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How to find the right Bookkeeping service for your business

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Alex, Staff Writer

Monday, 24th May 2021

Most small business owners will begin by doing their own bookkeeping. However, many quickly realize that bookkeeping is not as interesting as it sounds and takes up valuable time that they could be spending on other areas of their business.

There usually comes a point when they become overwhelmed with the workload and consider outsourcing their bookkeeping. Maybe that’s the stage that you’re at right now.

However, finding the right bookkeeping service for your business is not always easy. There are so many different things to consider, for example, what type of bookkeeping service you’re looking for and which company fits best with the way that you work.

Read on to discover everything you need to know about choosing the right bookkeeping service for your business.

What does a Bookkeeper actually do?

Before we dive into choosing the right bookkeeping service, let’s consider what a bookkeeper actually does.

A bookkeeper is responsible for maintaining accurate and up-to-date financial records about your business. This includes all transactions, including both income and expenditure. They will compile this information into reports which are sent to business owners and managers to enable them to make strategic decisions about the direction of the business.

Bookkeepers are invaluable when it comes to filing your taxes, as they keep your records in order to save that last-minute scramble for information.

Bookkeeper vs Accountant: What is the difference?

The difference between a bookkeeper and an accountant is a common question, which isn’t always easy to answer. The main difference is that a bookkeeper records financial transactions, whilst an accountant is responsible for interpreting that financial information.

A bookkeeper will usually be able to create reports which show your income, expenditure and profits, whilst an accountant can take this a step further, creating more in-depth reports such as profit forecasting. An accountant will also be able to advise you on more complex situations including tax breaks.

Every accountant is qualified to perform bookkeeping, but not every bookkeeper is able to perform accounting tasks. For more small businesses, a bookkeeper is sufficient. However, if you want more complex reporting, an accountant may be the way to go.

Should you outsource your Bookkeeping?

The decision about whether to outsource your bookkeeping isn’t always easy and usually comes at the point at which you become overwhelmed with the amount of work.

The time that you spend managing your books is that that you could be spending on other areas of your business, such as increasing your customer base and improving your sales figures. By outsourcing your bookkeeping, you’re freeing yourself up to focus on other areas of your business.

Outsourcing your bookkeeping also helps to reduce the margin for error. After all, professional bookkeepers are the experts in their field. This means that you can relax in the knowledge that your accounts are accurate.

What to look for in a Bookkeeper

Although bookkeepers don’t need specific qualifications, it’s a good idea to look for a bookkeeper who has a formal qualification in their field. This could include being registered with the Institute of Certified Bookkeepers (ICB).

It’s important to think about the accounting software that your bookkeeper uses. If you already use accounting software yourself, you’ll need to make sure that the software is compatible, otherwise you may need to consider switching to a different program. For example, you can find bookkeepers who are certified by QuickBooks and are experts in the software.

If you don’t already have bookkeeping software, your bookkeeper should be able to give you admin rights for their software so that you can see exactly what is going on. It’s important that you can see your accounts at all times to maintain transparency.

You’ll also need to make sure that your bookkeeper understands your business, so look for someone who is experienced in your industry. The right bookkeeper should understand how you operate, who you bill and what your main expenses are. This will help to avoid costly errors later down the line.  

Look for a bookkeeper who is proactive in asking relevant questions. They should take the lead on finding out about your business, demonstrating that they plan to work closely with you to really understand your business should you choose to hire them.

Finally, the best way to find the right bookkeeper is to read genuine reviews from current and former clients. This is the most effective way to discover whether a bookkeeper is reliable, knowledgeable and trustworthy.

Hire a Bookkeeper on Bark

When you search for a bookkeeper on Bark, you can browse the profiles of local professionals who are waiting to help. You can read genuine reviews from current and former clients, to build an accurate picture of each bookkeeper, giving you the reassurance that you need.

If you’re ready to hire a bookkeeper for your business, you can find a bookkeeper on Bark. 

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