Bookkeeping at a Small Business
You are passionate about your small business, but every time you finger through your financial records, your eyes glaze over. Bookkeeping does not have to be an intimidating or boring chore. Even small businesses have several options on how to get this vital task completed. Sure, you can learn to do it yourself, but you can also hire some help—whether it’s from a full-time employee, or an out-of-house temporary bookkeeper.
The primary advantage to DIY bookkeeping is that it’s inexpensive, although it will cost you time. You will also erase any worries that the person looking over and organizing your books is untrustworthy. On the other hand, you may not trust yourself with such an important task. It will become your responsibility to track every receipt, invoice and expense. Overlooked details could lead to confusion or even financial catastrophe. Doing your own books is typically only recommended for very small businesses that don’t require a lot of time for tracking the numbers, and it should only be attempted by business owners who know the ins and outs of financial record keeping.
Hiring temporary help for keeping the books may be more expensive than doing it yourself, but in the long run it could save money by giving you back the time to work on what makes your business profitable in the first place. An out-of-house bookkeeper may seem risky if it is someone you do not know or trust. Cut down on the risk by finding suitable help through a temp service that screens applicants before placing them in a position.
Some businesses hire a full-time bookkeeper. For most small businesses, a year-round in-house employee is an unnecessary and expensive option for keeping the finances organized. Remember, a full-time staff member will be paid whether you have enough work for them or not. Additional insurance, vacation time, and sick days will also cut into the budget. However, if your small business is rapidly growing and you want the assurance of working with someone who knows your company inside and out, these extra expenses may be worth it.
If you decide that hiring a bookkeeper in house may be your best bet, you may want to explore our personnel services at Labor Systems Job Center. We can provide you with basic bookkeepers, office assistants and more. Visit us online or give us a call at 877-836-7527 for more information.
Small Business Bookkeeping (Small Business Finance Tips)
Small Business Bookkeeping and Accounting (SweetHaven Publishing Services)
In House versus Outsourcing Bookkeeping (Winters Associates)