Wednesday, 28 Nov 2018
Bookkeeping may not be considered the lifeline of a business, but it definitely has the power to bring an empire down or make it flourish. It is a requisite tool in the arsenal of a business owner which allows accurate recording of the transactions and keeps a check on the cash-flow. A slight error in the books can have a considerable impact on the company, and that is why the job is best left to professionals who have expertise and insight to complete it.
Bookkeepers are the unsung heroes in a venture who monitor the incoming and outgoing, which becomes the basis for all significant decisions. Outsourcing the job to any bookkeeping company in Melbourne does not fulfil the purpose. The business owner needs to ensure that the chosen bookkeeper is appropriately qualified and skilled to manage the company assets in an efficient way.
Here is the list of qualities that the person must possess to become eligible for the task at hand.
Some bookkeepers work with big corporate names and get to work on just the accounts payable aspect of accounting. They are not well-versed with saving taxes, giving financial advice, making sound investments, helping in decision making and other important core activities.
Thus it becomes imperative to understand the depth and breadth of knowledge and experience of the bookkeeper besides stressing on the educational qualifications. A veteran and a learned individual will handle the job confidently, and there will be no room for errors.
You must check if they have worked for similar businesses in the past or have knowledge about your industry to come to a conclusion. The industry knowledge, particularly about your business domain, is necessary to relate to the financial scenario of the company.
In the digital age, it is obligatory to be aware of the latest technological tools being used to perform various accounting functions. The bookkeeper must know about the online accounting software which can be customised according to the needs of the customers to streamline data entry and save a lot of time.
The new age cloud based systems allow bookkeepers to update the accounts immediately and identify any inaccuracies which may affect the business output. Ask them if they have worked on such software and are they trained to use the latest version without supervision.
The prevailing notion is that a bookkeeper is meant to crunch numbers and his/her services don’t go beyond that realm. However, this is far from the truth. A bookkeeper is the confidant of the business owner who offers his expert advice and plays a critical role in managing the wealth.
He/she is a valuable asset who needs to constantly communicate with the management, customers and suppliers to create healthy relationships as well as collect payments from the defaulters. The bookkeeper needs to take charge of the finances and hold an assertive ground in front of the allies. Naturally, the ideal person must be a good conversationalist and confident professional who can make things lucid for others to understand.
The bookkeeper needs to be reliable and ethical so that you can trust him/her with the responsibility of managing your books. They must be far-sighted and look at the bigger picture for long-term success. The focus should be on profits, securing funds and acquisitions.
They need to protect the confidential information related to the company at all costs and must follow the company codes and protocols. Ask them about the controls they have in place while handling the books and which checklist do they follow on a monthly basis.
To understand this behaviour, you need to examine their past dealings and jobs and ask their previous employers and clients about their calibre and credibility. You must also ask about the fee upfront so that there are no ambiguities or confusion later.
The ideal bookkeeper must be well-organised and meticulous as well as have an eye for detail. The person must be competent to file reports timely and meet the invoicing deadlines. He/she must be committed to creating avenues for growth by providing ideas and should aim to achieve better management of business records.
The bookkeeper must work towards the enhancement of the profits and improving the bottom-line of the business to secure its foundation as a growing entity. He/she must chalk out strategies to save taxes and structure the processes efficiently. He/she must put the needs of the business above all else and give it the utmost priority.
A bookkeeper is the backbone of the organisation as he/she has a plethora of responsibilities related to analysing incomings and outgoings, financial planning, budgeting, reporting and much more. Thus it is incredibly vital to get the right person with all the attributes mentioned above in order to help the business prosper under the right guidance.
