Bookkeeping: Expectations vs. Reality

In a quick Google search of “What should I expect from my bookkeeper,” a few of the tasks listed in the results were attention to detail, maintaining accurate books, critical thinking, financial reporting, organization, financial entries and reconciliations, and excellent communication.

All of these characteristics and responsibilities can be said of a bookkeeper, but there are also other ways they can help you in your business that may prove less obvious.

And because we’re in the business of helping our clients dream big(-ger) and climb higher, we’ll break down what this relationship could look like for you.

Bookkeepers: Separating Fact From Fiction

FACT: A bookkeeper can handle more than you might think.

In our list of what bookkeepers do, we’ve noted that one of the main reasons to use a bookkeeper is that their help takes the pressure off you to handle all the routine daily tasks that are essential to your organization.

Your expectations may end up being surpassed when the reality sets in of all your bookkeeper can do for you and your business. 

Here’s just a quick list of what you could pass off.

    1. Weekly Bill Pay
    2. Monthly Bank Account Reconciliations
    3. Correcting Journal Entries
    4. Weekly and Monthly Reports 
    5. Credit Card Reconciliation
    6. 1099 Preparation and E-filing
    7. Payroll Processing Through a Verified Vendor
    8. Invoice Processing (if applicable)
    9. Updating Annual Budget In Accounting Software
    10. Maintain Vendor Listing

While numbers and data entries may not be your ideal Thursday morning task, your bookkeeper loves to keep all of your finances in line in the ways that they can.

FICTION: Bookkeeping is expensive.

One of the main misconceptions of bookkeeping is that it is expensive, but we’ve debunked that, breaking down that, on average, outsourced bookkeeping services cost anywhere between $500 to $2,500 a month for small and medium businesses depending on the hours you need each month. 

Even at the top of the range – $2,500 per month – it would cost your business $30,000 a year. And BONUS! Outsourced bookkeeping comes with none of the a la carte overhead expenses.

And, in the long run, when you start working with a bookkeeper, you’ll have newfound time and space to work together to find ways to save money. 

FACT: DIY bookkeeping often proves more costly than paying a fractional professional.

Fewer things will prove as costly as poor money management for your small business. Hiring a bookkeeper will allow you to save more while getting the maximum value for your business.

Your finances are not the place to be experimenting, holding your breath and hoping for the best. Hiring a bookkeeper eliminates all questions, concerns and issues — and you are your business are absolutely worth it.

FACT: Reclaim time that’s better spent on things only you can do, like growing your business.

With a bookkeeper on your team, you will be able to focus on things only you can do, such as casting vision and building client and partner relationships. Your bookkeeper can take care of providing you accurate financial reporting and objective financial advice while providing you peace of mind.

So long, farewell to the endless excel spreadsheets saved in one folder, and hello to the bookkeeper who is eager to help you organize your finances and save time and money. 

And bonus! Your bookkeeper is also an objective support system to you and your business. They are next to you in the nitty gritty of your finances encouraging and cheering you on.

New Year, New You, New Books

Our bookkeeping services can be exactly what you need in the new year in order to have your finances clearly laid out and a better understanding of what is going on as your business continues to grow and your finances are being tracked in 2022.

To learn more about how a bookkeeper can change the game for you this year, check out our 5 Ways A Bookkeeper Can Transform Your Day.