Top 5 things to consider when hiring a Bookkeeper

Cain & Co. explain the points to consider when hiring a Bookkeeper…

1 – Ask for referrals

Ask your peer group if they can recommend a good bookkeeper to you; think of all the people you know in business; fellow business owners, accountants, bank managers, and solicitors; the list is endless. Referrals are a great place to start when hiring a bookkeeper but make sure you consider the following points before making your decision.

2 – Do they have qualifications?

Did you know that anyone can call themselves a bookkeeper? True! but does that make them good? You know the answer to that question so check them out and ask to see their credentials; they should be members of the ICB (Institute of Certified Bookkeepers) or the IAB (International Association of Bookkeepers). They should also have certificates for passing bookkeeping exams and by law they have to be compliant with the AML (Anti-Money Laundering) rules and regulations so check they have a certificate of compliance.

3 – Ask for at least two references

A decent bookkeeper should be able to provide you with at least 5 references; so ask for the names and contact details and actually make contact with them. Bookkeeping is a very important part of running a business so it is key that you do your homework and check their references before making a decision.

4 – The duties they should perform as standard

Your bookkeeper should be able to raise or post-sales invoices and receipts, post supplier invoices and payments, enter bank transactions and reconcile your bank account(s) and produce month-end reports. On top of this, a good bookkeeper will also be able to produce detailed management accounts to assist you to make financial decisions. You should also ask for a review of your figures at least once a quarter but preferably monthly so that you understand how your business is performing.

5 – Don’t base your decision on price

Deliberately left for last because this is often the main criteria a business owner uses when taking on a bookkeeper!! By all means ask your wife, husband, sister, brother, or next door’s cat to do your bookkeeping but please, please consider the above points first; the cheapest option will almost certainly turn into the dearest. You should expect to pay around £15 to £30 an hour based on a number of criteria including experience, qualifications, and the level of tasks needed to be performed. A fixed fee is also an option which is usually based on the number of transactions being processed each month, quarter or year.

Hopefully, this has helped you but if you need any further help, please feel free to get in touch with Cain & Co. Bookkeeping Services by Tel: 01795 602 303 or E-mail: info@bookkeepersuk.com.