources on customers that pay reliably is a quick way to add to the bottom line,” said Herdman. “It’s a way to improve revenue without needing more staff or equipment.”
“That’s where the value add comes in – finding places where money is left on the table,” concluded Herdman.
Does a bookkeeper make sense for your business?
Contact Sabina Herdman with Manage My Books for more information.
Sabina Herdman
403-542-5120
