Can Hiring a Part Time Bookkeeper Work for your Business?
If you own or manage a small business with a December 31 year-end and you file your HST quarterly, we hope you’ve filed and paid your HST return by now because they were due by the end of July. If you had trouble finding the time to take care of your HST return, it might be worthwhile thinking about hiring a part time bookkeeper. Here are a couple of different ways that a bookkeeper can work in your business, even if you only need them on a part time basis.
A part time bookkeeper can work offsite or, if you have the room, they can work from your office.
Most professional bookkeepers will happily work from their location and they don’t need to be at your office. This is great for freelancers, solopreneurs, or business owners that don’t really have room in their workplace or if they work from home.
Typically, your bookkeeper will ask you to keep copies of your invoices, receipts, bank account statements, deposit slips, credit card statements, and any mail you receive from CRA, and they’ll arrange to meet up with you once in a while to pick it all up so they can process it.
They’ll make all of the necessary updates to your QuickBooks (or other accounting package if you’re not using QuickBooks) and then organize and return your paperwork once they’re done.
When your part time bookkeeper returns your file and your paperwork, you should schedule time with them to review how your business is performing from a financial aspect. Finances are the lifeblood of any business and it’s important – as a business owner or manager – that you understand how healthy your finances are at all times so you can make the most informed decisions for the long-term success of your business.
Working from Your Office
Things are a little easier if you have a business workplace that your part time bookkeeper can work from. A spare desk, a spare office or even a meeting room that can be booked for a few hours at a time – these are all perfect places for a bookkeeper to set up if they’re working at your office.
Before they arrive, the bookkeeper will ask you to collect up all of your paperwork, just like you would if they were working offsite. The bookkeeper will enter your accounting transactions, reconcile your bank accounts and credit card statements, process any CRA tax returns, and do whatever else is needed to get your business books up to date. At the end of their visit they’ll return all of your paperwork and give you an overview of how things are looking.
How Much Does a Part Time Bookkeeper Cost?
It’s a question we get asked all the time when we’re first discussing part time bookkeeping opportunities with new clients, but unfortunately there’s no fixed answer.
The cost of a part time bookkeeper depends on your needs, which is typically dependent on the size and type of your business and how much financial activity there is.
The simple answer is that a part time bookkeeper generally costs a lot less than what most people think. Most of our clients use our services just a couple of hours a week, and some even use us just a few hours at the end of each month because they take care of much of their day-to-day transaction entry themselves.
Regardless of how much our clients use our bookkeeping services, though, we make sure they get great value by saving them time and keeping them in full compliance with CRA so they can focus on the more important parts of running and growing their business.
The Bottom Line
Hiring a part time bookkeeper can be very important for a small business, especially one that is growing. A part time bookkeeper can work onsite or offsite, and can often keep your business finances current in just a couple of hours a week or month. But beyond keeping your finances up-to-date and in compliance with CRA, a professional bookkeeper can help you understand the health of your business financials, which is very important to any business owner or manager.
Simply Bookkeeping1 provides professional bookkeeping services for freelancers, solopreneurs and owners of unincorporated and incorporated businesses. We customize our services based on your needs – we only see some of our clients a few hours a month but others we see on a more regular basis. Our services are reasonably priced and we tightly track the amount of time we spend working for you so you only pay for the services you get.
To learn more about us, please visit our website at www.simplybookkeeping1.com or contact Michele Hyde by phone at (647) 668 – 9363 or by email at firstname.lastname@example.org.
Have Your Say
Are you thinking about hiring a part time bookkeeper? What factors are you considering? Leave us a comment if you have a question about your specific situation and we’ll do our best to answer. Also, please share this article using the social media share buttons – other people might also benefit from hiring a part time bookkeeper and might enjoy this post.