What to Expect from Bookkeeping Service Providers

As business owners, many individuals believe that they can learn skills needed to run their businesses better. This is often true, but certainly there are instances where some skills are difficult to learn and neither the time it takes to get to a competent level, nor the consequences of getting something wrong are worth it.

You might be a successful business owner with lots of skills however; bookkeeping may not be one of them. Hiring a bookkeeper is a great option in this scenario. However, before bringing a bookkeeper onboard, you need to ensure that this person knows what they're doing. You will also want to set expectations for this person to figure out what you need.

The following are things you can expect from a bookkeeper or a bookkeeping service provider:

  • Basic Understanding of Accounting and Bookkeeping Terms

As expected, your bookkeeper must be knowledgeable about basic accounting and bookkeeping terms. He or she must also be aware about the definitions and differences between the five standard types of account namely equity, income, expenses, assets and liabilities.

  • Comprehension about the Big Picture

In case you purchase new equipment, can your bookkeeper understand the concepts of setting up asset and liability accounts? Your bookkeeper needs to have knowledge and expertise in understanding the big picture of your business.

  • Willingness to Follow Through

Another thing to expect from bookkeeping service providers is the willingness to follow through. You need someone who is not just an expert in bookkeeping but someone who will also make sure that questions and projects are followed through to completion. This is especially important because you have many other responsibilities of your own. 

  • Bookkeeper Service Providers Must be Capable of Doing Proper Expense Tracking / Job Costing

It is imperative that bookkeeping service providers help track all costs involved by job detail or item. Job costing is crucial to success of figuring out the real cost of the project. You need to be able to depend on the information provided by the bookkeeper and ensure that this is reliable.

  • Excellent Communication Skills 

You can also expect excellent communication skills from a competent and knowledgeable bookkeeper. Communication is vital to have a better understanding about the status of your finances and how your business is going.

These are just few of the many things you can expect from bookkeeping service providers. Other common expectations are interests in continuous education or learning, computer literacy, strong commitment to service and many more.

In case you are planning to hire a bookkeeper, it is a must to ensure that this bookkeeper will make your business or project the top priority. If you want your company or business to function properly, you need to set expectations before bringing anyone on board.  


11 May 2016

By CPAs.net
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