5 Mistakes to Avoid.
5 Mistakes to Avoid.
Steve Cook, CPA
Last updated: February 09, 2021
When you consider outsourcing bookkeeping and cost, wouldn’t it be great if you found a bookkeeper who:
- Charged fixed monthly bookkeeping cost?
- Stayed with you through thick and thin?
- Used popular software so you could access your business information?
- Was always available to answer your questions?
Unfortunately, there’s too many sorry bookkeepers that do none of the above, but fortunately you can avoid those “bookkeepers” by avoiding these 5 mistakes…
#5 MISTAKE: Paying an Hourly Bookkeeping Cost
An experienced bookkeeper can easily estimate how long it takes to prepare monthly reports for clients. That’s because they upload the same data fields each time, and let the system run the numbers.
Propose a fixed bookkeeping cost because if you don’t, your bookkeeping cost could end up running over your budget, and sending you a bill higher than you planned.
If they can’t estimate how long that takes then you have a reason to think twice!
#4 MISTAKE: Hiring A Part-Time Bookkeeper
Be careful of someone who does bookkeeping on the “side” for a little extra cash, or ‘just to keep busy now the kids have left home’.
This generally means your books, business, and questions are a very low-priority for them.
Worse yet, when something more interesting or urgent pops up, they’re gone! Nowhere to be found, and you’re stuck having to find about a bookkeeper!
One of my recent clients shared with me “I invested countless meetings with my new bookkeeper to get familiar with each other and my books. Then, she up-and-left when the tax filing deadline was only a month away.”
#3 MISTAKE: Using Weird Software
A bookkeeper that uses uncommon software can turn out a nightmare if the deal goes south.
Whether they stop working for you or you terminate the relationship, your information is stuck with them!
So avoid a bookkeeper using any software, but QuickBooks or Sage.
#2 MISTAKE: A Bookkeeper Who Says “The Tax Side is Up to You”
The IRS has the right to demand to see your financials behind your tax-return.
A bookkeeper who says they don’t do tax, may not do your bookkeeping so the information is unclear to the IRS. Resulting in you getting audited, paying fines and/or redoing your books.
Let’s face it; we might not bother to keep detailed books at all, if we didn’t have to account to the IRS!:)
The tax imperative is an essential part of a bookkeeper’s task. If they don’t provide tax inputs, don’t hire them.
#1 MISTAKE: Hiring A Disorganized Bookkeeper
Bookkeeping is a precise science. Everything has to be spot on for the records to balance.
A decent bookkeeper has to be a detail-oriented person to do their job properly. They must be organized, keep track of everything, plan ahead, and meet the deadlines per their clients’ needs.
A bookkeeper who shows up late or plain forgets a meeting is a sloppy person who is just as likely to provide your tax information late.
The buck stops with you when it comes to your legal obligations with the IRS. They will come after you for the penalties, not your bookkeeper, so hire wisely.
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#1: I charge the same $199 monthly price to all my clients. They love it because I have no hidden fees and they can budget their bookkeeping cost accurately for the month end.
#2: I am 100% dedicated to bookkeeping. I do this every day. I know all the shortcuts, pitfalls, and advantages for you and your business.
#3: I use QuickBooks online software to do all my work, along with another 624,000 users making it the most popular online bookkeeping and accounting platform in the World.
#4: I am a Certified Public Accountant (CPA). I worked years to earn that title. I know what I’m doing. Your books will be clean and set-up for maximum tax-return.
#5: My team of bookkeepers and I are all detail-oriented people. We love doing bookkeeping, so you can skip the stress and just let us take care of it. I sure hope you do.
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Thank you for reading. I hope you hire the right bookkeeper for you.