A common thing that I see is business owners may not know enough to outsource this component appropriately, and they might put too much trust in a bookkeeper who doesn’t have the skillset to be able to offer advice to that client. We typically see this when clients go direct to offshore bookkeepers – It’s a big one that pops up. They kind of just do what they’re told, and the business owner doesn’t really know what to tell them. Or, you get the cheap ones who are really, really cheap bookkeepers who really aren’t skilled enough to be advising a solid business.
Having proactive conversations with your bookkeeper is key as well, and to really understand what you want to see on your P&L and on your balance sheet. Once you give them that vision, they actually have the skills and expertise (assuming they’re good enough) and they will be able to deliver on that.
Consistent touchpoints with your bookkeeper is also important to keep things up to date as your business changes. As other new expenses come in, you want to make sure that it stays on quality. Think of your bookkeeper as if it’s your accounts department – If you’re a big business, they have a whole dedicated department for this. You’re the CEO. You want to be having meetings with the heads of department, if that makes sense. They’re not just there to “get my BAS done” – It’s really, really important to have that conversation and stay on top of it.
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