One of the most common questions business owners want to know is if they will loose control of their bookkeeping if they decide to outsource it. If you have a good, conscientious bookkeeper, the answer to that question is NO. The business owner should have 100% control of all the financial decisions including the signing of the checks. If your bookkeeper is signing your checks, they have too much power over your accounts. As far as what vendors get paid and when, this is also your decision to make. The bookkeeper can definitely help provide necessary information and perform specific tasks, but the final approval of all invoices for payment and the signing of all checks should be done by you, the business owner.
Then next question is who services your account. The person you have chosen as your bookkeeper would be the one servicing your account. This person should become an expert in your business’s unique processes. Responsibilities for the day-to-day servicing of you accounts would also be completed by the bookkeeper. This helps you free up some time to focus on growing your business.
What about the cost of outsourcing? Is it more expensive than having an in-house bookkeeper? Actually, outsourcing is normally cheaper than paying someone to come into the office and do the books. Generally, there is a monthly fee for services that are offered. There is not a need to have an office space for them, and you won’t have to worry about providing some kind of benefits package. You might have to pay a little more upfront if there is a mess to clean up, but after that the charges will be significantly less than hiring someone either full or part-time.
Does a bookkeeper replace your CPA? No!!! Your bookkeeper should, if they are good, be working along with your CPA. This should be a healthy, thriving relationship. If they work well together, then come tax season, your IRS filings should run smoothly like a well-oiled machine.
Then the last question: who has access to my books? You determine who has access to your books and what level of access they have. No one will have access to your data without your company’s express permission.
In summary, you should have total control over all financial decisions and money. You also decide who has access to your accounts and what level of access each person has. The bookkeeper should be keeping your accounts up to date and supplying you with important financial information on a regular basis. That person should also be working along side your CPA to help tax season run smoothly. All of this can be completed as a virtual service that is cost effective.
Bambi Samares
Epoch Bookkeeping
E:mail: [email protected]