Monday, 30 Dec 2019
A small business owner is always tied up with a plethora of tasks involved with running a venture successfully. As the entity starts growing, so does the financial transactions and their recordings. It becomes impossible for an entrepreneur to keep track of all the incomings and outgoings, payroll, loan payments, debts, etc.
Thus hiring an experienced bookkeeper in Melbourne becomes inevitable, and aids in the in-house management of capital and financial data. It is imperative as it allows the owner to focus on growing the business and make informed financial decisions.
However, most business owners are stuck with the dilemma of finding the right person for the job. It is significant to put some thought into it as an amateur or unqualified person can ruin the financial stability of the business.
So here is a checklist that will help you to hire the right bookkeeper for your small business in Melbourne.
Before you start looking for a professional bookkeeper to become your financial advisor and support system, you need to understand the needs of your business. It will help you to identify the best fit for the role.
So you must be aware of the number of transactions taking place on a daily and weekly basis in the organisation to assess the amount of time required for bookkeeping. If you have a big organisation in Melbourne with a lot of work, then opting for a full-time bookkeeper will be beneficial.
You can also consider hiring a freelancer if the work can be conducted remotely online and does not require being present in the office.
The type of your business is vital in determining the right person for the job as some individuals will be specialised in a specific industry and domain, such as non-profit entities in Melbourne will have different bookkeeping requirements than a commercial business.
Additionally, your budget for bookkeeping will help you decide whether you want to hire a bookkeeping company or a freelancer or an in-house professional as the fee all three varies. Thus you need to be ready with all this information to identify the perfect candidates from the pool of applicants.
By outsourcing the workload to a professional in Melbourne, you can save a lot of time and energy spent in record keeping, generating timely reports and making sense of the vast amount of data.
Besides, a proficient bookkeeper offers financial advice and does tax planning to keep you stress-free. So here is how you can find an accomplished one for your business.
Networking is a significant part of running a small business, and it can come handy when you are trying to find talented people for your organisation. You must inquire about the best bookkeeping companies in Melbourne from your contemporaries and associates.
You can also take help from online reviews that will give you honest opinions from business owners on working with these companies and their customer service. You can also ask your employees and team members to refer qualified candidates to create a consolidated list and then select the ones that fit the bill.
The candidates must be qualified and have the required certifications. The more prominent thing to look for is their experience in your industry. You can also check if the candidates are a part of any professional body, such as the Australian Bookkeepers Association, which aids in developing their skills and makes them more involved with their profession.
It also allows them to network with other bookkeepers and learn from them. You must also check the technical knowledge of the applicants so that you are able to find someone who has the capability of working on the accounting software used by your organisation. They should be able to efficiently handle all types of accounting, including management, tax and financial.
Your bookkeeper needs to provide you with updated information regarding the cash-flow and the financial well-being of the organisation. If they are not able to communicate in an effective manner, it will be challenging to coordinate with them and understand their inferences.
So while interviewing, make sure that you find a person who can put his thoughts across clearly and precisely. They should be aware of all the tax deadlines and have the confidence of dealing with the spokesperson of the Australian Taxation Office in Melbourne.
You must assess the financial management capabilities of the candidates by inquiring about their past experience. They must be well-versed with forecasting the budget, estimating the expenses and preparing in advance for the taxes and annual expenditures.
They should have hands-on experience in dealing with such events and situations while maintaining the stability of the business. They should be aware of the tricks of saving money and cutting down on unnecessary expenses to uphold a positive cash-flow.
When you have shortlisted candidates for the job, you must run a thorough background check as this person as he/she will be handling all the financial matters in your business.
They must be trustworthy and honest and have the zeal and passion for working for your organisation and adjusting according to the work culture. Find a charming and friendly personality who can take up the responsibility with ease and deliver the desired results.
If you hire a freelancer in Melbourne, you need to check with them about their back-up plan when they go on vacations and leaves. Also, the tax season is the same for all the organisations in Melbourne so they might have little time for all the clients.
On the other hand, a bookkeeping company has dedicated account managers who are experienced and take care of everything with competence. So you must make your choice wisely.
A proficient bookkeeper is an asset for a small business in Melbourne as their assistance allows the owner to understand the flow of capital in a better way. Experienced and efficient candidates can make all the difference in an organisation with their insights and skilled work.
