Should You Employ a Bookkeeper?
A record keeper, accountant, payroll processor, finance manager, cost/expense management expert and transaction observer; all of these are very important roles within a company. These are also the roles filled in by a bookkeeper, who is perhaps the most important person in the entire company, as far as financial management is concerned.
However, while they are beneficial to the company as a whole, some companies do not require them at all, due to either particular function or scale, which may not create the need for a bookkeeper. On the other hand, you might be a small company but still need a bookkeeper, maybe because you have several ventures in continuation at once, or because you have a lot of cash going places. In order to help you decide whether or not you need a bookkeeper, following is a list of points for and against hiring a bookkeeper.
Why You Should Employ a Bookkeeper
They can take a plethora of responsibilities out of the remaining officials’ hands, allowing them to pursue other activities which may prove beneficial for the company.
They are specialized in financial management and accounting, which makes their services invaluable for growing companies.
Early hiring is important; especially if you have a developing company, since you will need all your finances in order from the get go. This prevents a lot of pitfalls later on when you grow in scale.
You don’t need a bookkeeper on the payroll. You can simply hire a freelancer when you need them and save a lot on the financial front.
Bookkeepers are proficient at spotting discrepancies in financial statements, which makes them necessary for companies who have faced such problems before.
When You Don’t Need to Employ a Bookkeeper
If your company or firm is not at a scale where you need someone dedicated to finances, you don’t need to employ a bookkeeper. For small-scale operations, where handling finances will not affect your performance in other aspects of running a business; bookkeepers are generally not needed.
If one of your employees is already proficient at accounting, they can take over the responsibilities of the bookkeeping and finances. You can simply give them an incentive, which will still save money as compared to hiring a bookkeeper, even on a contract basis.
There are a number of automated systems which take care of all the finances, along with a number of other important processes within a company. Since this is the age of the cloud, installing accounting software may be a much better investment than hiring a bookkeeper. This will eliminate the chances of human error and you will save a lot of capital.
April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.
Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency. Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.
Want to keep up to date with all the newest information and tips? Make sure you're a subscriber to our weekly newsletter.
Share or Connect with us!