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  • How to Hire an Asset, Not a Liability
    How to Hire an Asset, Not a Liability

    Finding the right employee to fill any position is important but it becomes even more critical when you are filling a bookkeeping position. This person is responsible for inputting & maintaining your valuable financial information. If it is not accurate, the repercussions could be devastating to your business! Not only could it cause problems with the IRS & State Government but also with vendors, customers, creditors, etc.

    If you hire the wrong person, it can cost you nearly 3 times
    that persons’ monthly salary to correct the mistake.
    Source: American Management Association

    Whether you are hiring a staff bookkeeper or a 3rd party bookkeeping service, you need someone in charge of your books who has the training and experience to get the job done right. But finding a quality bookkeeper can be a challenge – unless you know what to look for.

    FIRST, they need the right qualifications (resume)

    It’s important to understand that bookkeepers are not necessarily the same as accountants. An accountant’s job is to provide financial advice and prepare taxes ~ a bookkeeper’s job entails the day to day things like recording income & expenses, reconciling bank statements, processing invoices & administering payroll.

    The qualifications to look for in a good bookkeeper include:

    ACCOUNTING KNOWLEDGE - Many people think only an accountant needs accounting knowledge. The truth is anyone who has anything to do with your financial information needs an understanding of accounting and how the big picture all fits together. This will help to ensure that your records are accurate & it will save you a lot of money because your CPA won’t have to spend as much time “fixing” things before they do your taxes.

    EXPERIENCE - Although education & training are important, there is no substitute for experience. A qualified bookkeeper may or may not have a degree in accounting - some of the best bookkeepers you’ll find don’t. In fact, hiring someone that has only completed a couple of bookkeeping courses and has no actual bookkeeping experience is a recipe for disaster.

    TECHNOLOGICALLY COMPETENT - You want to keep your books on a computer, not by hand, so ensure that your bookkeeper is competent in using a computerized bookkeeping program like QuickBooks.

    FAMILIAR WITH INDUSTRY - Having a bookkeeper that is familiar with your industry will shorten the learning curve & provide better details.
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