On the Hunt for Bookkeeping Services Near Me?
Having a competent bookkeeper should be a top priority for growing your small business. Many CEOs of small businesses are also the founder of their business. They can sometimes fall into the “Founder’s Trap;” that is, trying to “do it all” for their company- Sales, Service, and taking care of the books. That can become overwhelming and also tricky, especially when it comes to keeping an accurate set of books.
Securing the services that a competent bookkeeper offers is one of the most valuable financial commitments a small business owner can make when in the start up phase of business. Many first time CEOs think they can “just install and use” QuickBooks Online to manage their business finances. So, they go it alone to save money.
Yes, they may be sending out invoices and collecting receivables, but that’s about the extent of their use of what the accounting package has to offer. So, where does this go sooner or later?
Confusion – because they realize they really don’t know how to handle the transactions.
Frustration – because they aren’t getting financial reports or, even if they are, they don’t understand them.
Small Bookkeeping Errors – which would be all but invisible to an inexperienced user, have an effect on the accuracy of the company’s financial statements and reports — which can result in providing misleading information on which the CEO may be relying on making decisions in managing their company. This could lead to consequences that far outweigh the size of the small error.
So despite the natural inclination of new CEOs – putting everything they have into their small businesses and saving money by doing the work themselves – bookkeeping is the one area that is best left to a professional.
Then the question arises –“Do I need to hire a full-time bookkeeper or do I outsource these functions? “ For many start up companies, a full-time employee is not needed. The job responsibilities can be managed with part-time services.
Yes, a part-time employee can be hired. Or, these services can be handled by an outsourced bookkeeping service. So, let’s look at the pros and cons of hiring versus a relationship with an outsourced service.
- Can you find someone who will work the hours you need – be it 5, 10 or 20 hours per week?
- Do you want to manage that person?
- Do you know how to manage that person if you are not so familiar with what is involved in the financial area of your company?
- What happens when the bookkeeper has questions – who do they go to for answers?
- What if the bookkeeper has an extended absence for medical or family reasons? There is a hole that needs to be filled quickly.
- Outsourcing ensures coverage should your “main” contact get sick or go on vacation. A second person can be inserted immediately if the primary person is not available.
- With outsourced services you receive expertise and years of experience from an entire firm rather than one individual
- Firms who outsource will have an accountant on staff who can provide timely answers for more advanced questions that the bookkeeper will always have.
So let’s say you decide that, rather than searching for (and going through a potentially arduous interview and vetting process to hire) a part-time employee, you make the decision to engage the services of a highly rated outsourced bookkeeping firm. How do you find the right one?
Key Criteria of the Best Bookkeeping Services
The key criteria that the best outsourced bookkeeping companies share can be summarized by the following:
- Experienced bookkeeping staff
This should go without saying, but the bookkeepers should be well educated and highly experienced with keeping the books of small businesses like yours.
- Full complement of services
As your company grows, your need for financial and accounting services will grow too, beyond simple bookkeeping. You will want a firm that can scale up with you, and that will offer services such as the following:
- Cash flow planning
- Developing financial controls and protocols
- Developing a forecast and assisting to measure against that forecast
- Reasonable cost
The cost of outsourcing can absolutely make sense within your budget.
- Smooth start up
Startup and implementation can be challenging. You want a firm that has years of experience engaging with businesses and individuals in a variety of trades and services. You want them to be knowledgeable with how to get up and running as quickly and smoothly as possible.
- Impressive client list
The best advertisement a firm can have is satisfied customers from a wide variety of industries. The best firms will gladly share their client list with you – and their testimonials.
Resolution Accounting Checks All the Boxes
If your small business would benefit from an outsourced bookkeeping service near you, Resolution Accounting is a solid choice. Serving the entire Philadelphia region, including King of Prussia, Exton, the Main Line, Malvern, Chester County, Montgomery County, West Chester, Conshohocken, and more, Resolution Accounting offers Philadelphia-area small businesses professional bookkeeping services, and can confidently meet all of the above criteria.
Ready to start? Increase your peace of mind today, and contact Resolution Accounting—send us an email or call us to schedule your free consultation today.