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Why do you Hire Bookkeeper for your business?

Many small business owners love their business; they are exceptional and love what they do. But the bookkeeping aspect of their business often becomes a terrifying task and is usually not the best use of their precious time.

In contrast, bookkeepers love keeping their client's books tidy and will do everything they can to ease their client's load. Plus, bookkeepers are much more capable of processing data because that is their profession.

You may get it wrong. There are many upsides to the incredible technology now available; however, one of the downsides is that it is often portrayed as easy to "do it yourself". Technology still relies on the systems being set up correctly from the start, and the information is regularly checked and verified to ensure it is accurate and compliant. 

Incorrect data going in equals inaccurate data going out, resulting in incorrect IRD returns. It is often a case of "you do not know what you do not know." Knowing the rules around whether that coffee with a client or that travel booked through an online booking system is tax-deductible or how the GST component is to be treated. IRD does not accept ignorance as an excuse and can be pretty harsh when charging interest and penalties on incorrect returns filed.

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Inaccurate data also means that you are not getting accurate facts on how your business is performing.  For example, your profit calculation will be wrong if you inaccurately code something to an asset account, whereas it should be coded to an expense account. As a result, your business will look like it is performing better than it is.  With this inaccurate information, you are making an important business decision, thinking it must be correct.

An excellent bookkeeper will get to know you and your business better, thus becoming a respected member of your team and working alongside your team to help your business grow.  In addition, the members of the business delight themselves in the associations they presently have with clients.

How to decide on a Bookkeeper

Make a list of responsibilities you want a bookkeeper to do for you, what you want to do yourself, and where you need your bookkeeper to work in your office or remotely. Services that members offer range from training you to do your bookkeeping through to a full-service bookkeeping, which include invoicing your clients, paying your bills, and administering your payroll, as well as reporting and tax compliance. Online software means that most bookkeeping work is usually done remotely, but you may need your bookkeeper to work all at your office or part of their time.

To locate the best bookkeeper, ask for recommendations from people from your business connections, friends or accountant, friends, and family.  Although, New Zealand is a small place, most of the members often say that a lot of their work comes from word-of-mouth references. 

When interviewing a likely bookkeeper, deciding if you feel they will be appropriate for yourself and your business.  Your bookkeeper will be an integral member of your team!  Mutual trust and respect are essential.

Consider the following items for discussion:

  • The accounting software they are expert in. This is important if you already have software in your business as you need your bookkeeper to be an expert in this.

  • Fees - how the bookkeeper charges. Will work be charged based on an hourly rate or monthly payment, and what is the price. The advantage of having an hourly rate is you pay only for the time required to do the work, or a monthly fee provides cost certainty for your business. When considering the price, popular wisdom is that cheapest is often not the most cost-effective. The option as a great bookkeeper can add more value to your business than they cost you.
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  • The types of business they work with. Some bookkeepers specialize in dealing with a particular industry and can bring insights and best practices to assist you in growing your business.

  • Certifications and qualifications obtained. These illustrate that the bookkeeper is acquainted what they do and in takes their profession earnestly.  A Certified Bookkeeper has passed one or more of our bookkeeping assessments and must comply with our strict Code of Ethics.

  • A great bookkeeper will add a considerable amount of value to your business based on experience and knowledge.  In addition, they will be detail-focused and a skilful problem solver.
  • It is extremely important to get references from current or former clients or the employers of the bookkeeper. We advocate that you explicitly speak directly to referees, even if there are testimonials provided by the bookkeeper.

You need to start searching of the ideal great bookkeeper by searching the directory of prominent associations a Certified Bookkeeper is a member and his credentials.

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