Why a bookkeeper comes in handy
MANAGEMENT AND DEVELOPMENT
SPECIALIST AND EDUCATOR
Farm administration may take hours. Hiringa bookkeeper gives you more time to focus on your business. When you don’t have to worry about organising your own books, you can spend more time and effort on the core activities of your business.
As a farmer, entrepreneur or small business owner, your greatest concern when making the decision to hire a bookkeeper or accountant is probably the cost. You are trying to save money and may think that you cannot afford an accountant. Ask yourself this: Can I risk making a mistake? How valuable is my time? Is my time as a business owner best spent trying to figure out a VAT return, and can I be sure it’s accurate?
The advantages of hiring a bookkeeper may benefit your farming operation, as they are more experienced in handling business processes such as tracking all transactions and recordkeeping. This prevents errors that can result in penalties for filing documents in the future.
A bookkeeper can give you an outside perspective on how to manage your budget and run your business more efficiently. He can teach you ways to cut costs, provide insight into your spending
Here are some factors to consider when choosing a bookkeeper:
- Your bookkeeper should be able to show a track record of successes, especially among clients in your industry. Ask around and learn more about the bookkeeper’s reputation and service delivery.
- A trustworthy bookkeeper should have some certification, although legal requirements for bookkeepers are not as strict as for accountants. Ask your potential bookkeeper for references who can testify about the quality of his services.
- It is very helpful to be able to have occasional in-person meetings with your bookkeeper, so you may want to limit your search to bookkeepers in your area.
- Find out what the person’s fee structures look like. You need to tell him what services you will need. Compare fees between bookkeepers. The right bookkeeper should know your business inside and out – including how you operate, who you bill and what your main expenses are. They will indicate a willingness to ensure your business is fully compliant and information is available in good time. If your bookkeeping systems are in place and working well for you, your business will look more professional, and that will be money well spent.
Publication: October 2023