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Building Your Financial Team

As your business grows you will want to begin expanding your financial team so that you are better equipped to make informed decisions. To start you need to know the difference between the role of a bookkeeper and an accountant, as both are crucial to building financial success.

Bookkeeper: A bookkeeper will walk beside your finances, gathering daily data of sales and expenses. Bookkeepers are there to collect and store all the crucial information needed to make informed business decisions.

Accountant: An accountant is an individual who uses the data collected from the bookkeeper to assist you in your business decisions. They will assess your books and interpret the numbers to keep your growth continuing.

Both roles handle your businesses financial data, but have vastly different responsibilities attached to them. Hiring a bookkeeper is a crucial first step because the data they collect will allow an accountant to better work with your ideas, and offer you personalized advice. As such you can feel confident knowing that your finances are being taken care of every step of the way, and that your decisions are being reinforced by professionals working together to grow your business.  

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How to Find the Right Bookkeeper

No matter the financial needs of your small business there is a bookkeeper with the skills to match. The question is simply how to find the right one. Below are tips to consider when looking for the right bookkeeper.  

  • Observant and Persistent – Someone who takes care to note the small details and who isn’t afraid to question spending.    
  • Transparency – Ensure the person you hire isn’t withholding any important information from you, and keeps you in the loop.
  • Understanding your industry –  The best person for the job is someone who knows the ins and outs of your business, and who is familiar with how to best care for your finances.
  • Problem solving – Bookkeepers should offer reasonable, easy and trustworthy solutions to any problems they bring to your attention.
  • Trustworthy – This is your money being entrusted to someone. Do your research to make sure your bookkeeper is reputable, educated, experienced, and has good communication and time management skills. Look for testimonials and don’t be afraid to ask for references.  

Having an experienced professional looking into your businesses finances will lift a weight off your shoulders, but you need to make sure that your money is in the right hands. Be diligent in ensuring your bookkeeper is motivated to see your business grow and thrive.    

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