Jul 25

Online Bookkeeping Service Provider: 5 things to consider.

Finding the best bookkeeping service online can be quite a challenge. You have the option to choose from either an offline or online bookkeeping service, but since the options available for finding an offline bookkeeper are limited, choosing an online bookkeeping service provider can be a good option.

The tax laws change every year, and this can make it difficult for a business owner to always stay current on all of these changes. Bookkeepers and by extension, accountants keep themselves updated with these changes. So, whether you’re a small business, independent contractor or a massive enterprise, their advice and help are truly valuable.

There are however, a few things that you should consider when deciding to work with an online bookkeeping service provider, we’ve narrowed them to just 5:

  1. Experienced Online Bookkeeping Service:

An experienced bookkeeping firm will have long lasting benefits for your business. A few things you might want to consider…How long have they been in business? Have they worked with other companies like yours? Imagine working with a firm with little to no experience, especially if they’re not familiar with your type of business. Think of the time lost and the money spent, not to mention the penalties that your business will incur from all the errors. It’s pretty obvious that choosing an experienced bookkeeper will go a long way for you and your business.

  1. Fee Structure:

Another thing to consider is the fee structure of the bookkeeping firm. Some will charge a flat fee per month, and others will charge by the hour. Regardless of the fee structure, you have to choose a firm based on what you’re comfortable with. A side note on this point is what type budget are you willing to allocate towards a firm to handle your books? The reality is, depending on the type of business you run, you may end up paying a lot of money.
For example: if you are the type of business that does thousands or millions of dollars in transactions, you can expect to pay more in fees as your business will require special attention.

  1. Availability:

What do we mean by that? Accountants and bookkeepers are very busy people. Imagine this scene: You received a letter from the IRS and you have no idea what they’re talking about. Right away, you pick up the phone to call your bookkeeper or accountant. Unfortunately, here you are, 2 days later and still no answer.
There’s nothing more frustrating than hiring an online bookkeeping service provider and not being able to get a hold of them on the phone or via email. So, when choosing, you’ll need to know what their schedule is and how they handle special circumstances like that scenario mentioned above and what is the best form of communication. Nowadays, companies will rely on text messages or other messaging apps like skype to communicate with their clients.

  1. Services Needed:

Now we’re at the part of this article where we tackle the different services offered by bookkeeping firms. You’ve heard this saying: “You get what you pay for”. Not all bookkeeping firms are built the same. To really get your money’s worth, ask yourself, does my bookkeeping firm offers audit services? Payroll services? Invoicing? Financial overviews? Tax planning? Etc. When working with a provider who offers a wide range of services, your business will greatly benefit.

  1. Comfort Level:

You must be comfortable with the person you are going to work with. A bookkeeper will have access to some, if not, all aspects of your personal and business life. If you’re not comfortable with the person handling your books, then the working relationship will be difficult as trust becomes a factor. Think how you would feel if the bookkeeper betrays your trust by sharing confidential information to other parties with no business knowing your financial situation. If your gut is telling you that you’re not comfortable with the person handling your books, then move on and find someone else.

In conclusion…We’ve discussed 5 things to keep in mind when hiring an online bookkeeping service provider. There are other factors to consider, but bottom line, these 5 things are the most common ones. At the end of the day a bookkeeper is a great addition to any businesses as they will manage and handle your books. Contact Akuracy today and see how our bookkeepers are making a great difference in small businesses nationwide.

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