Bookkeeping is the process of recording financial transactions for a business, organization, or individual. The basic principles of bookkeeping are really quite simple – every time an individual spends money or receives money from an outside source, a journal entry records this transaction and summarizes it in two columns; one with debits (money goes out) and one with credits (money comes in). These entries help keep track of how much money the person has at any given moment and what the financial picture looks like. For businesses, this process is especially important to ensure that they comply with tax laws and earn enough income to remain open and profitable.
Looking for the best bookkeeping Bristol
Below are tips for hiring a great bookkeeper for your business.
- Experience is the key
Bookkeepers have to have experience in their field. If you are looking for a bookkeeper, look for one who has at least five years experience in their field of work. You need to be sure that whatever bookkeeper you hire is experienced and knows exactly what they are doing and that if problems arise, they will be able to deal with them properly. If a company claims that they are adequate without having any real experience, stay away from them as they will probably end up costing you more money in the long run as they make mistakes and lose money on your behalf.
- Do they offer insurance?
When looking for a bookkeeping service, you need to ask the company if they offer insurance. This is important because you will be spending a lot of money on the person and you want to ensure that if something goes wrong, there is someone in place to help you out. Good bookkeepers must have insurance as it gives them some security and it also shows that they do not sneak off into the night with your hard-earned cash. Look for a bookkeeper that has insurance, as this will prevent any financial disasters that could potentially harm your business or personal life.
- Are they trustworthy?
A good bookkeeper will be able to trust them completely, even though they are handling possibly sensitive information. Look for a bookkeeper that you know is trustworthy and one that you can rest assured with. This person will be handling all of your accounts, and without trust, they may decide to throw all of your hard work out the window and steal from you – and this must be avoided at all costs.
- Use their services only when needed
One mistake many people make when it comes to bookkeeping is using the services of a bookkeeper too frequently. This is not something that you need on a regular basis – just when there are financial issues. It is possible to do the bookkeeping yourself and this can save you a few bucks, but if you are not used to doing it yourself then be smart and do not try this at home. However, if you have someone in your life that knows what they are doing, give them a call as they can help you out with your finances.
- Are they flexible?
Look for a bookkeeper that will be able to follow your schedule – one that has their own time-table is not very flexible at all! It would be nice if they could work with your schedule, so that you are comfortable working with them; this means that you need to find someone who will work around your schedule instead of vice versa.