Or maybe, you don’t know you are making bad hiring decisions that is costing money for your small business.
If you are a small business owner and you’re starting to find yourself always exhausted every day because you also take care of the finance function of your business, you might be thinking of hiring someone to help you.
That’s a smart business move.
Delegating financial tasks to the right and more knowledgeable person is an important investment. The question for you is: do you know how to hire to avoid engaging unqualified temporary bookkeeping staff that will cost your small business more money that you can gain?
According to Falon Fatemi, in her article released last year in Forbes,
For a small company, a five-figure investment in the wrong person is a threat to the business.
Yes, recruitment is costly. And recruitment gone wrong is financially deadly for your small business.
There are real consequences for small businesses in making bad hires.
Hiring the wrong person who cannot properly accomplish bookkeeping tasks you need done for your business will cost you time, resources, and energy. These are three important factors you need to save in order for you to efficiently run your small business operations. And these same three factors are the key reasons you are outsourcing daunting bookkeeping tasks.
If you made a bad hire, you could be living a daily nightmare instead of your greatest dream that will soon exhaust you.
There is also the painful problem about fraud. Hiring part-time bookkeeping staff opens your small business vulnerable to fraud attempts as a consequence of a bad hire.
Then, there is another important consideration — preserving your company reputation. The role of a financial advisor in your business, even if it is a part-time function, can directly impact your services. Such as, when incorrectly billing your customers. If your temporary bookkeeping staff billed your customers incorrectly, then you are risking developing a bad relationship with your customer hurting your business reputation and you could lose valuable revenue.
The earlier you realize how important it is to make sure you are hiring the right candidate to perform bookkeeping tasks, the better you will be prepared to outsource your bookkeeping functions and avoid making costly bad hires.
So, before you get too excited and jump to hiring your first temporary financial advisor, prepare.
And remember this: If you are in the start-up phase, a qualified professional financial advisor can help you setup your business. You may not need to hire a full-time financial advisor . A temporary financial advisor with adequate knowledge, experience and skills will know what your business needs to correctly prepare your financial transactions and help you kickstart your operations.
The catch? Hire the qualified professional temporary bookkeeping staff you can trust with your business financial data.
And of course, prepare to pay for quality service.
You must be thinking: If you could easily fall into the trap of getting a bad hire, why should you proceed to outsource your business bookkeeping functions to a part-time financial advisor ?
Here’s what we can tell you: First, you cannot run a business alone; and running a small business, especially if you are bootstrapping, hiring a full-time financial advisor can be too expensive. Unless you are a financial advisor, if you own a small business, you will need someone with bookkeeping knowledge, skill sets, and professional experience to help you with tasks related to your financial data. Cost-wise, for many small businesses, the option of hiring a part-time financial advisor is a blessing. But if you are not careful, it could easily turn into a curse that can break your business. Choose someone you can trust.
There are multiple ways a temporary bookkeeping staff can help in the business process.
The sooner you hire a financial advisor or bookkeeper to help you with bookkeeping tasks, the sooner you will discover what you could be doing wrong in your books of accounts. And most of the time, small business owners who think highly of themselves as excellent multi-tasker are not too excellent in keeping their financial data accurate and correct.
Here’s our two cents: Hire a part-time financial advisor or bookkeeper the sooner you decide to open shop.
Why? It’s simple: you want all your financial transactions recorded correctly and accurately right from the start.
The next question is: do you hire a part-time financial advisor or part-time bookkeeper?
That’s tricky. Financial advisor and bookkeepers are not one and the same. They are like doctors and nurses. While one prescribes, the other implements the prescription.
So, when hiring, you may need to get both at some point.
You will need a financial advisor to perform the analysis of your financial data and provide you with sound recommendations to help you in making business financial decisions. On the other hand, the bookkeeper takes care of the nitty-gritty tasks that keep your books accurate so your financial reports submitted to the financial advisor for analysis contains reliable financial data.
We help you plan, forecast and analyze your financial data
so you can get on top of your finances today to grow your
small business big tomorrow.
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