Without having a solid financial plan, it can be significantly more difficult for your business to grow. And as a small business owner, you probably know that already. But do you know what you’re going to do about it? The general cash flow management, knowing what is coming in, what is going out, and ensuring that there is a (hopefully) positive balance is at the basis of what a strong strategy entails. The bookkeeping process should be thorough, accurate, and relatively easy for business owners to navigate and understand. And because this process is so crucial to the success of your business, you should have an accounting firm that is highly experienced, knowledgeable, and can communicate clearly. If you’re looking for accounting services, here are some other qualities to look for before you hire someone to manage your assets.
Experience and Knowledge
When it comes down to it, experience and knowledge may be the most important qualities to look for in someone who is going to manage your business’ books. You want someone who has experience in a range of industries, and therefore a large knowledge base. If you run a real estate agency, you may want to avoid bookkeepers who have only worked in with contractors. When certain problems come up that are specific to your industry, you want someone you can be confident will know how to address and solve the problem, and prevent future problems from arising in the first place.
Typically, an accountant will have a formal business and accounting education, but ensure that the level of education is in line with your needs. A thorough education will provide a background in policy, procedure, strategy, tactics, and ethics to benefit your business not only in the now, but in the long term.
Overall, you want a bookkeeper who has the talent and vision to look at the big picture. You want someone who will help your business grow. And you probably don’t want to spend your time or money double checking what your accountant is doing and their process. If you hire someone with a strong background and in-depth experience, you will spend less on oversight. On the other hand, with someone who lacks the expertise needed to work for your company, more time and energy will be spent ensuring that everything is accurate.
Technology, Software, and Systems
We live in a very technologically advanced world, making it so important to have a strong capability to use and integrate with online banking as well as other companies to pay bills and receive payments. For easy and quick access to your books, having online resources can help you see what is going on with your business. There are also a variety of bookkeeping systems, like QuickBooks, that make managing funds and integrating those systems with online banking simple and effective.
Data Entry, Reporting, and Reconciling
Not only does a strong bookkeeper need to manage data, but also needs to understand and process information, the incoming and outgoing of cash, and more. Your bookkeeper should have a firm grasp on this fluctuation of funds, especially when a problem occurs that requires a chunk of capital to fix. The reporting and reconciling process can ensure that a business is strong and can continue to grow.
If you’re looking for a bookkeeping firm to manage your finances, make sure you can put 100 percent of your confidence in their capabilities. There are so many aspects that go into the accounting for a small business and it’s crucial that you have a strong, reliable, and experienced firm to take on the task.
At Third Coast Accounting, we have the experience, the knowledge, and the resources to keep your business on track and to help it grow. Our Chicago-based firm can help you with general ledger and financial reporting, bookkeeping, account setup, and more. Get in touch with today.