What’s one step a solopreneur should take to ensure bringing on a part-time bookkeeper to help manage their finances will be a successful endeavor? Why?
These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs. Learn more at yec.co.
1. Choose the Right Type of Service
Choosing the right type of bookkeeping service is key, and a solopreneur likely can benefit from a provider with experience with similar-sized businesses. This provider will be able to better anticipate needs, answer questions and guide the solopreneur along different growth milestones. It also helps if they have experience preparing books for accountants at tax time.
– Nathalie Lussier, AccessAlly
2. Define Expectations and Responsibilities
One crucial step a solopreneur should take when bringing on a part-time bookkeeper is to clearly define and communicate expectations and responsibilities. This involves creating a detailed job description that outlines the specific tasks the bookkeeper will be responsible for, the level of expertise required and any software or tools they should be familiar with.
– Josh Kohlbach, Wholesale Suite
3. Build a Rapport With the Potential Hire
I think it’s important to build a rapport with a bookkeeper and ensure that they are a good fit for your business. This goes beyond assessing them for their skills. It is very common for early staff to become key players and leaders in businesses, and it can strengthen your business when you hire bookkeepers and others who have potential and can eventually lead in the business.
4. Give Them Proper Training
Make sure that you properly train them before bringing on a part-time bookkeeper to help manage your finances. The last thing you would want them to do is make errors in managing your financial data or come up with wrong estimations. So, to leverage their skills to the fullest, you have to train them first and make sure that they understand the ins and outs of your company’s finances.
– Stephanie Wells, Formidable Forms
5. Ensure They Understand Your Business
Make sure the bookkeeper understands your business. To do this, ask the applicant to describe their experience working with a business like yours. You want to make sure they have worked with companies that are the same size as yours and have a similar culture. Bookkeepers who don’t understand your business may not have the ability or the perspective to monitor your business’s financial path.
6. Outline Your Current Workflow
Before bringing on anyone, especially a bookkeeper, you’ll want to make sure that specific processes are in place for tasks like invoicing, expense tracking and financial reporting. Don’t assume that the bookkeeper will solidify this for you. If you do so, you’re setting yourself up for misunderstandings and errors.
– Bryce Welker, Accounting Institute of CPAs
7. Meet on a Monthly Basis
One way to establish a strong, successful relationship with your part-time bookkeeper is to meet with them at least once a month. You’re far more likely to understand the state of your finances, which means making better decisions, if you meet up regularly. You should also use this opportunity to find out if they have any questions or need additional tools to do their job.
8. Implement Security Measures
One step a solopreneur should take to bring on a part-time bookkeeper is to ensure compliance and security. Trust is essential in a financial partnership, and knowing that your information is handled securely builds confidence in your collaboration. So, make sure to implement robust security measures to safeguard sensitive financial information.
9. Sign a Non-Disclosure Agreement
One thing solopreneurs must do before onboarding a part-time bookkeeper to manage their finances is sign a non-disclosure agreement with them. As a bookkeeper, they would be working with sensitive information about your company. Also, they’d eventually leave at the end of the agreed-upon tenure. So, doing what’s suggested may help you keep information secure and minimize the likelihood of leaks.
10. Use Your Network for Recommendations
Beyond verifying that prospects are qualified and registered, I always like the word-of-mouth approach. Ask around your personal network and ask for recommendations. Another consideration is finding someone who is experienced with the particular tasks you need them for. It’s best to find someone who has some experience in your industry.
11. Ensure They Have Access to Everything They Need
One step a solopreneur should take when bringing on a part-time bookkeeper is to facilitate their access to the required information and resources. You have to make sure that they have everything they need to get the job done. This allows you to acknowledge optimal performance by making the most of the expertise of the newly onboarded human resource.